The European Commission has launched an open consultation, based on an online questionnaire, concerning the regulation of the depositories used in the EU 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 questionnaire is available on the EC’s Europa website.
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