08/02/2011
By Ilonka Oudenampsen
The European Fund and Asset Management Association (EFAMA) has today released the FPP Portal Briefing to provide the industry with up-to-date information about the adoption of the Fund Processing Passport (FPP) standard in Europe. EFAMA intends to issue updated briefings with new developments on an ongoing basis.
Its primary purpose is to inform distributors, fund platforms, fund management companies and their service providers, such as transfer agents, registrars, fund accounting agents, trustees, custodians, and portfolio managers, about the latest developments in the adoption of the FPP standard and use of the FPP Portal.
A FFP is a short, single, fully harmonised document containing all the key operational information that fund promoters should provide on their investment funds, at class level, in order to facilitate their trading.
The FPP standard is now supported by 69 fund management companies of many sizes that have produced 4,318 FPPs for investment funds domiciled in nine countries. All of these FPPs can be accessed via the FPP Portal, which was opened in June 2010 to provide a central access point to all existing FPPs via the EFAMA website. The standard is also supported by six providers who offer fund management companies tools to produce and/or distribute FPPs for their funds.
Peter De Proft, director general EFAMA, notes: “Creating the FPP Portal Briefing is part of our drive to encourage fund distributors and fund platforms to use the FPP, to stimulate creation of FPPs further and help establish the FPP as the best tool to use to obtain the information needed to process trades in investment funds. Achieving this goal will make fund processing more efficient and less costly.”
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