29 June 2006

CESR final guidelines on simplification of the cross-border notification of UCITS

CESR published its final guidelines on simplification of the cross-border notification procedure of UCITS, together with a feedback statement regarding the cross-border notification procedure of UCITS. The guidelines address several of the requests for simplification of the cross border notification process. The key issues agreed by CESR include that UCITS can submit the notification letter in a language common in the sphere of international finance to the Host competent Authority where this is not contrary to the domestic legislation or regulations.

The notification procedure should not exceed the two-month period and possibly reduced as an average to a shorter period. Competent Authorities will rely on self-certification of copies of original attestations by the notifying UCITS, the original attestation should include an English version to be provided by the UCITS.

Regarding new sub-funds, CESR has agreed that the necessary time for the Host Authority to check should be significantly less than the two-month period.

Press release
Guidelines
Feedback statement

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