Un'analisi comparata delle regole dei principali Paesi Europei in materia di Fondi comuni di investimento

This study sought to identify the main areas of convergence and divergence in the regulation of investment funds in Europe. The analysis considered the progressive integration of markets and further product marketing liberalization. It focused on regulatory operational conditions and controls that could constitute barriers which may disincentive or impede the establishment in Italy of business operators or otherwise make the Italian system less competitive. The comparative analysis showed some differences from a strictly legal point of view. The most obvious differences concern the requirements for access to the taking up and pursuit of the business of the management company (the amount of initial capital and the controls on shareholder suitability). There are also differences in the extent of the powers of competent authorities, in the complexity and length of the procedures. The limited number of differences between European jurisdictions suggests that one way to encourage greater competitiveness of the Italian asset management industry would be a more intensive application of the proportionality principle, as set by European directives. Rules and the application of rules should be adjusted according to the size and type of funds, the kind of customers to whom the fund is addressed (retail or institutional), the geographical scope where it collects and / or invests (only in Italy and / or abroad). Another issue is the need to encourage interaction and dialogue between authorities and operators in order to make administrative procedures more efficient and simple and ensure a direct relationship with operators.