03 February 2005

CESR’s final guidelines for supervisors regarding UCITS Directives

CESR publishes final guidelines for supervisors regarding the transitional provisions of the amending UCITS Directives. The guidelines clarify issues related to the marketing of funds and the simplified prospectus, to the scope of permissible activities of grandfathered management companies, to UCITS launched after February 2002 which benefit from a “grace period” and to grandfathered UCITS I umbrella funds which have launched further sub-funds after February 2002. Also, the guidelines seek to clarify practical questions related to the scope of the European passport and problems resulting from the relationship between the management company’s passport and the fund’s passport.

In relation to two key issues CESR guidelines state that existing grandfathered UCITS umbrella funds can launch sub-funds under the previous UCITS regime only until 31 December 2005, and UCITS I funds should have a simplified prospectus available as soon as possible and no later than 30 September 2005.

Press release
CESR’s guidelines
Feedback statement

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