|
|
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.”