Rules will monitor boom in investment across borders
Tuesday 02 May 1995
The Joint Declaration on Co-operation and Supervision of Cross-Border Investment Management Activity is aimed at improving supervision of development of new financial products in this area.
As the first formal agreement between the Investment Management Regulatory Organisation and US Securities and Exchange Commission, the declaration will also be establishing procedures which one authority will follow when arranging on-site inspections in the jurisdiction of the other.
It is aimed at streamlining and improving supervision of cross-border fund-management business.The two authorities will now provide copies of reports from firms authorised in both jurisdictions, or authorised firms that have an affiliate authorised in the other jurisdiction to each other.
This will give Imro a clearer picture of the activities of its authorised firms' operations.
At present, 115 companies with US operations are regulated by Imro and the SEC. The companies have a total of £169bn under management.
Imro's chairman, Charles Nunneley, said he expected the joint venture to be the basis on which future international co-operation will take place in this area in a way that is efficient and cost-effective. "This provides an effective mechanism for sharing information at this level," he said.The need for such an agreement follows the dramatic increase in cross-border investment management activity.
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked photo leak
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say singer's representatives
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£600 - £800 per day: Harrington Starr: Derivatives Risk Commodities Business A...
£600 - £800 per day: Harrington Starr: Power & Gas Business Analyst/Subject Ma...
£600 - £900 per day: Harrington Starr: Infrastructure Lead, (Trading infrastru...
£35000 - £38000 per annum + benefits: Ashdown Group: A highly successful, glob...