The Committee of European Securities Regulators (CESR) has published its technical advice to the European Commission on level 2 measures relating to:

  • Mergers of UCITS. CESR’s advice focuses on the information to be provided to unit holders of both the merging and receiving UCITS in the event of a merger.
  • Master-feeder UCITS structures. CESR's advice covers the content of the written agreements that should be put in place between the master and feeder UCITS, as well as their respective depositaries and auditors. CESR also sets out detailed requirements on the steps to be taken in the case of a liquidation, merger or division of a master UCITS in order to satisfy the time constraints set out in the level 1 Directive.
  • Cross-border notification of UCITS. CESR's advice covers the information that Member States should make available in relation to marketing in their jurisdiction of UCITS established in another Member State. The advice also covers how the competent authorities of the Home State should facilitate the Host State’s access to updated notification documentation; the content and format of a standard notification letter and attestation; and the procedure for electronic transmission of notification files.

View CESR's technical advice to the European Commission on level 2 measures relating to mergers of UCITS, master-feeder UCITS structures and cross-border notification of UCITS, 22 December 2009