By Otto Loistl
Asset administration criteria are the most important for development belief among traders and capital marketplace specialists. the problem of company governance has been thrown into the highlight via the disastrous cave in of Enron and the results for the undefined. The proposed criteria are appropriate for the total fund undefined, regulators, prone of pension plans and portfolio managers. Produced in organization with the ecu Federation of economic Analysts Societies, this ebook goals to supply a well-founded foundation for improvement of the content material of asset administration criteria within the united kingdom, the U.S. and the european. It includes a targeted evaluation of the present place, outlines deliberate advancements and discusses underlying difficulties.
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Extra info for Asset Management Standards: Corporate Governance for Asset Management
9. 95 Art. 22 (1) Directive 2003/41/EC. 96 As of 15 Oct. 2005 only Austria (BGBl (Federal Gazette) I 8/2005), Germany (BGBl. (Federal Gazette) I 53/2005), Denmark, Estonia, Ireland and Poland were conﬁrmed by the Commission to have fully transposed the Pension Funds Directive into national law (see European Commission (2005), p. 2). 87 THE SCENARIO TODAY 17 Charlie McCreevy voiced concern that the member states might hamper the working of the Directive by having national legislation not fully compatible with the Directive’s core principles, namely the prudent person investment rule and crossborder operation.
See PwC and EFAMA (2005), p. 5. 37 McCreevy (2005a), p. 2. 38 CESR, the committee of regulators responsible for UCITS (see the section on The Lamfalussy process: the Four-Level Approach, pp. 25ff), issued a consultation paper on the subject of the UCITS notiﬁcation procedures in October 2005 (CESR (2005c)). 39 In March and October 2005 CESR issued two consultation papers on eligible assets (CESR (2005a) and CESR (2005b)). See also McCreevy (2005a), p. 3. 40 Second Banking Directive, Directive 90/619 EEC (amended by Directive 92/96/EEC) ‘Third Life Insurance Directive’, Directive 93/22/EEC ‘Investment Services Directive’.
19. As a general rule Art. 2 (2) (h) MiFID explicitly excludes UCITS and their custodians and management companies from the scope of the MiFID. MiFID came into force on 30 April 2004 on its publication in the Ofﬁcial Journal of the EU (European Union, 2004). MiFID is the replacement for the Investment Services Directive 93/22/EEC which will cease to have legal force from 30 April 2006 (Art. 69 in conjunction with Art. 72, Directive 2004/39/EC). 69 Directive 93/6/EEC. 70 Art. 12, Directive 2004/39/EC.
Asset Management Standards: Corporate Governance for Asset Management by Otto Loistl