-The Council has decided to accept the amendments on the
UCITS directive made by the European Parliament on 23. October.
On second reading, the European Parliament adopted a single amendment to the Council's common position. The Commission has adopted this amendment. The amendment modifies the timeframe of an existing provision of the proposal, which would request the Commission to perform a review of capital requirements applying to UCITS management companies within five years from the entry into force, in order to align it with the timeframe laid down in the general review clause.
Despite this shortening of the timeframe, the Commission can accept this amendment as a signal of strong commitment to monitor closely the implementation of the present UCITS proposal and propose any further initiatives that may be needed.
As a result of two Parliamentary amendments in second reading, the Commission will carry out, within 3 years of entry into force of the new Directive a complete and ambitious review programme to evaluate and eventually prepare for further steps to be taken in the field of collective fund management.
See UCITS Directive with a view to regulating management companies and simplified prospectuses
and UCITS Directive with regard to investments of UCITS
See also Commission press release
© Council of the European Union
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