CESR launches second consultation on UCITS

20 October 2005

The Committee of European Securities Regulators (CESR) launched its second consultation on its draft advice to the Commission regarding clarification of definitions concerning eligible assets for investments of UCITS. CESR developed the draft advice on the basis of the results of the first which presented a proposed ‘overall’ approach to the substantive questions related to eligible assets. Amongst the responses, it was suggested by many consultation respondents that a distinction be made between possible comitology measures at Level 2 and issues that would need to be addressed at Level 3. The second consultation paper therefore makes a distinction between suggested comitology measures and other measures.

Furthermore, CESR has developed the advice on the basis of consultation responses especially regarding the following issues:

The liquidity of transferable securities

The eligibility of closed end funds

The valuation of money market instruments - amortization

The eligibility of derivative instruments on financial indices, and

Index replicating UCITS.

Deadline for responses is 21 November 2005. A public hearing will also be held in Paris on 7 November. CESR will submit its final advice to the European Commission by mid-January 2006.

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