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ProfessionalsPublicatiesInternationale berichtenArchief internationale berichtenCESR start activiteiten inzake beleggingsintelling

 

CESR start activiteiten inzake beleggingsintelling

CESR start activiteiten inzake beleggingsintellingen en publiceert een call for evidence

CESR's work programme establishes the priorities for future work in the field of investment management.

The short-term priority of the newly formed working group (established by CESR in December 2003) will be to focus on ensuring the single market on investment funds is fully functional.

As such, the working group will concentrate initially on two aspects related to the harmonised implementation of the UCITS Directives, namely:

  • The application of the transitional provisions of the amending Directives: For example, UCITS I enabled firms to passport a fund but following the adoption of UCITS III it became unclear if those companies not yet applying UCITS III by 13 February 2007 would be able to continue to issue new 'passportable' funds.
  • Clarification of some key definitions in the Directives:  It is anticipated that CESR will receive mandates from the European Commission during the second half of 2004. To be ready to respond to this request, CESR has identified this as an area on which they may be called to provide advice to the Commission. A specific call for evidence (and an indicative timetable) will be published as soon as CESR receives a formal mandate from the European Commission.

Next, CESR will work on the simplification of the registration procedure for UCITS, conduct of business rules in collective investment management, outsourcing and issues related to non-harmonized funds.

For example, the requirements for fund registration and the documents required differ from market to market. CESR therefore intends to streamline fund registration by building on the initial work undertaken in relation to transitional provisions and in this second phase, to develop consistent standards for the registration requirements foreseen by the UCITS Directives. A further example of the work foreseen relates to un-harmonised funds which at present are not able to benefit from the single market. CESR proposes to undertake an inventory of non-harmonised collective investment schemes marketed throughout Europe and to establish a harmonised framework of prudential rules and adequate disclosure.

CESR's will also focus on the consistency between the UCITS Directives and other EU Directives and ensuring the convergence of supervisory systems in the different jurisdictions.

Attached to this press release is an indicative timetable for CESR's work on the application of the transitional provisions to the amended UCITS Directives. CESR will provide further indicative timelines for future work as and when each respective call for evidence is issued.

Call for evidence

CESR is inviting all interested parties to submit views as to what CESR should consider in its future work on investment management generally but especially comments related to the priorities identified as urgent in particular, in relation to the application of the transitional provisions of the amending UCITS Directives. All contributions can be submitted online via CESR's website at www.cesr-eu.org by 9 July, 2004

Background

The Ecofin Council of 3 December 2002 endorsed the final report of the Economic and Financial Committee (EFC) on the extension of the Lamfalussy procedure and subsequent arrangements to the other financial sectors, including UCITS. On 5 November 2003, the Commission presented a legislative package to extend the Lamfalussy procedure already used in the securities sector to banking, insurance and UCITS. This package has been accepted by the European Parliament and Council early 2004. The transfer of responsibility for UCITS to CESR will formally come into effect when the legislative package is published, presumably autumn 2004.

On 30 October 2003, CESR published a consultation paper and invited all interested parties to submit views on the future role of CESR in the regulation and supervision of UCITS and asset management in the EU (CESR/03-378b). The purpose of this consultation document was to seek comments on the presentation of its views on the role that CESR will play in the regulation and supervision of UCITS and asset management. The responses were published on 19 December 2003.