Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis
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- ISIDORE Id: 10670/1.6f4ae7...
- hal: hal-04445431
- doi: 10.1080/1351847X.2011.579743
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Mots-clés
Mutual funds International distribution UCITS European regulation Law and finance JEL Classification: G23 G15 G18 K22 mutual funds international distribution law and finance Mutual funds International distribution UCITS European regulation Law and finance JEL Classification: G23 G15 G18 K22Citer ce document
Douglas Cumming et al., « Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis », HAL SHS (Sciences de l’Homme et de la Société), ID : 10.1080/1351847X.2011.579743
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Résumé
In this paper, we consider for the first time the impact of fund regulation on the international distributionof investment funds.We study the 2001 Undertakings for Collective Investment in Transferable Securities(UCITS) Directive of the European Union, which was put in place to mitigate fraud and promote investorconfidence throughout Europe.We examine the impact of UCITS on international distributions of Europeaninvestment funds over the 2002–2009 period.We showthat the UCITS regulatory structure has significantlyfacilitated cross-border fund distributions, albeit UCITS has had less success in facilitating distributionsamong smaller fund promoters. Also, UCITS funds, especially UCITS equity funds, have lost some of theiradvantage in terms of cross-border distribution during the period of the recent financial crisis. Further, weshow there has been a growing interest in UCITS over time outside Europe, notably in Asia.
