EBF response on CESR calls on key investor disclosures for UCITS

29 May 2007

The EBF responded on the CESR call for evidence on key investor disclosures for UCITS underlining that the new regime should rely on full harmonisation, without any scope for goldplating. Only such a far-reaching and resolute approach would justify the additional investments that will be imposed on the industry, FBE says. The Federation also calls for a sufficiently long transition period for firms to implement the new requirements.

FBE proposes that the new document should contain both quantitative and qualitative information pertaining to the specific investment instrument, along the lines of the Commission’s current thinking. It will be the responsibility of distributors to provide this additional information, as well as to help the investor understand the information provided by the fund manager in his specific context, FBE notes.

The document should focus on the needs of investors and should not impose any additional liability on either the fund manager or the distributor, FBE underlines.

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