In November 2006 the European Commission published the White Paper on Enhancing the Single Market Framework for Investment Funds. The Commission has now followed up the White Paper by publishing initial orientations outlining the form of possible amendments to the UCITS Directive to boost the efficiency of the European Fund market. The material published by the European Commission sets out initial suggestions on how to facilitate cross border marketing of funds; build scale and liquidity by supporting fund mergers and asset pooling; allow fund managers to manage funds domiciled in another Member State; simplify and improve product disclosures; and strengthen supervisory cooperation mechanisms. The purpose of the initial orientations that the Commission has published is to mobilise regulatory, commercial and user expertise to allow the Commission to put forward a technically sound formal proposal. The deadline for comments on the initial orientations is 15 June 2007. The Commission intends to finalise its formal proposal by the end of 2007.