CESR starts preparation for new role in regulation for UCITS

06 November 2003




CESR published a consultation paper setting out how it proposes to prepare for its new role in the regulation of Asset Management and Unit Collective Investment Schemes (UCITS) in Europe.

This consultation paper aims at presenting the views of the Committee of European Securities Regulators (CESR) on the role that the Committee will play in the regulation and supervision of Undertakings for Collective Investment in Transferable Securities (UCITS) and asset management activities in Europe.

The paper is structured in three parts:

The first provides some background information on the process of involvement of CESR in the regulation and supervision of the asset management industry.

The second provides CESR’s suggestions on areas of work and related priorities. CESR proposes four areas of possible intervention and priority work streams:

  • Areas where supervisory convergence should be achieved.
  • Areas where input to ensure the harmonized implementation of the UCITS Directive could be provided to the UCITS Contact Committee, ideally on its request.
  • Areas not harmonised at EU level but where a common approach by regulators is necessary (“Autonomous Level 3”):
  • Areas where consistency with other EU Directives are needed

    The third provides indication of the organisation that CESR would like to put in place to address these new issues:
    The decision of CESR to start working on UCITS and asset management activities raise the question of how CESR envisages incorporating these new areas in its internal organisation to perform these functions. The objective is to present at the end of the year 2003 a concrete proposal to set up a provisional Expert Group on UCITS and Asset Management Activities with a specific mandate.

    CESR will hold an open hearing on 20 November 2003 in Paris. The deadline for submitting written responses to the consultation paper is 1st of December 2003. Responses should be addressed to Mr Fabrice Demarigny, Secretary General, CESR, by email at secretariat@europefesco.org.

    Press release
    Consultative document
    Open Hearing

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