According to a Financial Times report, the Committee of European Securities Regulators (CESR) has taken swift action to resolve problems relating to the legislation governing UCITS (Undertakings for Collective Investment in Transferable Securities).
Since assuming responsibility last month for the regulation of the investment funds, which can be sold in more than one EU member state at a time, the CESR has reportedly made its "urgent priority" the clarification of technical issues arising from uneven implementation of a new EU law governing the funds, known as UCITS III.
"We received a very strong message from the industry and also from the member states that there were big problems concerning the transitional rules for applying the directive," an unnamed CESR official explained to the FT.
The regulatory body has announced that it will draft guidelines for tackling the transitional problems of UCITS III by March of next year, and by early 2006 aims to have facilitated the creation of consistent standards in EU nations for the registration of funds, and a common approach to non-harmonised funds not covered in UCITS.
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