FSA Puts Forward Proposals For Eligible Assets Directive Implementation
The UK's Financial Services Authority (FSA) on Friday set out proposals to
implement the EU Eligible Assets Directive (EAD) and the related Committee of
European Securities Regulators (CESR) guidelines for operators of Undertakings
for Collective Investments In Transferable Securities (UCITS) schemes. The EAD helps with the definition of which assets are eligible for UCITS schemes
to invest in. FSA Retail Policy Director, Dan Waters explained that: "Our proposals implement the EAD and the guidelines in a practical way
which will help UK scheme operators promote their products freely into Europe.
This European work, involving the European Commission, CESR and national regulators
shows how common standards can be achieved across the EU in a practical and
flexible way, working with the grain of the markets." According to the FSA, the principal benefits from implementation of the EAD
are expected to be: Comments on the proposals are sought by 5 December 2007. It is hoped that they
will then come into effect from 23 July 2008. .
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