EU Observatory
Estratti delle evoluzioni nello scenario corporate
governance a livello europeo in base alle notizie
diffuse dalle varie associazioni e enti di riferimento
Marzo 2015
Documento prodotto con il supporto di
Tutti i diritti riservati
Index
European Authorities
1. MEF – Ministero dell’Economia e delle Finanze
2. ECB - European Central Bank
3. BANCA D’ITALIA
4. ESMA - European Security and Markets Authority
Associations/Institutes
5. SEC - Bank for U.S.Securities and Exchange Commission
6. OECD - Organisation for economic co-operation and development
7. FEE - Federation of European Accountants
8. FRC – Financial Reporting Council
9. AIMA - Alternative Investment Management Association
10. Surveys & Insights
2
1) MEF
Issuer
Description
Title
MEF - MINISTERO Consultazione pubblica per l’attuazione
DELL’ECONOMIA della direttiva 2013/34/EU del
E DELLE FINANZE Parlamento europeo e del Consiglio del
26 giugno 2013, relativa ai bilanci
d’esercizio, ai bilanci consolidati e alle
relative relazioni di talune tipologie di
imprese.
Link to document
Consultazione pubblica per l’attuazione
della direttiva 2013/34/EU del
Parlamento europeo e del Consiglio del
26 giugno 2013, relativa ai bilanci
d’esercizio, ai bilanci consolidati e alle
Le nuove disposizioni saranno applicabili a partire dagli esercizi finanziari aventi inizio il relative relazioni di talune tipologie di
1° gennaio 2016 o nel corso dello stesso anno e pongono particolare attenzione alle
imprese.
PMI.
Schema decreto bilanci consultazione
Tra gli elementi di maggior rilievo rientrano:
pubblica direttiva 2013/34/EU
-La differenziazione degli obblighi informativi in base ad alcune soglie dimensionali
dell’impresa;
Schema decreto intermediari
-L’introduzione di una nuova categoria di imprese, le cd. “micro imprese”, che si
consultazione pubblica direttiva
avvalgono di un regime di contabilità particolarmente semplificato;
2013/34/EU
-L’utilizzo di alcuni moderni istituti contabili già contemplati dai principi contabili
internazionali IAS/IFRS, quali l’indicazione a bilancio del “fair value” per gli strumenti
PRESS RELEASE - Nuove norme sul
finanziari derivati, diverse modalità di imputazione relativamente al “costo ammortizzato” diritto contabile delle società di capitali
e alla “attualizzazione” delle attività e passività finanziarie;
non quotate, parte la consultazione
-L’estensione di questi ultimi istituti contabili anche alle imprese di assicurazione, in
pubblica
attesa che nei prossimi anni si completi la transizione delle imprese assicurative ai
principi contabili internazionali (IFRS), oggi ad esse applicabili solo per la redazione del
bilancio consolidato.
Il Dipartimento del Tesoro ha avviato una consultazione pubblica su due schemi di
decreti legislativi finalizzati a dare attuazione alla direttiva 2013/34/UE in materia di
informativa di bilancio per le società di capitali non soggette all’applicazione dei principi
contabili internazionali IAS/IFRS.
3
1) MEF
Issuer
Description
Title
MEF - MINISTERO Documento di Economia e Finanza
DELL’ECONOMIA (Def) 2015.
E DELLE FINANZE
Link to document
Gli obiettivi della politica di bilancio del Governo presentata nel Documento di Economia Documento di Economia e Finanza (Def)
e Finanza (Def) 2015 approvato in Consiglio dei Ministri sono:
2015
-Sostenere la ripresa economica evitando aumenti del prelievo fiscale e allo stesso
tempo rilanciando gli investimenti;
-Avviare il debito pubblico (in rapporto al PIL) su un percorso di riduzione, consolidando
così la fiducia del mercati e riducendo la spesa per interessi;
-Favorire gli investimenti e le iniziative per consentire un deciso recupero
dell’occupazione nel prossimo triennio.
Due delle sezioni di cui si compone il Def, il Programma di Stabilità e il Programma
Nazionale di Riforma (PNR), saranno inviate al Consiglio dell’Unione Europea e alla
Commissione europea a Bruxelles.
MEF - MINISTERO Firmati i decreti di modifica delle black
DELL’ECONOMIA lists su "Indeducibilità dei costi" e
E DELLE FINANZE "CFC".
Il Ministro dell’economia e delle finanze, Pier Carlo Padoan, ha firmato due decreti
ministeriali che modificano le black list sulla “indeducibilità dei costi” e sulle “Controlled
Foreign Companies (CFC). I due decreti danno tempestiva attuazione alle disposizioni
contenute nella legge di stabilità 2015.
Sono stati cancellati dalla black list 21 Paesi e giurisdizioni con i quali è in vigore un
accordo bilaterale (Convenzione contro le doppie imposizioni oppure TIEA - Tax
Information Exchange Agreement) o multilaterale (Convenzione multilaterale sulla mutua
assistenza amministrativa in materia fiscale OCSE/Consiglio d’Europa) che consente lo
scambio di informazioni in materia fiscale.
Con il decreto firmato sono quindi stati eliminati dalla “black list CFC” quei Paesi che,
oltre ad avere un accordo con l’Italia sullo scambio di informazioni, applicano un regime
generale di imposizione non inferiore al 50 per cento di quello applicato in Italia:
Filippine, Malesia e Singapore.
4
Firmati i decreti di modifica delle black
lists "indeducibilità dei costi" e "CFC"
2) ECB
Issuer
Description
Title
ECB - EUROPEAN Indirizzo (UE) 2015/510 della Banca
Il presente indirizzo detta norme uniformi per l'attuazione della politica monetaria unica
CENTRAL BANK Centrale Europea del 19 dicembre 2014 da parte dell'Eurosistema negli Stati membri la cui moneta è l'euro.
sull'attuazione del quadro di riferimento
della politica monetaria dell'Eurosistema Lo strumentario utilizzato dall'Eurosistema nell'attuazione della politica monetaria
(BCE/2014/60).
consiste di:
a) operazioni di mercato aperto;
b) operazioni attivabili su iniziativa delle controparti;
c) obblighi di riserva minima.
Se necessario per l'attuazione della politica monetaria, le BCN possono scambiare tra
loro informazioni individuali, quali i dati operativi, relative alle controparti che partecipano
alle operazioni di politica monetaria dell'Eurosistema. Tali informazioni sono sottoposte
all'obbligo del segreto professionale di cui all'articolo 37 dello statuto del SEBC.
5
Link to document
Indirizzo (UE) 2015/510 della Banca
Centrale Europea del 19 dicembre 2014
sull'attuazione del quadro di riferimento
della politica monetaria dell'Eurosistema
(BCE/2014/60)
3) BANCA D’ITALIA
Issuer
Description
Title
BANCA D’ITALIA Circolare n. 286 del 17 dicembre 2013
recante "Istruzioni per la compilazione
delle segnalazioni prudenziali per le
banche e le società di intermediazione
mobiliare" - Aggiornamento n. 4 del 31
marzo 2015.
Link to document
Banca d’Italia ha pubblicato il 4° aggiornamento del 31 marzo 2015 alla Circolare n. 286 Circolare n. 286 del 17 dicembre 2013
del 17 dicembre 2013 recante Istruzioni per la compilazione delle segnalazioni
recante "Istruzioni per la compilazione
prudenziali per le banche e le società di intermediazione mobiliare.
delle segnalazioni prudenziali per le
banche e le società di intermediazione
Con il presente aggiornamento della Circolare si adegua l’impianto segnaletico
mobiliare" - Aggiornamento n. 4 del 31
nazionale agli emendamenti apportati agli schemi COREP dal Regolamento n.
marzo 2015
227/2015, che modifica il Regolamento (UE) n. 680/2014 in materia di norme tecniche di
attuazione relative alle segnalazioni degli enti. Inoltre, si è provveduto a:
Bollettino di Vigilanza n. 3 - Marzo 2015
(aperto) - Provvedimenti di carattere
-Chiarire le modalità di calcolo del requisito patrimoniale in materia di rischio operativo; generale della Banca d'Italia - Circolare
-Allineare alcuni dettagli informativi alle disposizione del COREP.
n. 286 del 17 dicembre 2013
Con l’occasione sono stati introdotti nella Parte II della Circolare: i) la Sezione 4
riguardante gli obblighi segnaletici in materia prudenziale di Bancoposta; ii) nelle Sezioni
1 e 2, riferite ai Soggetti Collegati, un’apposita voce relativa al patrimonio di vigilanza,
volta ad agevolare la verifica del rispetto dei limiti previsti dalla normativa di riferimento.
Le innovazioni contenute nel presente aggiornamento sono applicabili a partire dalle
segnalazioni riferite al 31 marzo 2015. Gli obblighi segnaletici di Bancoposta hanno
come data di riferimento il 31 dicembre 2014.
6
4) ESMA
Issuer
Description
Title
ESMA Advice to Esma. Response to ESAs
EUROPEAN
joint consultation on cross-selling.
SECURITY AND
MARKETS
AUTHORITY
The SMSG welcomes the joint consultation of the European Supervisory Authorities
(ESAs) on cross-selling and concur with the view that cross-selling transactions may
provide real benefits to retail investors, but also offer the risk that the interests of the
client is not adequately considered.
At present, supervision is probably best placed with national competent authorities, but
the SMSG believes that it may in time be necessary and efficient to engage the ESAs in
direct supervision of cross-selling transactions in order to secure a truly pan-European
approach.
7
Link to document
Advice to Esma. Response to ESAs joint
consultation on cross-selling
5) SEC
Issuer
U.S. SECURITIES
AND EXCHANGE
COMMISSION
(SEC)
Description
Title
Link to document
SEC Proposes Rules to Require
The Securities and Exchange Commission voted to propose rules to require companies SEC Proposes Rules to Require
Companies to Disclose the Relationship to disclose the relationship between executive compensation and the financial
Companies to Disclose the Relationship
Between Executive Pay and a
performance of a company.
Between Executive Pay and a
Company’s Financial Performance.
Company’s Financial Performance.
The proposed rules, which would implement a requirement mandated by the Dodd-Frank
Act, would provide greater transparency and allow shareholders to be better informed
when they vote to elect directors and in connection with advisory votes on executive
compensation.
A company would be required to disclose executive compensation actually paid for its
principal executive officer using the amount already disclosed in the summary
compensation table required in the proxy statement, making adjustments to the amounts
included for pensions and equity awards. The amount disclosed for the remaining
executive officers would be the average compensation actually paid to those executives.
As the measure of performance, a company would also be required to report its total
shareholder return (TSR) and the TSR of companies in a peer group.
All companies would be required to disclose the information for the last five fiscal years,
except for smaller reporting companies, which would only be required to provide
disclosure for the last three fiscal years. The proposed rules provide phase-in periods
for these requirements.
The comment period for the proposed rules will be 60 days after publication in the
Federal Register.
8
6) OECD
Issuer
Description
Title
OECDUnlocking SME finance through
ORGANISATION market-based debt: Securitisation,
FOR ECONOMIC private placements and bonds.
CO-OPERATION
AND
DEVELOPMENT
Small and medium-sized enterprises (SMEs) are key contributors to economic growth
and job creation. The current economic and financial crisis has reduced bank lending
and has affected SMEs in particular. Capital markets will have to play a bigger role in
financing SMEs in order to make them more resilient to financial
shocks.
Link to document
Unlocking SME finance through
market-based debt: Securitisation,
private placements and bonds
Non-bank market-based financing can improve the flow of credit to SMEs, while
enhancing diversity and widening participation in the financial system. This study reviews
the spectrum of alternative non-debt market-based instruments for SME financing,
focusing in particular on securitisation (off-balance sheet) and covered bonds, but also
addressing issues regarding small-/mid-cap bonds and private placements. These
financing instruments could complement bank lending, help repair the credit channel and
ease SMEs’ financing constraints, while also facilitating a better distribution of risk
amongst market participants.
OECDORGANISATION
FOR ECONOMIC
CO-OPERATION
AND
DEVELOPMENT
Financing SMEs and Entrepreneurs
2015 - An OECD Scoreboard.
Small and medium-sized enterprises (SMEs) are fundamental for inclusive growth and Financing SMEs and Entrepreneurs 2015
obs, but they need to broaden their sources of finance in order to reduce their
- An OECD Scoreboard.
vulnerability to volatile credit market developments, according to two new OECD reports.
New Approaches to SME and
New Approaches to SME and
Entrepreneurship Financing:
Both studies underline that alternative funding options must be developed and
Entrepreneurship Financing: Broadening
Broadening the Range of Instruments. promoted to support investment.
the Range of Instruments.
Financing SMEs and Entrepreneurs 2015: Some alternative instruments such as
crowdfunding and factoring are gaining traction but venture capital investment and
leasing have yet to recover to 2007 levels in most countries. The OECD warns that high
levels of non-performing loans among SMEs have a negative effect on banks’
willingness to lend and pose a particular threat to economic recovery in the countries
most affected by the financial crisis.
New approaches to SME and entrepreneurship financing: Broadening the range of
instruments : It maps the main features of a broad range of external financing
techniques acting as alternatives to straight debt, including asset-based finance,
alternative debt, hybrid instruments, and equity instruments.
9
PRESS RELEASE - SMEs and
entrepreneurs need to diversify their
funding amid continued credit
constraints
RELATED DOCUMENT - Remarks by
Angel Gurría, Secretary-General OECD
7) FEE
Issuer
Description
Title
FEE –
Overview of the ISA adoption in the EU. FEE's new publication "Overview of the ISA adoption in the EU" demonstrates to what
FEDERATION OF
extent the 28 European Union Member States have chosen to apply ISAs for all audits.
EUROPEAN
Based on information gathered from FEE Member Bodies, FEE noted that significantly
ACCOUNTANTS
more countries voluntarily adopted ISAs than when we last asked in 2013. Currently,
only three Member States have not yet adopted these global standards.
The following information is included:
-Adoption status in each EU Member State;
-Add-ons or carve-outs to clarified ISAs1 currently in place in EU Member States;
-Adoption status in each EU Member State regarding ISQC 1;
-Guidance on proportionate application of clarified ISAs;
-How the application of ISAs (and ISQC 1) is made binding as well as disciplinary
actions or sanctions for incorrect or incomplete application of ISAs (and ISQC 1) in EU
Member States.
The information included below has been compiled based on information requested and
gathered from FEE Member Bodies.
10
Link to document
Overviw of the ISA adoption in the EU
PRESS RELEASE - FEE shows that
European countries increasingly move
towards International Standards on
Auditing (ISAs)
8) FRC
Issuer
Description
Title
FRC - FINANCIAL FRED 61: Draft Amendments to FRS
REPORTING 102 - Share-based payment
COUNCIL
transactions with cash alternatives.
The Financial Reporting Council (FRC) has issued an Exposure Draft, FRED 61 ‘Draft
Amendments to FRS 102 - Share-based payment transactions with cash alternatives’
which proposes clarifying and simplifying the accounting for share and share option
awards where a cash-settlement alternative exists.
Entities would generally be able to continue with their existing accounting practices
applied under previous UK and Irish GAAP which should reduce transition and
application costs of FRS 102.
11
Link to document
FRED 61: Draft Amendments to FRS 102
- Share-based payment transactions with
cash alternatives.
PRESS RELEASE - FRC consults on
limited amendments to FRS 102
9) AIMA
Issuer
Description
Title
ALTERNATIVE AIMA publishes updated guide for fund
INVESTMENT directors
MANAGEMENT
ASSOCIATION
(AIMA)
The Alternative Investment Management Association (AIMA), the global hedge fund
association, has published an updated Fund Directors’ Guide.
The Guide, last published in 2008, takes account of regulatory and tax reforms since the
financial crisis, such as the Alternative Investment Fund Managers Directive (AIFMD)
and the Foreign Account Tax Compliance Act (FATCA), which have brought significant
changes to the role and responsibilities of fund directors and boards. The Guide is
designed to be used by investment managers, fund promoters and existing and
prospective fund directors.
New sections have been added covering, among other topics, the general approach to
fund governance, monitoring of trading practices and business continuity planning.
Practical, legal and tax considerations when selecting and appointing fund directors are
considered. The basic tasks that fund directors should carry out are explained, while
issues relating to the way in which fund directors manage their relationships with the
fund’s service providers are also discussed.
12
Link to document
AIMA publishes updated guide for fund
directors
10) Surveys & Insights
Issuer
Description
Title
Link to document
FED – FEDERAL The Federal Reserve Board on
The Federal Reserve Board issued a final rule to expand the applicability of its Small
The Federal Reserve Board on Thursday
RESERVE
Thursday issued a final rule to expand Bank Holding Company Policy Statement and also apply it to certain savings and loan issued a final rule to expand the
the applicability of its Small Bank
holding companies.
applicability of its Small Bank Holding
Holding Company Policy Statement and
Company Policy Statement and also
also apply it to certain savings and loan The policy statement facilitates the transfer of ownership of small community banks and apply it to certain savings and loan
holding companies.
savings associations by allowing their holding companies to operate with higher levels of holding companies.
debt than would normally be permitted. While holding companies that qualify for the
policy statement are excluded from consolidated capital requirements, their depository
institution subsidiaries continue to be subject to minimum capital requirements.
The final rule raises the asset threshold of the policy statement from $500 million to $1
billion in total consolidated assets. It also expands the application of the policy statement
to savings and loan holding companies. All firms must still meet certain qualitative
requirements, including those pertaining to nonbanking activities, off-balance sheet
activities, and publicly-registered debt and equity.
The Rise of Corporate Governance in
ECGI the U.K.: When and Why
EUROPEAN
CORPORATE
GOVERNANCE
INSTITUTE
While issues that prompt corporate governance responses are endemic to the corporate The Rise of Corporate Governance in the
form, the term “corporate governance” only began to feature with any regularity in
U.K.: When and Why
discussions of public companies in Britain as the 1990s got underway.
It is well known that work done by the Committee on the Financial Aspects of Corporate
Governance, known as the Cadbury Committee, played a major role in fostering the rise
of corporate governance in the U.K. at that point.
This paper explains why the topic did not move into the spotlight in Britain in the 1970s,
a development that might have been anticipated given that explicit references to
“corporate governance” were beginning in earnest then in the United States.
13
10) Surveys & Insights
Issuer
Description
Title
Link to document
Banking Union: Aspects of the Single
ECGI Supervisory Mechanism and the Single
EUROPEAN
CORPORATE Resolution Mechanism Compared.
GOVERNANCE
INSTITUTE
The Banking Union is based on different components, partly on directives applicable
throughout the EU, partly on two regulations applicable only in the euro states
introducing the Single Supervisory Mechanism and the Single Resolution Mechanism.
M&A Contracts: Purposes, Types,
ECGI Regulation, and Patterns of Practice.
EUROPEAN
CORPORATE
GOVERNANCE
INSTITUTE
M&A transactions are governed by contracts that exhibit constrained variation – they are M&A Contracts: Purposes, Types,
negotiated, yet full of boilerplate, tailored, yet full of patterns and regularities. This paper Regulation, and Patterns of Practice.
(a chapter of the Research Handbook on Mergers and Acquisitions, forthcoming)
reviews the suite of contracts commonly needed in an M&A transaction, and offers two
complementary descriptions of the core “deal contracts” in M&A.
Banking Union: Aspects of the Single
Supervisory Mechanism and the Single
Resolution Mechanism Compared.
These regulations are based on a comparable pattern, with centralisation of decisions at
the European level, and involvement of authorities in the member states. However, also
for legal reasons, the centralisation is much stronger for prudential supervision that for
resolution. Issues of cooperation between the two Mechanisms, and between the
European level and the national level reveal some interesting analogies but also
differences. Coordination and cooperation will be necessary to avoid conflicts.
the customary organization of the contracts themselves, and the second re-analyzes
their contents with a new, functional typology derived from the purposes of deal
contracts: (1) specification (especially of deal structure, pricing terms, and, in partial
acquisitions, the business to be acquired), (2) risk-sharing, (3) process management, (4)
control and information sharing, and (5) dispute management.
14
10) Surveys & Insights
Issuer
BUSINESS
EUROPE
Description
Title
Economic Outlook Spring 2015.
Based on a survey of its member federations across the continent,
BUSINESSEUROPE’s Economic Outlook predicts:
Link to document
Economic Outlook Spring 2015.
PRESS RELEASE - Spring Economic
• GDP growth of 1.9% in the EU in 2015 and 1.6% in the Euro Area (compared to 1.7% Outlook: More companies are seeking
finance for investment
and 1.2% in our autumn 2014 Outlook);
• The recovery to slightly strengthen in 2016, when we foresee GDP to grow by 2.1% in
the EU and by 1.9% in the Euro Area;
• Domestic demand should gradually replace net exports as the main growth driver.
Amidst signs of growing consumer confidence we expect EU private consumption growth
of 1.9% in 2015. Businesses are reporting the highest demand for finance since the start
of the crisis and we expect investment growth of 2.8% this year;
• While remaining at high levels, unemployment is expected to fall a little; to 9.5% (from
9.8%) in the EU and 10.6% (from 11.3%) in the EA in 2015, and to 9.0% (EU) and
10.1% (EA) in 2016. Country differences still remain high;
• Inflation is forecast to remain low in 2015 but to gradually increase to 1.5% for the EU
and 1.2% for the Euro Area in 2016, as the effect of higher import costs and stabilising
energy prices work though.
ICSA - INSTITUTE FCA publishes feedback to financial
OF CHARTERED crime consultation
SECRETARIES
AND
ADMINISTRATOR
S
Following a consultation on proposed examples of good practice relating to financial
crime in November 2014, the FCA has published a summary of its feedback.
The examples of good practice follow two thematic reviews that considered small banks’
anti-money laundering and financial sanctions and small commercial insurance brokers’
anti-bribery and corruption, systems and controls.
All of the 20 respondents to the consultation thought that the FCA’s examples of good
practice were useful to help illustrate what some firms have done to identify, assess and
manage financial crime risk. They also said that these would help them approach
financial crime compliance in a more proportionate and risk-based way.
15
FCA publishes feedback to financial
crime consultation
10) Surveys & Insights
Issuer
Description
Title
ICSA - INSTITUTE Small firms have little confidence in
OF CHARTERED Prompt Payment Code.
SECRETARIES
AND
ADMINISTRATOR
S
Small firms have little confidence in the Prompt Payment Code, according a survey
conducted by the Federation of Small Businesses (FSB).
Link to document
Small firms have little confidence in
Prompt Payment Code.
The FSB found that only one in five (21%) FSB members are confident the Prompt
Payment Code will be enough to address the UK's poor payment culture. As part of the
survey, FSB members reported that the top five reasons why their customers paid late
were: no excuse or justification was given (49%); internal invoice processing issues
caused a delay (35%); the customer extended the payment terms without your consent
(34%); invoice was lost or misplaced (33%); and invoice was never received (31%).
John Allan, National Chairman of the FSB said: ‘Late and poor payment practices are
holding back our economy and pushing potentially successful firms out of business.
‘If businesses do not get the money they are owed, they may not be able to pay their
staff, invest in their business or pay their own suppliers. There is a knock-on effect right
down the supply chain, which undermines the UK economy as a whole.’ The FSB has
also previously found that almost one in five small businesses had been subject to some
form of supply chain bulling. The so called ‘pay to stay' practice used by Premier Foods,
who asked suppliers to pay a flat fee in order to be considered for future contracts, was
experienced by 5% of small firms.
BORSA ITALIANA A cerimonia Elite emerge importanza
Corporate Governance
Alla cerimonia di ammissione al programma Elite, svoltasi a Milano per 26 societa'
A cerimonia Elite emerge importanza
italiane, è emersa la consapevolezza tra le aziende che per crescere è necessario far
Corporate Governance
evolvere i propri sistemi di Corporate Governance. La piattaforma Elite è un programma
nato dall'iniziativa di Borsa italiana per promuovere i sistemi manageriali e finanziari
delle imprese associate. Il processo prevede una fase di apprendimento e una
successiva fase di verifica.
16
10) Surveys & Insights
Issuer
Description
Title
ALTERNATIVE AIMA publishes updated guide for fund
INVESTMENT directors
MANAGEMENT
ASSOCIATION
(AIMA)
The Alternative Investment Management Association (AIMA), the global hedge fund
association, has published an updated Fund Directors’ Guide.
The Guide, last published in 2008, takes account of regulatory and tax reforms since the
financial crisis, such as the Alternative Investment Fund Managers Directive (AIFMD)
and the Foreign Account Tax Compliance Act (FATCA), which have brought significant
changes to the role and responsibilities of fund directors and boards. The Guide is
designed to be used by investment managers, fund promoters and existing and
prospective fund directors.
New sections have been added covering, among other topics, the general approach to
fund governance, monitoring of trading practices and business continuity planning.
Practical, legal and tax considerations when selecting and appointing fund directors are
considered. The basic tasks that fund directors should carry out are explained, while
issues relating to the way in which fund directors manage their relationships with the
fund’s service providers are also discussed.
17
Link to document
AIMA publishes updated guide for fund
directors
Documento prodotto con il supporto di
Tutti i diritti riservati