Regulation of investment companies would increase the international competitiveness of national fund regulation – Article by Antti Vepsä published in Finland Finnish Journal of Business Law of the Chamber of Commerce – Fund Management/ REITs

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C&S fund expert Antti Vepsä’s peer-reviewed article on the management of open-ended investment companies was published in issue 2/2022 of the Finnish Chamber of Commerce’s legal journal Liikejuridiikka. In his article, Mr. Vepsä analyzes international best practice management models for open-ended investment companies and presents recommendations for legislation on the management structure of investment companies.

In variable capital investment companies, the management structure is different from contractual investment funds and special investment funds, in particular in that investors have more control over the former. Investment companies with variable capital cannot be established in Finland because there are no special regulations applicable and the regulations on limited liability companies are not very suitable for fund management activities.

Investment companies with variable capital are very common in Europe. They are used in particular in the international marketing of funds, because the structure of the investment company is easily understandable and widely known and allows a structure of compartments for flexible fund management.

The regulation on investment companies had already been discussed together with the draft reform of the Finnish law on mutual funds, but the preparation of the regulation was postponed. The fund industry sees the preparation of investment company regulation as an important area of ​​reform for fund regulation in Finland.

Mr. Vepsä’s article is available in Finnish for subscribers to the Edilex service.

As a senior partner, Mr. Vepsä specializes in advising our clients on the structuring, promotion and management of alternative investment funds, investment funds and other types of collective investment schemes . During his career, he participated in the creation of dozens of investment funds and alternative investment funds as well as investment funds. With a versatile and extensive background in the funds industry, Mr. Vepsä is able to provide the business-focused advice for which he is well known. He is currently writing a doctoral thesis on the regulation of open-ended investment funds incorporated in companies at the University of Tampere. He actively participates in academic debate in his field and is one of the leading researchers in Finland.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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