24 September 2004

CESR: Keynote address on FEFSI Fund Forum

In his keynote address on the FEFSI Fund Forum in Amsterdam, the chairman of the Committee of European Securities Regulators (CESR) stated that the Committee is well aware of the practical problems the implementation of the so-called UCITS III is causing to the European asset management industry. Therefore, CESR is currently drafting guidelines for supervisors to solve these practical transitional problems and questions received from the industry. It is anticipated that in October CESR will receive a so-called Level 2 mandate in this area from the European to clarify in which financial instruments UCITS can invest their assets.

Other work foreseen include:

The streamlining of fund registration procedures of national regulators by developing consistent standards for the registration requirements foreseen by the UCITS Directives.

Making an inventory of non-harmonised collective investment schemes marketed throughout Europe and then drafting a common approach to non-harmonised funds.

A full review of the structure of the UCITS Directive to adapt it to the Lamfalussy process.

Full speech

© CESR - Committee of European Securities Regulators