Although the UCITS amendment Directive has not yet been officially adopted, the Commission has asked CESR to start work on advice towards the Level 2 measures the Directive requires. These must be in place by July 2010. There will be Level 2 legislation covering various aspects of:
- the management company passport;
- key information for investors; and
- aspects of fund mergers, master-feeder fund structures and the notification procedure.
CESR asks for comments by 31 March.