Brussels sprouts regulations impacting Asia

Upcoming EU directives on clearing and settlement and IT standards will reverberate worldwide.

Upcoming regulatory projects in the European Union aiming to facilitate the development of a single market for financial services will have a major impact on the rest of the world over the next several years.

The example of European codes on unit trusts - Ucits - is useful. The EU updated its standards for allowing Europe-wide marketing of mutual funds. Asian governments have been forced to accommodate these changes - and when individual European governments indicated they would insist on following the new version of Ucits as early as mid-2005, it left Asian regulators scrambling to keep pace.

Now Asian regulators and industry practitioners need to keep...

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