The Committee of European Securities Regulators (CESR) has published a report which sets out the results of a peer review of how its members apply its guidelines to simplify the notification procedures for UCITS.
A stock take was conducted during 2008 which looked into the degree of application of the 13 CESR guidelines for the notification of UCITS by CESR members.
The peer review found that five CESR members could be considered as fully applying the CESR guidelines (Belgium, Bulgaria, Italy, Luxembourg and Norway) and four other members could be considered as partially applying the guidelines (Hungary, Portugal, Romania and Sweden). Countries were considered as being 'non-applicants of the guidelines' when any of the key guidelines were not fully complied with. This was the case for the remaining CESR members.