|
Responding to the European asset management industry regarding the way in which the national authorities apply in practice the requirements of the UCITS Directive, CESR Members are developing common guidelines to streamline and simplify the notification process to sell a UCITS products cross border.
The proposals also enshrine common approaches to the documentation that must be submitted in the context of the notification procedure and to clarify the handling of sub-funds of umbrella funds.
Some of the proposals for speedier processing cannot be guaranteed by all host authorities due to limitations imposed by national laws or regulations. However, there is a general commitment by all authorities to accelerate the processing of notifications where possible.
Deadline for comments is 27 January 2006. The date for a planned public hearing will be published soon.
Press release
Consultation paper