EUROPE: Management Company Passport – CESR launches a short consultation

Tuesday September 30 2008

In the bid to obtain further input from external stakeholders; CESR has launched short a consultation paper on UCITS Management Company Passport. This follows an earlier call for evidence in which 29 responses were received. Pursuant to Directive 85/611/EEC, a UCITS, its management company and its depositary must be located in the same Member State. All activities related to collective portfolio management and administration of the UCITS are subject to the law of one Member State (ie the Member State in which the management company is situated) and accountable to a single enforcement authority. The introduction of the management company passport would allow a UCITS to be managed by a management company authorised and supervised in a Member State other than its home Member State. The European Commission requested CESR to submit its advice no later than 1 November 2008. All contributions can be submitted online via CESR’s website under the heading Consultations at http://www.cesr.eu by 15 October 2008. Related Links * Management Company Passport – CESR’s Call For Evidence * Management Company Passport – CESR publishes responses received