Pursuant to Directive 85/611/EEC, a UCITS, its management company and its depositary must be located in the same Member State. All activities related to collective portfolio management and administration of the UCITS are subject to the law of one Member State (ie the Member State in which the management company is situated) and accountable to a single enforcement authority.
The introduction of the management company passport would allow a UCITS to be managed by a management company authorised and supervised in a Member State other than its home Member State.
The European Commission requested CESR to submit its advice no later than 1 November 2008.
CESR launched a call for evidence on 16 July 2008. 29 responses to the call for evidence were received.
To obtain further input from external stakeholders, CESR is holding a short consultation on this paper and is arranging an open hearing on 13 October 2008 at CESR's headquarters in Paris.
All contributions can be submitted online via CESR's website under the heading Consultations at www.cesr.eu by 15 October 2008.