On 8 July 2009, the Committee of European Securities Regulators (CESR) published its draft advice to the European Commission on the regulatory framework that should underpin the management company passport for undertakings for collective investment in transferable securities (UCITS).
The draft advice is part of CESR’s response to the Commission’s provisional request for assistance of 13 February 2009. CESR’s draft advice covers the organisational requirements that companies managing UCITS need to fulfil, and conflicts of interest those companies must avoid. The draft advice also includes details on the companies’ rules of conduct, depositaries and risk management, as well as on supervisory cooperation. The Commission’s mandate requires CESR to deliver technical advice on possible implementing measures concerning the new UCITS Directive by 30 October 2009.
The deadline for comments on the draft advice is 4 September 2009.