Corporate Governance and (Self-) Regulation- An Investment Fund Perspective
Armin J. Kammel, Head of Legal & International Affairs, Austrian Association of Investment Fund Management Companies, Austria
As a result of the global financial turmoil, calls for regulation of financial services enjoy a strong political tailwind. Aside from that, the last years have shown that self-regulation is of increasing importance in terms of complex financial market issues. This contribution reflects the issue of financial regulation and thereby describes the self-regulatory efforts of the investment fund industry. This industry has always been at the forefront of these developments acknowledging that as economic theory and in particular the principal-agent relationship indicate that state regulation is mostly reactive than pro-active.
Against this background, the paper reflects the status quo of self-regulatory efforts of the European investment fund industry and attempts an outlook on how a successful future symbiosis of government regulation and self-regulation could look like.
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