31 Oct. 2008 - The Commission requested assistance from CESR on 16 July 2008 on supervisory issues which would arise in the event that a UCITS was managed by a management company situated in another Member State (the management company passport). The request followed publication of the Commission’s proposals for an improved EU framework for investment funds, to be introduced via revisions to the UCITS Directive (for further information on this, see the Notes for Editors). The Commission’s request to CESR is designed to facilitate the development of provisions permitting the introduction of a management company passport under conditions that are consistent with a high level of investor protection. The Commission has stated that, following receipt of CESR’s advice, it aims to come forward with an appropriate legislative proposal in time for its adoption during the current legislature.

This advice is accompanied by a press release, and the cover letter to the European Commission.