27 March 2006

Committee adopted Report on Asset Management

The ECON Committee adopted the own initiative report of Mr Klinz on Asset Management. The report states that the interaction of the UCITS Directive in particular with MiFID, leaves undesirable scope for interpretation and therefore needs further clarification and consolidation.

With regard to the product passport, the Commission is also called to bring forward a new and simplified notification procedure based on recognition of the authorisation by the competent authority of the Member State of origin, mutual recognition of the product passport, and regulator-to-regulator notification. However, Committee does not consider that a depositary passport is feasible in the short term.

The report also points out that an amendment to Directive 85/611/EC is necessary to allow master-feeder structures and that both kinds of pooling (entity pooling and virtual pooling) shall be possible,

“In order to ensure a flexible legal framework” the report states, “the review of the UCITS Directive should find a practical solution that allows Lamfalussy principles to be introduced without requiring a radical overhaul of the directive.”

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