CESR has published two consultations for UCITS:  

  • on the regulatory framework for management companies. CESR has set out its proposals for organisational requirements, conflicts management and general “SYSC” type issues for management companies. It has tried to align its recommendations with MiFID. The consultation also covers extra requirements for the relationship between a management company and depositary, where the two entities are in different Member States; and  
  • on key investor information disclosures for UCITS. CESR notes how important it is for disclosure documents to be short, concise and written in plain language. The proposals cover the content of KIDs and disclosures for charges and for risk and reward. KIDs should also contain information on past performance of UCITS.  

It wants comments by 4 September and will prepare its final advice to the Commission by the end of October.