EUROPE - The Paris-based Committee of European Securities Regulators' (CESR) investigations into the possibility of mis-practices such as late trading or market timing in the European investment fund industry has revealed organisational weaknesses in some fund managers' administrative systems.
While the probe found misconduct in the European industry was “rare”, it also found a need for companies to improve internal management processes. CESR expert group chair Lamberto Cardia commented:...
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