Independent directors worry EU fund managers
The president of the Europe's fund management industry body has expressed concern about the possibility of introducing independent directors to fund companies.
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Fefsi president Wolfgang Mansfeld said he was worried that the European Commission was pushing for the regulation because it had been implemented in the US and other countries.
‘My fear is this is not thought through. It is just happening because the European Commission makes a recommendation and other countries, particularly the US, have taken this route,’ Mansfeld was reported as saying in the Financial Times.
Mansfeld said that he favoured independent oversight by an external body.
‘We can come to a European understanding, but it should leave room for different national solutions because one rule does not fit everything,’ he told the FT.