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27 October 2005

CESR consultation on simplification of the cross-border notification procedure of UCITS





The Committee of European Securities Regulators (CESR) launches a consultation on simplification of the cross-border notification procedure of UCITS. This document presents proposals for a common approach to the administration, by host authorities, of the notification procedures set out in the Directive. The proposals aim to avoid uncertainty and prolongation of notification procedures. CESR has agreed on the key principle that the host Member State authority’s competences are confined to refusing the marketing of a foreign UCITS only in case the marketing arrangements do not comply with the provisions of the Directive. Other reasons can therefore not be used as a reason to refuse the marketing.

Responding to the European asset management industry regarding the way in which the national authorities apply in practice the requirements of the UCITS Directive, CESR Members are developing common guidelines to streamline and simplify the notification process to sell a UCITS products cross border.

The proposals also enshrine common approaches to the documentation that must be submitted in the context of the notification procedure and to clarify the handling of sub-funds of umbrella funds.

Some of the proposals for speedier processing cannot be guaranteed by all host authorities due to limitations imposed by national laws or regulations. However, there is a general commitment by all authorities to accelerate the processing of notifications where possible.

Deadline for comments is 27 January 2006. The date for a planned public hearing will be published soon.

Press release
Consultation paper


© CESR - Committee of European Securities Regulators


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