23 May 2006

CESR Members review implementation of CESR guidelines on UCITS

CESR published the results of an assessment of its Members’ implementation of a number of CESR’s guidelines on the transitional provisions of the amending UCITS Directives. The review of the ‘UCITS Guidelines’ published in February last year began in June 2005 and the took place in three separate phases in accordance with the different deadlines set out in the UCITS Guidelines themselves.

The publication includes a summary report and the Members own self assessment.

The results show that the transitional guideline on a simplified prospectus has been implemented in almost all Member jurisdictions, with very few exceptions. All Member States implemented the transitional guidelines on UCITS I funds of single fund structures, and UCITS I umbrella funds, and “passportable” UCITS III funds.

With regard to the implementation practices, the Review Panel recommended that the home Member State authorities make sure that the practical implementation at the actual fund level is effective.

Press release
Summary report
Review Panel Assessments

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