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The Parliament adopted the recast of the UCITS directive inserting provisions for a "management company passport".
The directive still needs to be approved by the Council, but the informal agreement already reached means this is now a formality. Member States will need to enact national legislation to apply the main changes by 1 July 2011.
In a statement following the vote rapporteur Wolf Klinz reminded the fund industry to come up with a valuable proposal on the treatment of fund processing. Otherwise, legislative measures have to discussed, he said.
Adopted text (available soon – 13th January) (preliminary version of 10 December 08)