Activites

• 1998/12/17 Additional information
• 1998/12/17 End of procedure in Parliament
• #1835
• 1995/03/20 Council Meeting
  • 1835 summary

    The Council agreed to inform the Commission and the European Parliament by letter that it was unable to arrive at a common position on the proposal for a directive amending Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). Discussions in the Council bodies have revealed, inter alia, the need for a more detailed examination of certain technical aspects of the subject and for the internal consistency of the text to be improved. The Council called upon the Commission to carry out this examination and to submit appropriate proposals to it.

• 1994/07/20 Modified legislative proposal published
  • COM(1994)0329 summary

    The amended proposal incorporated the majority of the amendments tabled by the European Parliament and contained many changes with respect to the original proposal: - Ucits could currently invest up to 25% of their assets in deposits with credit institutions; furthermore, the scope of the directive was extended to include funds that placed all of their assets in deposits with credit institutions and master-feeder funds; - the entire text of the definition of "transferable securities" included in the directive on investment services was included in the directive; - it was established that derivative instruments were neither transferable securities nor money market instruments; - Ucits were free to choose a depositary established in another Member State if it was approved under the directive on investment services or the second banking directive; - procedures were introduced with a view to organising the supervision of depositaries offering their services to unit trusts and investment companies within the framework of cross-border activities; - in general, the money market instruments should be admitted to official listing on a stock exchange or dealt in on regulated markets, or issued or guaranteed by public institutions or high-level bodies; the instruments issued by an undertaking the securities of which had been admitted to official listing on a stock market or dealt in on other regulated markets, as well as instruments issued by an establishment subject to prudential supervision could also be admitted; - Ucits had the possibility of investing a certain proportion of their assets in deposits with credit institutions (25% of their assets); - the concept of "pure cash funds" was introduced, which were authorised to place all their assets in deposits with credit institutions, subject to diversification of their investments; - the threshold of 10% of the voting rights for the acquisition of shares from a single issuer through a management or investment company was changed to a "presumption" of significant influence; - the concepts of master fund and feeder fund were introduced; it was proposed that the Member States should authorise a Ucits fund (feeder fund) to invest its assets in units issued by one single Ucits (master fund); - the delineation of responsibilities was clarified for cases where the depositary was a credit institution or investment company that was not established in the Member State of the Ucits. �

• 1993/12/02 Decision by Parliament, 1st reading/single reading
  • T3-0681/1993 summary

    In its first reading under the codecision procedure, the European Parliament confirmed its vote of 2 March 1993. �

• 1993/11/23 Committee report tabled for plenary confirming Parliament's position
  • A3-0364/1993
• 1993/11/23 Vote in committee, 1st reading/single reading
• 1993/10/27 Decision by Parliament, 1st reading/single reading
  • T3-0558/1993 summary

    Parliament adopted the report by Mr Perreau de Pinninck Domenech. Although the proposal offered UCITS the possibility of freely placing up to 100% of their assets as deposits with credit institutions (cash funds), Parliament felt that a UCITS should not be able to invest more than 20% of its assets in deposits of that type, with an exception in the case of UCITS that complied with certain specific conditions. On the other hand, Parliament called for UCITS to be able to place more than 20% of their assets in shares issued by other UCITS ('feeder funds'). �

• 1993/10/25 Debate in Parliament
  • Debate in Parliament
• 1993/09/22 Vote in committee, 1st reading/single reading
  • A3-0268/1993
• 1993/03/12 Committee referral announced in Parliament, 1st reading/single reading
• 1993/02/09 Legislative proposal published
  • COM(1993)0037 summary

Documents

• Legislative proposal published: COM(1993)0037
• Committee report tabled for plenary, 1st reading/single reading: A3-0268/1993
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T3-0558/1993
• Committee report tabled for plenary confirming Parliament's position: A3-0364/1993
• Decision by Parliament, 1st reading/single reading: T3-0681/1993
• Modified legislative proposal published: COM(1994)0329
• Debate in Council: 1835

History

(these mark the time of scraping, not the official date of the change)