The European fund management industry has undergone profound changes since the 1985 Directive on Undertakings for Collective Investment in Transferable Securities (UCITS).
The EU is well advanced in (re-)shaping the regulatory structure for securities markets.
In November 2000, the European Commission announced its intention to undertake a review of the Investment Services Directive (ISD).
The asset management industry encompasses a broad range of businesses, in terms both of size as well as regulatory regimes.
The aim of securities market regulation is to ensure proper disclosure and enforcement via a complex set of intermediaries and institutions.
