CESR is consulting on a package of UCITS Level 2 measures on:  

  • mergers of UCITS: CESR’s views concentrate on information unit holders should get but it does not there is a need for advice on Level 2 measures on the issue;  
  • master-feeder UCITS structures: CESR looks at areas that an agreement between feeder and master UCITS should cover but tries not to be prescriptive. It looks closely at options for what should be the applicable law and also considers fair treatment of unit holders and conduct of business issues. Further draft advice and questions focus on when the master UCITS merges or is liquidated and the relationships with depositories and auditors; and  
  • cross-border notifications of UCITS: this section covers information relevant Member States should provide and looks at access and transmission of information.

CESR wants comments by 17 November.