CESR in danger of backward step on eligible UCITS assets

The IMA says it is concerned that in an attempt to define structured financial instruments and listed closed ended funds, CESR has redefined the term transferable security, and that this approach will disallow investment in certain assets which have, since the implementation of the first directive covering UCITS in 1985, been considered eligible, including investment trusts and investment in property. The IMA claims the advice, first published by the CESR in its consultation paper Advice on clarification of definitions concerning eligible assets for investments in UCITS in October 2004...