Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis

Douglas Cumming, Gael Imad'Eddine () and Armin Schwienbacher
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Gael Imad'Eddine: Université de Lille, LUMEN - Lille University Management Lab - ULR 4999 - Université de Lille

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Abstract: In this paper, we consider for the first time the impact of fund regulation on the international distribution of investment funds.We study the 2001 Undertakings for Collective Investment in Transferable Securities (UCITS) Directive of the European Union, which was put in place to mitigate fraud and promote investor confidence throughout Europe.We examine the impact of UCITS on international distributions of European investment funds over the 2002–2009 period.We showthat the UCITS regulatory structure has significantly facilitated cross-border fund distributions, albeit UCITS has had less success in facilitating distributions among smaller fund promoters. Also, UCITS funds, especially UCITS equity funds, have lost some of their advantage in terms of cross-border distribution during the period of the recent financial crisis. Further, we show there has been a growing interest in UCITS over time outside Europe, notably in Asia.

Keywords: Mutual funds; International distribution; UCITS; European regulation; Law and finance JEL Classification: G23; G15; G18; K22; mutual funds; international distribution; law and finance; Mutual funds International distribution UCITS European regulation Law and finance JEL Classification: G23 G15 G18 K22 (search for similar items in EconPapers)
Date: 2012-04
Note: View the original document on HAL open archive server: https://hal.science/hal-04445431v1
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Published in European Journal of Finance, 2012, 18 (3-4), pp.261-292. ⟨10.1080/1351847X.2011.579743⟩

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Journal Article: Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04445431

DOI: 10.1080/1351847X.2011.579743

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