The European Commission is asking the fund management industry for comments about the regulation of depositories that hold and safeguard the assets of UCITS funds.
These investment funds may be marketed throughout the EU once authorised in one member state.
The commission said the regulation put in place in 1985 was generic, leaving a lot of the interpretation and finer detail up to the member states. It now wants to verify how this has been implemented and then to see how best to provide for investor protection.
It said the industry and investors and other interested parties can complete its questionnaire before October 30th.
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