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The ongoing UCITS review is too limited in scope, and it should therefore be expanded beyond facilitating market integration to include a fundamental review of UCITS product regulation, the CEPS report on UCITS argues. It calls on the Commission to shape a regulatory level playing field for economically similar products, stimulating a convergence of regulatory regimes across sectors.
The report gives a broad overview of the European asset management markets and proposes a series of recommendations to policy-makers and to the industry. It analyses the ongoing review of the UCITS Directive and assesses the impact MiFID will have on the industry.
The authors also recommend adopting the ‘Lamfalussy approach’ for the updated UCITS directive. The Commission should also provide further guidance on the interaction between UCITS and MiFID to the industry, as confusion still reigns in the marketplace and among regulatory authorities.