The European Commission is holding a consultation until 18 October 2012 about various issues relating to UCITS. The Commission wants to establish, on the basis of the feedback, whether amendments to existing regulation are necessary or appropriate. The consultation includes the following issues:

  • the list of financial instruments that UCITS may include as investments in their portfolio of assets
  • the concept of efficient portfolio management
  • limitation of counterparty risk that UCITS are exposed to in OTC derivatives transactions
  • temporary suspension of redemption of units of UCITs
  • a passport for UCITS depositaries
  • regulation for money market funds
  • improvement of the revised directive ("UCITS IV")

The consultation supplements the ESMA's guidelines on ETFs (see below).