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16 July 2008

Commission proposal on UCITS review


The proposed changes to the UCITS Directive will remove administrative barriers to the cross-border distribution of UCITS funds. CESR has been mandated to provide advice on the ‘management company passport’ by 1 November 2008.

The proposed changes to the UCITS Directive will remove administrative barriers to the cross-border distribution of UCITS funds. The new notification procedure will be reduced to a simple, electronic, regulator-to-regulator communication. They also create a framework for mergers between UCITS funds and allow the use of master-feeder structures.

 

Changes will replace the Simplified Prospectus by a new concept of Key Investor Information that will be contained in a short document conveying key facts to retail investors in a clear and understandable manner, and will improve cooperation mechanisms between national supervisors.

 

As regards the "management company passport", the most recent consultation process has revealed that there are a series of potential supervisory and investor protection concerns. The Commission has therefore decided to send a mandate to CESR on these issues.

 

CESR will be invited to advise the Commission by 1 November 2008 on the structure and principles which could guide potential future amendments to the UCITS directive which may be needed to give effect to the UCITS management company passport.

 

Press release

Frequently asked questions

Recast version

Proposed Amendments: Citizen's summary

Impact assessment - summary

Full text



© European Commission

Documents associated with this article

UCITS recast proposal.pdf
UCITS amendments - Summary.pdf


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