  Revision of the UCITS Directive
Implementing measures under Directive 2009/65/EC (Recast of Directive 85/611/EEC)On 1 July 2010 the Commission completed a programme of improvements to the EU framework for investment funds by adopting four implementing acts (two Directives and two Regulations) under Directive 2009/65/EC.
The Commission Regulation on key investor information should be read alongside the guidelines published by CESR (the Committee of European Securities Regulators) on 1 July 2010.
On 12 April 2010 the European Securities Committee voted in favour of the draft implementing measures listed below. The measures build on CESR’s technical advice and have been prepared in co-operation with the European Securities Committee (the 'comitology committee').
The drafts in 22 EU official languages can be consulted via comitology register. The draft measures are accompanied by:
(1) CESR technical inputOn 13 February 2009 the Commission sent to the Committee of European Securities Regulators (CESR) a “Provisional request for technical advice on the new UCITS Directive implementing measures”. The provisional character of this mandate was related to the fact that at that time the new Directive still awaited its final adoption. Due to the significant number of implementing powers the provisional request has been divided into three parts: Part I covers priority areas where the Directive obliges the Commission to adopt implementing measures. They mostly aim at securing the smooth operation of the management company passport. Part II is devoted to implementing measures which allow the key investor information to become an operational tool. Part III covers areas such as fund mergers, master/feeder structures and the notification procedure.
On 28 October 2009 CESR submitted to the Commission the first part of the technical advice covering areas related to the management company passport, key investor information and supervisory co-operation between competent authorities.
On 21 December 2009 CESR submitted to the Commission the second part of its technical advice relating to fund mergers, master-feeder structure and notification procedures. For the purposes of the key investor information disclosure CESR provided the Commission with methodologies for calculation of the synthetic risk and reward indicator and the ongoing charges.
13.07.2009 – Adoption of the Directive 2009/65/EC (Recast of the Directive 85/611/EEC)
Directive 2009/65/EC of the European Parliament and of the Council of
13 July 2009 on the coordination of laws, regulations and administrative
provisions relating to undertakings for collective investment in
transferable securities (UCITS) (recast).
16.07.2008 – Recast of the Directive 85/611/EECThe proposed changes to the UCITS Directive will remove administrative barriers to the cross-border distribution of UCITS funds, create a framework for mergers between UCITS funds, allow the use of master-feeder structures, replace the Simplified Prospectus by a new concept of Key Investor Information and improve cooperation mechanisms between national supervisors.
07.09.2007 – Public consultation on possible adjustments to the UCITS DirectiveThe comments to this consultaiton can be accessed via the following link: contributions authorised for publication Summary of stakeholder responses The public consultation was closed on 15th June 2007. Consultation document: see “Orientations for possible adjustments to UCITS Directive”. 26.04.2007 – Deepening the Single Market for UCITS Investment Funds: Open Hearing on Commission Initial OrientationsOn 22nd March 2007 the European Commission published its initial orientations on the shape of possible adjustments to the UCITS Directive. The objective of the Open Hearing was to have an open exchange of views on the substance and potential impacts of these initial orientations.
Presentations made by the speakers
22.03.2007 – Orientations for possible adjustments to the UCITS DirectiveAttached below are the initial orientations of the Directorate General Internal Market and Services (DG MARKT) outlining future possible adjustments to the EU single market framework for investment funds – the UCITS Directive. The Commission White Paper of November 2006 identified a series of changes to the UCITS Directive which are urgently needed. DG MARKT services made public their initial views on how best to realise these changes. The consultation material published by DG MARKT services is preliminary in nature and without prejudice to any decision that the Commission as a whole may subsequently adopt in respect of these issues. The Commission retains full autonomy and initiative in determining the form and content of its ultimate proposal. The deadline for reactions to this consultation document was 15.06.2007.
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