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EP ECON rapporteur Wolf Klinz made public his draft report on the revision of the UCITS directive adding some 91 amendments to the Commission proposal. The legislative proposal is due to be adopted before the end of the legislative period mid next year.
Mr Klinz is generally supportive of the proposed changes but regrets the delay with regard to the Management Company Passport.
Mr Klinz asks the Commission to come forward with Communication on taxation of cross-border mergers of funds before the implementation that would deal with the taxation obstacle in a binding manner.
Some of the proposed new provisions on the pooling of funds could be simplified and further streamlining of regulatory exchange of information and documents is possible, Mr Klinz says and also inserted provisions that strengthen investor protection in the case of liquidation.
With regard to the Key investor information the rapporteur proposes that it should be clear that information requirements are in line with the wording and provisions in MiFID, and the KII is provided free of charge. Mr Klinz also suggests that the Commission commits to adopting implementing measures before 2011 in order to allow for a timely implementation.
On the notification procedure, the rapporteur suggests shortening the one month time period given to the UCITS home supervisor for checking completeness of files and attesting compliance with the Directive to 5 working days.
Finally, Mr Klinz regrets that the Commission did not include provisions with regard to the introduction of the Management Company Passport. Therefore, the rapporteur intends to introduce the first basic Level 1 provisions to allow for a passporting of collective portfolio management services, bearing in mind the forthcoming CESR advice on this issue.
The draft report is attached below.