On 30th September 2008, the Committee of European Securities Regulators (?CESR?) issued a consultation paper on the ?management company passport? (?MCP?) relating to Undertakings for Collective Investment in Transferable Securities (?UCITS?).

The public consultation was launched in the context of the European Commission (?Commission?) mandate of 16th July 2008, which requested CESR to provide technical advice, by 1st November 2008, on the conditions under which the MCP could be introduced without compromising regulatory supervision and investor protection.

Under the existing UCITS framework under Council Directive of 20 December 1985 (85/611/EC), as amended (?UCITS Directive?), a UCITS fund, its management company and its depositary must all be located in the same Member State (?MS?) of the European Economic Area (?EEA?). Therefore, all the activities related to the collective portfolio management and administration of the UCITS are currently subject to the laws of a single MS, and the relevant entities accountable to a single competent authority in that MS.

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