The proposed changes to the UCITS Directive will remove administrative barriers to the cross-border distribution of UCITS funds. CESR has been mandated to provide advice on the ‘management company passport’ by 1 November 2008.
The proposed changes to the UCITS Directive will remove administrative barriers to the cross-border distribution of UCITS funds. The new notification procedure will be reduced to a simple, electronic, regulator-to-regulator communication. They also create a framework for mergers between UCITS funds and allow the use of master-feeder structures.
Changes will replace the Simplified Prospectus by a new concept of Key Investor Information that will be contained in a short document conveying key facts to retail investors in a clear and understandable manner, and will improve cooperation mechanisms between national supervisors.
As regards the "management company passport", the most recent consultation process has revealed that there are a series of potential supervisory and investor protection concerns. The Commission has therefore decided to send a mandate to CESR on these issues.
CESR will be invited to advise the Commission by 1 November 2008 on the structure and principles which could guide potential future amendments to the UCITS directive which may be needed to give effect to the UCITS management company passport.
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