On 8 July 2009, the Committee of European Securities Regulators (CESR) published two consultation papers on the UCITS Directive.

The first consultation paper considers the regulatory framework that should underpin the management company passport for UCITS. This paper considers:

  • The organisational requirements companies managing UCITS must fulfill, and conflicts of interest they must avoid.
  • Proposals on the companies' rules of conduct and risk management.
  • Measures to be taken by a depositary of a UCITS managed on a cross-border basis and on supervisory cooperation.  

CESR also published a consultation paper on the format and content of key investor information disclosures for UCITS. The proposed disclosure aims at increasing investor protection and convergence across Europe and is set to replace the Simplified Prospectus and be known as the Key Information Document.

Both consultations close on 4 September 2009 and submissions are to be made directly to CESR.