SimˈpōzēəmDr Nathalie Aubry-Stacey, Director – Market Practice and Regulatory Policy Department, ICMA* As asset managers, we have deep concerns regarding the look-through approach proposed by the regulator. We believe the approach will profoundly affect operations, compliance and relationships between asset managers and insurance companies. This is particularly true for applying look-through requirements to funds of funds. The working group is worried that insurance companies will amend and simplify their asset allocations policies to meet their reporting requirements. This means they could lose out on the benefits of economies of scale or investment returns from some products because of compliance issues. Moreover the look-through requirements will be a cost that will be passed on to insurance companies in the long-run. Indeed asset managers feel that the look-through approach will have consequences for insurance companies’ investment policies in the long-term.