For immediate release: Friday 5 May 2006 

CESR CONSULTATION ON NOTIFICATION – A MISSED OPPORTUNITY

The Investment Management Association (IMA) is disappointed that, in its second consultation on the notification regime for UCITS, CESR has not made more progress in facilitating the single market for investment funds.  IMA is calling on the Commission to pick up the challenge of improving the current situation.  Although there are some improvements from the first consultation, the changes fall well short of what the asset management industry needs.  

Sheila Nicoll, Deputy Chief Executive of the IMA commented:

“ We are strong supporters of CESR and had hoped for more.  The European asset management industry is united in its view that the existing notification requirements are the single greatest impediment to cross-border business and add unnecessary cost.  It is disappointing that the regulators have not been able to return to the spirit of the UCITS directive.  We now look to the Commission to take things forward.”

-Ends-

Note to Editors:

1. CESR’s press release and consultation paper can be found here.

For further information, please contact:
Mona Patel, Head of Communications, IMA   020 7831 0898

Out of hours contact:
Mona Patel, Head of Communications, IMA   07834 089332