The European Commission unveiled plans in a white paper on Thursday to overhaul mutual fund rules to make it easier for both money managers and investors to do cross-border business. Among other changes, the new rules would allow asset managers to run funds in other countries. The Commission also wants to ensure that fees and performance are presented in a uniform way, and that regulators cooperate more frequently. The net result, the group hopes, will be lower costs for investors since investment managers won’t have to comply with so many different rules. The Commission plans to study these changes over the next several months and propose new rules in the fall of 2007.
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