Clarification of the definitions concerning eligible assets for investment by UCITS: can hedge fund indices be classified as financial indices for the purpose of UCITS?

The purpose of this consultation paper is to describe CESR's conclusions on Hedge Fund Indices, and to propose draft measures.
The measures proposed will be adopted by CESR at "Level 3". Level 3 measures concern strengthened co-operation between (national) regulators to ensure consistent and equivalent application of Level 1 and Level 2 legislation.
CESR will hold an open hearing at its offices in Paris on 2nd April 2007, for interested parties to attend and give their views.