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Alternative Market Briefing

The AMF looks at cross-border distribution improvements for funds

Tuesday, September 20, 2016

Bailey McCann, Opalesque New York:

The Autorité des marchés financiers has published a new study looking at the effectiveness of cross-border distribution of funds. According to the AMF, the relatively high number of passports issued for funds in Europe shows that the initial framework has been a success, but further improvements are needed in order to make the process more streamlined.

According to the European Commission, 80% of European UCITS and 40% of AIF have a cross-border passport in 2016. The annual cost of obtaining a passport is very low with respect to the activity of the fund, as it represents between 0% and 0.0016% of the average amount of assets under management, according to the study.

Despite a strong initial showing, however, the AMF admits barriers to fund distribution throughout the continent persist. One of the key findings of the paper shows that despite a significant number of funds having been "passported" many of them are not marketed throughout the continent, but are instead only marketed in single countries. According to the AMF, often local laws are to blame when it comes to impacting how a fund is marketed throughout the continent.

Data in the paper also shows that banks remain the preferred channel for fund distribution and as such, funds can be limited to the relationship network of a given bank when it comes to the scope of their distribution. "The presence of bank distribution networks has several effects on the products marke......................

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