28 Oct. 2004 - The European Commission intends to make use of the delegated powers conferred by Art. 53a of the UCITS Directive to the Commission to clarify some of the definitions pertaining to eligible assets which are contained in the UCITS Directive. In its preparation of possible draft comitology instruments, the Commission requests technical advice of CESR.
In particular, the mandate covers issues on the following provisions:
- Art. 1(8) (definition of transferable securities)
- Art. 1(9) (definition of money market instruments)
- Art. 19 (1) e (other collective investment undertakings)
- Art. 19 (1) (g) (financial derivative instruments)
- Art. 22 (a) (1) (index replicating UCITS)
The mandate sets the deadline for CESR’s technical advice on end of October 2005.
Preparation of CESR’s advice on this mandate will be undertaken by the CESR Expert Group on Investment Management, which is chaired by Mr Lamberto Cardia, Chairman of the Italian securities regulator, the Commissione nazionale per le società e la Borsa (CONSOB). A permanent member of the CESR Secretariat, Mr Jarkko Syyrilä assists the Chairman and acts as rapporteur of the Expert Group.
In releasing these requests for technical advice, CESR is inviting all interested parties to submit views as to what CESR should consider in its advice to the European Commission. All contributions should be posted by 28 November 2004, on CESR’ website in the section “Consultations”.