EC ditches Ucits IV passport

The European Commission has chosen not to include plans for a management company passport in its latest proposed amendments to the Ucits directive (Ucits IV), designed to "facilitate increased efficiency and consolidation in the fund industry and to enhance investor disclosures". However, the Commission said in a letter to the Committee of European Securities Regulators (Cesr) that after careful consideration, it had concluded "the inclusion of such provisions could give rise to supervisory, legal and operational risk which could be detrimental to the operation of funds making use of the ...