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IMA welcomes principal-based approach to Ucits

The IMA has welcomed the adoption of a principal based approach over the eligibility of Ucits assets in its response to the second consultation from the Committee of European Securities Regulators.
It says the CESR has listened to concerns expressed in the first consultation, particularly the move away from overly detailed and prescriptive advice.
It also welcomes the CESR’s attempts to resolve a number of differences in the implementation of the Ucits directive across the individual jurisdictions of the EU.
But the IMA still has concerns saying the CESR has to put in place appropriate transitional provisions for all Ucits, not just those funds no longer eligible under the directive. It says this is needed to prevent significant disruption and reduce the costs of asset reallocation.
IMA deputy chief executive Sheila Nicoll says: Whilst some concern remains that the implementation of the Ucits directive will continue to differ across EU member states, CESR’s efforts to streamline this implementation must be welcomed.

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