CESR advice on level 2 measures on UCITS
17 September 2009
After the approval of a compromise text by the European Parliament and the Council early in 2009, the Commission prepared a request to CESR for technical advice on possible implementing measures concerning the future UCITS directive.
In the light of the approval of a compromise text by the European Parliament and the Council early in 2009, the Commission prepared a provisional request to CESR for technical advice on possible implementing measures concerning the future UCITS Directive. The mandate is split into three parts as set out below. This consultation paper sets out CESR’s proposals under Part III.
· Part I concerns measures related to the management company passport;
· Part II covers implementing measures on the form and content of key investor information disclosures for UCITS. CESR’s draft advice on these implementing measures are set out in two consultation papers published on 8 July 2009;
· Part III concerns measures related to mergers of UCITS, master-feeder structures and the notification procedure for cross-border marketing. The Commission is not under a legal obligation to adopt implementing measures in any of these areas. As such, the Commission encouraged CESR to focus firstly on the advice for Parts I and II. However, the Commission invited CESR to reflect on the best way to organise its work so that all necessary level 2 measures, including those under Part III of the mandate, are adopted so that they can be implemented by Member States within the timeframe imposed by the level 1 Directive.
CESR is mindful of the impact of its proposals. In order to develop a better understanding of the possible costs and benefits of CESR’s approach, stakeholders are invited to give specific input on the likely impact – including quantitative estimates wherever possible – of the draft advice. For this purpose, questions on costs and benefits are included throughout the document. This approach is in line with the request in the Commission’s mandate that CESR should present appropriate impact assessments in support of its advice.
Deadline for comments is 17 November 2009; during the consultation process an open hearing will be held at CESR’s premises, full details of which will be made available on CESR’s website in due course.
© CESR - Committee of European Securities Regulators
