CESR members adopt common supervisory approaches for the new regime eligible assets for UCITS

CESR members adopt common supervisory approaches for the new regime eligible assets for UCITS

All these measures will help remove uncertainty as to whether UCITS can properly invest in categories of financial instruments, including transferable securities, money market instruments, derivative instruments on financial indices.

The Level 3 CESR Guidelines are part of the CESR advice to the European Commission adopted in January 2006 (Ref. CESR/06-005, with a feedback statement Ref. CESR/06-013) regarding clarification of definitions concerning eligible assets for investments of UCITS. This document was submitted to two rounds of consultations. CESR did not consider it necessary to consult again on the Level 3 Guidelines since the changes made to the previous document were not substantial and necessary to align the guidelines to the text of the Directive adopted by the Commission.

The CESR Guidelines are meant to foster supervisory convergence in the day-to-day application of the criteria adopted in the new level 2 Directive by national authorities and to ensure their
consistent implementation.