Institute President Speaks on Regulatory Impediments in Europe

Washington, DC, April 14, 2000 - Institute President Matthew P. Fink delivered a speech at a European mutual fund industry conference in Seville, Spain that highlighted the regulatory impediments to selling the same mutual fund throughout Europe under the UCITS Directive.

Fink suggested the European industry consider seeking reform on a country-by-country basis or by having the UCITS Directive amended to address these problems. Fink also stated that mutual funds are ideal funding vehicles for defined-contribution plans and urged the European industry to be active in any debate that seeks to restrict the use of mutual funds in defined-contribution plans in Europe.