MEP hails Cesr’s guidance

Article reports that controversial proposals to introduce a genuine pan-European market for investment funds have cleared a major hurdle. CESR, the Committee of European Securities Regulators, has recommended to the European Commission that plans for a so-called management company passport, which would allow asset managers to sell Ucits funds across the EU from a central base, are workable and consistent with a high level of investor protection.

CESR: Press Release: CESR/08-880: CESR delivers its response to the European Commission’s request for assistance on the UCITS management company passport (31.10.08 http://www.cesr.eu/popup2.php?id=5366

Committee of European Securities Regulators: Homepage http://www.cesr-eu.org/

European Commission: DG Internal Market and Services: Single Market for Services: Financial Services: Investment Funds http://ec.europa.eu/finance/investment/index_en.htm

ESO: Background information http://www.europeansources.info/record/asset-managers-to-get-greater-freedom-in-brussels-investment-fund-proposals/

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