EUROPE: Member State implementation of UCITS simplified notification procedure

Tuesday April 1 2008

When CESR adopted Guidelines to simplify the notification procedure of UCITS (CESR/06-120b) in 2006, CESR committed to ensure the successful implementation of the guidelines by reviewing each member state’s progress within two years.

To this end CESR issued questionnaires to the Member States to conduct a self assessment exercise on their implementation of the Guidelines and the results published by CESR seem to indicate that the members have made good progress in implementing the guidelines:

* Luxembourg and Portugal assessed themselves as applying all 13 guidelines bringing them to 100%;

* Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, Germany, Italy, Lithuania, Malta, Norway, Romania, Sweden and the Netherlands assessed themselves as applying between 90-98% of the guidelines;

* Bulgaria, Greece, Hungary, Iceland, Spain and United Kingdom assessed themselves as applying 80-88% of the guidelines;

* Czech Republic and Ireland assessed themselves as applying 71-78% of the guidelines;

* Poland assessed itself as applying between 62-69% of the guidelines ;

* Latvia, Slovakia and Slovenia assessed themselves as applying between 54-59% of the guidelines.

Complete details of each country’s self-assessment results can be found by clicking here – http://www.cesr-eu.org/index.php?page=rpcountry &mac=0 &id=