Publication

This commentary argues that while the principles outlined initially by the Commission have prevailed, there are two issues that cause concern: On the one hand, there is no fixed date for the entry into force of the passport for non-EU managers, which sends the wrong signal to the industry, part of which still hopes to avoid compliance. On the other hand, the lack of trust among member states has brought unnecessarily complex provisions, which can act as a barrier to investments that would otherwise benefit the European economy. The author concludes that, while the rules have gained in flexibility, regulatory certainty and efficiency have suffered.