Convergent implementation of financial services legislation is a key to ensuring the single market functions effectively and investors can enjoy similar level of protections throughout the EU. To this end, the Committee of European Securities Regulators’ (CESR) is carrying out a number of different
reviews1 through its Review Panel to ensure convergent implementation and publishes today the results of an assessment of its Members’ implementation of a number of CESR’s guidelines on the transitional provisions of the amending UCITS Directives (the “ UCITS Guidelines”). The ‘UCITS Guidelines’ (Ref CESR/04-434B) published in February 2005, were developed to converge the different administrative practices that Member States had developed due to ambiguities contained in
the UCITS III legislative texts. The review by Members began in June 2005 and the review took place in three separate phases in accordance with the different deadlines set out in the UCITS
Guidelines themselves.
Click here to view the full press release.
Click here to download the summary report.
Click here to download details of the review panel's reports.
