4.3. Closed-End Funds and AMCs: Principles and Rules
According to the definition of financial services proposed by the EU, there are some activities that cannot be offered by banks directly[1]but can be managed by specialized organizations such as funds, special investment firms, and other structures accepted by single country regulations.
1 According to the EU, there are six activities that banks cannot manage directly. They are also known as financial services and are regulated by the Financial Services Act:
- Dealing — buying and selling securities to obtain a profit
- Brokerage — buying and selling securities on a customer’s behalf; in this case no risk is taken from the financial institution’s side, therefore the profit derives from fees ...
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