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Corporate Governance and (Self-) Regulation- An Investment Fund Perspective

Abstract

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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Author

Portrait image of Armin Kammel
Armin Kammel
Senior Manager, Financial Services Advisory, KPMG Austria GmbH, Austria

Dr. Armin J. KAMMEL, LL.M. (London), MBA (CLU), is Head of Legal & International Affairs with the Austrian Association of Investment Fund Management Companies (VÖIG) in Vienna. In addition to this, Dr. Kammel is Honorary Professor and Faculty Member at Danube University Krems, Austria and Adjunct Faculty Member at California Lutheran University (CLU). His research areas are European and US banking law, securities regulation, corporate law, regulatory theory and the Economic Analysis of the Law. Dr. Kammel has published extensively in these areas.

Company

KPMG Austria GmbH logo

KPMG Austria GmbH

The Association of Austrian Investment Companies (Vereinigung Österreichischer Investmentgesellschaften, VÖIG) was founded on 20 January 1988, and is the umbrella organisation for all Austrian investment fund management companies and all Austrian real estate investment fund management companies. VÖIG represents 100% of the fund assets managed by the Austrian investment fund management companies and real estate investment fund management companies. It is located in Vienna and is an active member of EFAMA at European and IIFA at international level. See www.voeig.at.

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