Commission Working Documents on clarification of definitions related to eligible assets for UCITS

15 March 2006

The Commission’s DG Internal Market released a working document for discussion and consultation on the clarification of definitions related to eligible assets for UCITS. The document comprises elements for a possible Commission Regulation on the clarification of definitions under the UCITS-Directive.

There are uncertainties among competent authorities and market participants as to whether certain of the instruments which are now traded on modern financial markets might be encompassed by the definitions of the Directive. The Commission decided to make use of its empowerment in Art. 53a of the Directive and to clarify the meaning and the scope of several definitions provided in the Directive, and, as the case may be, their application to certain financial instruments.

The document intends improve legal certainty and enable a more coherent interpretation of the Directive. The clarifications provided by this regulation do not of themselves give rise to any new behavioural or operational obligations for competent authorities or market participants.

The Commission services envisage bringing forward this draft implementing measure in the form of a regulation. The technical and detailed provisions of this implementing measure are capable of direct application to all UCITS, without the need for national transposition.

Working Document
Background note

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