CESR issues advice on implementation UCITS Directive
CESR has advised the European Commission on measures to implement the UCITS Directive:
- a technical advice on mergers of UCITS, master-feeder UCITS structures and crossborder notification
- two methodologies for Key Investor Document for UCITS.
The UCITS Directive came into effect on 7 December 2009. The deadline for implementation is 30 June 2011. In addition, CESR has published a summary outlining the tasks of UCITS depositaries in the various Member States, the laws and regulations applicable to depositaries, their civil liability, and the sanctions in case of breach of the rules. 11 OJ 2009, L 302/97)
New FAQ’s Prospectus Directive
CESR has published a new version of the FAQ’s with regard to the Prospectus Directive. The new questions relate to free offers.