This paper aims to examine the rationale for the establishment of a depositary passport as the next logical step in building an internal market for investment funds in the European Union (EU). It makes the point that the de facto prohibition of depositary passporting poses risks to financial stability and has an adverse impact on investor protection in EU member states, which do not have a fully developed funds industry.,This paper analyses both the arguments in favour and against the adoption of a depositary passport. Moreover, it examines this proposal in the context of different approaches to fostering the internal market such as mutual recognition, harmonisation of regulation, reflexive governance of financial supervision and centralised supervision.,Based on the review of the current EU legal framework, this paper, subsequently, puts forward possible solutions for the establishment of an internal market for depositary business, which solutions have been discussed with various experts in the field to assess their feasibility in practice.,The paper contributes to the debate on the EU internal market in the field of asset management, which is topical in view of the upcoming review of the EU’s Alternative Investment Fund Managers Directive.

中文翻译：

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建立欧盟内部存托市场

本文旨在研究建立存托凭证的基本原理，以此作为建立欧洲联盟（EU）投资基金内部市场的下一个逻辑步骤。它指出，事实上禁止存托凭证给金融稳定带来风险，并且对那些没有发达的基金业的欧盟成员国的投资者保护产生不利影响。反对采用保存人护照。此外，它在不同的培育内部市场的方法的背景下研究了该提议，例如相互承认，法规的协调，对金融监管的反思性治理和集中监管。，在对当前欧盟法律框架进行回顾的基础上，本文随后，