EUROPE: CESR publishes final Guidelines on Eligible Assets of UCITS

Monday March 19 2007

CESR has today published its final Guidelines concerning eligible assets for investment by UCITS. The timing of the publication is to coincide with the publication by the European Union of the Directive on Eligible Assets of UCITS.

To explain, in CESR’s work on eligible assets of UCITS they published Level 2 recommendations and Level 3 Guidelines. The Level 2 recommendations have now for the most part been included in the Directive. The Level 3 Guidelines are aspects in respect of which it is thought legislation is not required, but these are now published as Level 3 Guidelines. The publication of the Directive and Guidance is a milestone in the development of UCITS III as a harmonised cross-border product. To mark this, Funds-Axis will this week be commencing a series of articles on UCITS eligible assets and on derivatives usage.

The Guidelines can be found at the above link.For information on Funds-Axis training and consultancy services regarding eligible assets of UCITS, click here -http://www.funds-axis.com/uDocs/UCITS III and ELIGIBLE ASSETS.pdf