EUROPEAN UNION: Review of implementation of CESR`s guidelines on UCITS transitional provisions

Wednesday May 24 2006

CESR has released details of the results of its review of the implementation by Member States of its guidelines on the transitional provisions in respect of the UCITS III Directive. This relates to the dates by which funds and management companies need to convert to UCITS III.

The relevant dates include:

*UCITS I funds, authorised between the 13th February 2002 and 13th February 2004, were required to be converted to the UCITS III regime by the 31st December 2005. The same applies to UCITS I umbrella funds, which have launched additional sub-funds after 13th February 2002.

*Also, UCITS I management companies which manage UCITS III funds, were required to convert to the UCITS III regime by 30th April 2006. In their review, CESR note almost universal compliance with these provisions within Member States. As regards the UK, whilst the FSA have not amended their rules to require management companies to convert by 30th April 2006 they have stated in their response to the CESR review that as far as they can acertain, those firms affected by the guidelines are in a state of compliance with the relevant provisions.

CESR’s summary document and the results in respect of each Member Sate can be found at the above link.