Press Release: Commission seeks views online on the regulation of UCITS depositories

The European Commission's services have launched an open consultation, based on an online questionnaire, concerning the regulation of the depositories used in the Member States to hold assets on behalf of investors in collective investment funds such as unit trusts and SICAVs. These collective funds are known as undertakings for collective investment in transferable securities (UCITS). They are established in all Member States and represent the equivalent of around 35 % of EU GDP. As well as holding assets for safekeeping, UCITS depositories protect investors' interests by seeking to ensure that fund managers comply with their regulatory and statutory duties. The consultation follows a mandate from the EU's Council of Finance Ministers in June 2001 and aims to collect views on how best the regulation of UCITS depositories can protect investors and reinforce the financial system. Current regulation stems from the EU framework set out in Directive 85/611/EEC. The deadline for responding to the consultation is 30 October 2002.

European Commission: DG Internal Market and Services: Internal Market thematic site http://ec.europa.eu/comm/internal_market/index_en.htm

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