Consultation on CESR's technical advice to the European Commission on the level 2 measures related to the UCITS management company passport

The advice published today is part of CESR's response to the Commission's provisional request for assistance of 13 February 2009. CESR's draft advice covers the organisational requirements that companies managing UCITS need to fulfil, and conflicts of interest those companies must avoid. The advice also includes details on the companies' rules of conduct, depositaries and risk management, as well as on supervisory co-operation. The Commission's mandate requires CESR to deliver technical advice on possible implementing measures concerning the new UCITS Directive by 30 October 2009.