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May 9, 2006
TO: INTERNATIONAL COMMITTEE No. 13-06
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 12-06
RE: CESR CONSULTATION ON UCITS NOTIFICATION PROCEDURES
The Committee of European Securities Regulators (CESR) has published a second
consultation paper on the simplification of UCITS notification procedures and has requested
comments on the revised proposals by June 1, 2006. The consultation paper and an accompanying
press release are attached to this memorandum and are also available on CESR’s website.
In the consultation paper, CESR presents revised proposals for a common approach to the
notification procedures in the UCITS Directive in response to comments received following the first
consultation. The consultation covers the language of the notification letter, the start of the two-
month notification process, the certification of documents, and the treatment of sub-funds within
umbrella fund structures.
We will discuss the revised consultation paper during the ICI International Committee–
EFAMA joint meeting on May 17, 2006.
Glen S. Guymon
Assistant Counsel - International Affairs
Attachment (in .pdf format)