17 July 2008

CESR consults on UCITS company passport

The Commission requested CESR to provide advice on the structure and principles which should guide potential future amendments to the Level 1 UCITS Directive and to indicate the fields that could be addressed through Level 2 implementing legislation.

The Commission requested CESR to provide advice on the introduction of a management company passport under conditions that are consistent with a high level of investor protection of the UCITS Directive. In particular CESR should give advice on the structure and principles which should guide potential future amendments to the Level 1 UCITS Directive and to indicate the fields that could be addressed through Level 2 implementing legislation.

 

CESR is therefore asked to set out the following:

• A clear and systematic allocation of regulatory responsibilities between the competent authorities responsible for all relevant entities (management company, UCITS fund and depositary);
• Conditions needed to ensure that the respective competent authorities have the means necessary to verify, monitor and enforce (directly or indirectly) the regulatory requirements for which they are responsible;
• Obligations incumbent on competent authorities to provide information and other assistance to partner authorities or other entities having responsibilities for the oversight of the fund/management company;
• Conditions needed to ensure that all relevant entities are subject to effective enforcement action for breaches of the law governing the fund or fund rules.

 

Deadline for consultation is 22 August 2008.

The final advice to the Commission should be ready by 1 November 2008.

 

Call for evidence

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