For immediate release: Thursday 1 June 2006

IMA RESPONSE TO SECOND CESR CONSULTATION ON NOTIFICATION PROCEDURES

IMA has today submitted its response to the Committee of European Securities Regulators (CESR) on its “Guidelines to simplify the notification procedure of UCITS”.

The response highlights the Association’s disappointment that despite a second consultation, not enough progress has been made. Some improvements have been incorporated since the first consultation – including a recognition that an objective of the guidelines must be to facilitate cross-border fund distribution and eliminate barriers to a single market for asset management.  Funds will also be permitted to self-certificate the necessary documents submitted to the regulators. 

Generally, however, too little has changed and the guidelines, in their current form, would still maintain a wide range of national differences since CESR members have shown little willingness to change existing practices or desire to seek changes to national law where necessary.  The end result would be that firms will still find themselves facing significant layers of bureaucracy. 

Sheila Nicoll, Deputy Chief Executive of the IMA commented:

“IMA is a strong supporter of CESR in the field of asset management, but we are disappointed that the Committee has not succeeded in making more progress on the issue of notification. In fact, we are surprised to see, that in many places, CESR’s proposals have changed very little from the original consultation. Should such guidelines be adopted in their current form, they will fall significantly short of facilitating a simplified and cost-efficient European regime for notification.”

A full copy of IMA's response is attached.

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For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898

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