On Thursday 5 September, the European Securities and Markets Authority (ESMA) presented a framework for national supervisors to scrutinise the behaviour of the harmonised investment fund industry in the European Union in the event of a financial crisis, whose total assets under management increased from €6,200 billion to €9,300 billion between 2007 and 2018.
ESMA observed the industry's behaviour in the event of a financial crisis, during which a significant number of investors would...