Synopses & Reviews
Three issues shape the current debate on asset management: the restructuring of the management process to integrate new investment products, the necessity to reform pension schemes, and the achievement of a globally coordinated regulatory framework. These challenging tasks benefit from objective guidance by scientifically substantiated asset management standards. The current discussion's main focus on governance issues matches the established structural components of the asset management standards systematic classification. Numerous innovations called for a nearly complete revision. Main topics are now: Enhancement of the regulatory framework and co-ordination between the US and the EU and among EU members. Securing sustainable funding for retirement provisions after the dot.com bubble and the ongoing debate on reforming PAYG schemes. As a consequence the new edition offers again a reliable source of information on the major issues in asset management.
Synopsis
Asset management standards are crucial for building trust between investors and capital market experts. The issue of corporate governance has been thrown into the spotlight by the disastrous collapse of Enron and the implications for the industry. The proposed standards are relevant for the entire fund industry, regulators, providers of pension plans, and portfolio managers. Produced in association with the European Federation of Financial Analysts Societies, this book aims to provide a well-founded basis for development of the content of asset management standards in the UK, the US, and the EU. It contains a detailed overview of the current position, outlines planned developments and discusses underlying problems.
Synopsis
SETTING THE SCENE Introduction THE SCENARIO TODAY Structural Change in the Asset Management Business in the EU The Basis for Asset Management Standards in the Euro Zone STRUCTURAL COMPONENTS OF THE SYSTEMATIC CLASSIFICATION OF THE SYNOPSIS Investor Risk Rules for Reducing Investor Risk THE REGULATION OF MANAGEMENT RISK Investment Rules Separation of Functions Disclosure THE REGULATION OF INVESTMENT RISK Investment Rules Disclosure CONTROL AND ENFORCEMENT OF RULES AND REGULATIONS Board of Directors Supervisory Authority The Management Company's Compliance Department Shareholders Other Parties Involved in Supervision SUMMARY OF FINDINGS
About the Author
Otto Loistl is Chairman of the Department of Investment Banking and Capital Markets Communication at the Vienna University of Economics and Business Administration in Austria.
Robert Petrag is a Member of Staff of the Department of Investment Banking and Capital Markets Communication at the Vienna University of Economics and Business Administration in Austria
Table of Contents
PART 1: SETTING THE SCENE * Introduction * PART 2: THE SCENARIO TODAY * Structural Change in the Asset Management Business in the EU * The Need for Asset Management Standards in the Euro Zone * The Basis for Asset Management Standards in the Euro-Zone * PART 3: A DESCRIPTION OF THE STRUCTURAL COMPONENTS OF THE SYSTEMATIC CLASSIFICATION OF THE SYNOPSIS * Investor Risk * Rules for Reducing the Investor's Risk * PART 4: THE REGULATION OF MANAGEMENT RISK * Investment Rules * Separation of Functions * Disclosure * PART 5: THE REGULATION OF INVESTMENT RISK * Investment Rules * Disclosure * PART 6: CONTROL AND ENFORCEMENT OF RULES AND REGULATIONS * Board of Directors * Supervisory Authority * The Management Company's Compliance Department * Shareholders * Other Parties Involved in Supervision * International Organization of Securities Commissions - IOSCO * PART 7: SUMMARY OF FINDINGS * Annex - Replacement Migration