IMA urges Commission to take Cesr's advice on management company passport

It is now the European Commission’s job to establish the passport. Previously, the European Commission chose not to include plans for a management company passport in amendments to the Ucits directive (Ucits IV). It asked Cesr to provide advice to aid the Commission’s development provisions permitting the introduction of a management passport under conditions consistent with a high level of investor protection. In response, Cesr has set out detailed provisions designed to clarify the home member state of the management company, the Ucits scheme and the depositary. It calls for the new c...