While declaring it has no evidence of United States-like violations by its firms, Europe’s top mutual fund association said Friday it would look into possible violations by its companies and if any are found, draw up ways to halt them, Reuters reports.

New York Attorney Eliot Spitzer’s probe into the industry has raised antennas even overseas, where the problem of non-uniform regulations from nation to nation could pose some problems in finding and fixing violations. But the European Federation of Mutual Funds has insisted its members have worked more honestly than those from U.S. organizations.

"There is no evidence that systematic market timing or late trading activities have occurred in the European investment fund industry," the organization said.

While acknowledging the existence of market timing and late trading, the organization said "acquisition and redemption orders aren’t accepted after the time at which fund units/shares are priced."

The group added that "measures are taken by fund managers to ensure that fund share prices are based on fair valuations of the securities their funds hold."

More than 40,000 funds and EUR4.5 trillion in assets are under the wing of the European Mutual Fund Association.

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