The Investment Management Standing Committee undertakes all CESR’s work on issues related to collective investment management, covering both harmonised and non-harmonised investment funds.

Regarding harmonised funds, the Standing Committee is responsible for elaborating Level 2 advice and Level 3 measures in relation to the UCITS (Undertakings for Collective Investment in Transferable Securities) Directive, with a view to ensuring a harmonised implementation of the EU legislation. This work covers the full spectrum of issues addressed by the Directive including investor disclosures, organisational requirements and rules of conduct, investment limits and the calculation of the UCITS' global exposure. If needed, the Standing Committee also advises the European Commission on the need for possible changes to legislation at Level 1 when requested.

Whilst the Standing Committee’s work is focused on the regulatory requirements that apply to UCITS and their management companies, it also addresses the rules that apply to other key entities in the UCITS framework, such as depositaries. Beyond the Directive and specific work outlined above, the Committee works more generally to foster supervisory convergence among CESR Members in the area of investment management.

Any correspondence regarding the work of this Committee should be sent to the CESR Secretariat.