ESMA accused of not understanding fund management

European securities regulator Esma has been accused of failing to understand how fund managers make investment decisions in framing its December draft of technical standards for Mifid II. “The framework governing how broker research should be paid for fails to understand the mechanics of fund management,” argued Urban Funered, director of public policy corporate affairs at Fidelity Worldwide Investment, speaking at the recent conference hosted by the Association of the Luxembourg …