On March 20, the Committee of European Securities Regulators (CESR) published guidelines on eligible assets under the Undertakings for the Collective Investment of Transferable Securities (UCITS) Directive. The guidelines complement the Level 2 implementing directive published by the European Commission on March 19 and clarify the instruments that can be held by funds established under the UCITS Directive for sale to retail investors under the UCITS Directive’s cross-border passport.