OTTO LOISTL is Chairman of the Department of Investment Banking and Capital Markets Communication at the Vienna University of Economics and Business Administration in Austria. He is author of numerous publications on the capital markets. - ROBERT PETRAG is a member of staff of the Department of Investment Banking and Capital Markets Communication at the Vienna University of Economics and Business Administration in Austria.

• SETTING THE SCENE Introduction THE SCENARIO TODAY Structural Change in the Asset Management Business in the EU The Basis for Asset Management Standards in the Euro Zone STRUCTURAL COMPONENTS OF THE SYSTEMATIC CLASSIFICATION OF THE SYNOPSIS Investor Risk Rules for Reducing Investor Risk THE REGULATION OF MANAGEMENT RISK Investment Rules Separation of Functions Disclosure THE REGULATION OF INVESTMENT RISK Investment Rules Disclosure CONTROL AND ENFORCEMENT OF RULES AND REGULATIONS Board of Directors Supervisory Authority The Management Company's Compliance Department Shareholders Other Parties Involved in Supervision SUMMARY OF FINDINGS