EU develops single standard for Ucits qualification

The Committee of European Securities Regulators (CESR) is to attempt to establish a standard definition of assets that can be held within Ucits III qualifying funds. It is an acknowledgement that some funds which have gained Ucits III authorisation in one European country have been prevented from being marketed in another jurisdiction as the latter has a different definition of which assets are acceptable. Jeremy Soutter, head of global product development at Morley Fund Management, said the problem is not widespread and has affected only a few funds trying to market to a handful of coun...