MNI BRIEF: New CMU Rules To Give EU Asset Firms A Boost

New EU rules for the authorisation, regulation and supervision of asset managers will enable smaller European asset managers to scale up and compete against the big dominant US firms, EU Commission officials said today.  

"The reason we remove barriers is that we found out as part of our analysis that those (regulatory and supervisory) barriers mostly prevent mid-size EU asset managers, which operate in just a few member states, from scaling up across the whole of the European Single Market."

Under new rules proposed by the Commission today asset managers could get authorisation across the whole of the EU with a so-called European market operator passport or 'PEMO'.