EUROPE: CESR launches call for evidence on possible implementing measures of UCITS IV Directive

Tuesday February 17 2009

The Committee of European Securities Regulators (CESR) have today, 17th February 2009, launched a call for evidence on the possible implementing measures of the UCITS IV Directive as requested by the European Commission. The Commission requires assistance on the content of the measures in accordance with the revised Directive.

The request to CESR for technical advice on the possible implementing measures comes in three parts:

Part I – Request for technical advice on the level 2 measures related to the management company passport;

Part II – Request for technical advice on the level 2 measures related to the key investor information – supplement to the Commission 2007 `request for assistance on key investors disclosures for UCITS`; and

Part III – Request for technical advice on the level 2 measures related to fund mergers, master-feeder structure and notification procedure.

Part l focuses on areas where the Commission is obliged to adopt implementing measures, for example Risk management (Article 51(4)). Part II covers the implementing measures foreseen by the Directive in relation to key investor information (KII) disclosures. Part III covers the other chapters of the UCITS IV Directive for which the Commission also received implementing powers in the areas below:

* Mergers (Article 43(5)),

* Master/feeder structures (Articles 60(6), 61(3), 62(3) and 64(4)), and

* The notification procedure (Article 95(1) and 95(2)).

Although the Commission is not under a legal obligation to adopt implementing measures under these articles, it considers them as an important complement to the level 1 provisions.

CESR has been asked to deliver its advice on these issues by 30 October 2009.

To view a copy of CESR’s call for evidence, please click here: http://www.cesr.eu/popup2.php?id=557

CESR invites all interested parties to submit their views on what CESR should consider in its advice to the Commission by 31st March 2009.

The UCITS IV Directive imposes a strict deadline (1 July 2010) for adoption of certain measures, therefore the Commission feels it is important for CESR to start its work immediately.