CESR launches second consultation on simplification of the cross-border notification procedure of UCITS

The Committee of European Securities Regulators (CESR) has published its second consultation paper on draft guidelines regarding the cross-border notification procedure of Undertakings for the Collective Investment of Transferable Securities (UCITS) funds.

Based on the draft advice from the first consultation, the revised consultation paper has tried to address several of the requests put forward by market participants for greater clarity on the specific tasks of the host country competent authorities regarding the marketing arrangements and advertising of passported funds.

It may be necessary for some member states to amend national laws and regulations; where such a procedure is necessary, a transitional period may be required. To assist market

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