The European Commission adopted a proposal for the revised UCITS Directive in July 2008. An amended version of the Directive was approved by the European Parliament in January 2009 and adopted by the Council in June 2009. The final text of the revised Directive is expected to be published shortly in the Official Journal.
Given the approval of a compromise text by the European Parliament and the Council in early 2009, the Commission prepared a provisional request to the Committee of European Securities Regulators (CESR) to provide technical advice on possible implementing measures concerning the revised UCITS Directive. The Commission’s mandate to CESR to provide technical advice was in three parts covering:
- The management company passport.
- The form and content of key investor information disclosures for UCITS.
- Mergers of UCITS, master-feeder structures and the notification procedure for cross-border marketing.
On 17 September 2009, CESR published a Consultation Paper on technical advice on level 2 measures relating to mergers of UCITS, master-feeder UCITS structures and cross-border notification of UCITS. The deadline for responding to the Consultation Paper is 17 November 2009.