CESR Consultation Paper on UCITS Management Company Passport

more+
less-

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.

See full bulletin for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×