EUROPE: CESR Announces Open Hearing on UCITS Passport

Tuesday September 23 2008

The Committee of European Securities Regulators (CESR) has today announced the date of the open hearing where it will present its advice to the European Commission on the UCITS management company passport (the ‘Passport’).

CESR has allocated time in the morning of 13th October 2008 in which to present its advice on the Passport. The advice will cover areas such as the relevant procedures for UCITS funds whose management company is based in another member state and how to deal with breaches of the rules governing the management of a fund.

For further information, please click on the links below:

`http://www.funds-axis.com/newsArticle.asp?type=2 &id=573`Management Company Passport – CESR publishes responses received

`http://www.funds-axis.com/newsArticle.asp?type=2 &id=557`Management Company Passport – CESR’s Call For Evidence

`http://www.funds-axis.com/newsArticle.asp?type=2 &id=555`European Commission publishes UCITS IV Proposals