Ucits directive eases Europe sales

Asset managers will be able to sell funds into Europe without setting up a base on the Continent from 13 February 2004 under the Ucits management directive. The FSA published consultation paper 163 on the directive in December 2003 and it has now been implemented into UK law. The document focuses on introducing a passport system, similar to that available under the existing Investment Services Directive (ISD), allowing cross-border investment services within the EU. The regulator published feedback on CP163 last week to deal with concerns in the original document. The directive i...