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.

• PART 1: SETTING THE SCENE Introduction PART 2: THE SCENARIO TODAY Structural Change in the Asset Management Business in the EU The Need for Asset Management Standards in the Euro Zone The Basis for Asset Management Standards in the Euro-Zone PART 3: A DESCRIPTION OF THE STRUCTURAL COMPONENTS OF THE SYSTEMATIC CLASSIFICATION OF THE SYNOPSIS Investor Risk Rules for Reducing the Investor's Risk PART 4: THE REGULATION OF MANAGEMENT RISK Investment Rules Separation of Functions Disclosure PART 5: THE REGULATION OF INVESTMENT RISK Investment Rules Disclosure PART 6: CONTROL AND ENFORCEMENT OF RULES AND REGULATIONS Board of Directors Supervisory Authority The Management Company's Compliance Department Shareholders Other Parties Involved in Supervision International Organization of Securities Commissions - IOSCO PART 7: SUMMARY OF FINDINGS Annex - Replacement Migration