Activites

• 2002/02/13 Final act published in Official Journal
  • Directive 2001/108
  • OJ L 041 13.02.2002, p. 0035-0042
• 2002/01/21 Final act signed
• 2002/01/21 End of procedure in Parliament
• #2393
• 2001/12/04 Council Meeting
• 2001/10/23 Decision by Parliament, 2nd reading
  • T5-0540/2001 summary

    The European Parliament approved the resolution drafted by Mr Olle SCHMIDT (ELDR, S) on the common position to expand the European market in unit trusts and other financial investments known as UCITS (Undertakings for Collective Investments in Transferable Securities) together with amendments. (Please refer to the previous text). It should be noted that the Parliament proposes to align the review period for capital requirement with the general review no later than three years after the entry into force of this Directive. Commissioner Fritz BOLKESTEIN stated that he could accept the amendments in a spirit of compromise. He also added that the legislation was broadly supported by the financial service industry.�

• 2001/10/22 Debate in Parliament
  • Debate in Parliament
• 2001/10/10 Vote in committee, 2nd reading
  • A5-0324/2001
• 2001/07/05 Committee referral announced in Parliament, 2nd reading
• #2353
• 2001/06/05 Council Meeting
  • 07551/1/2001 summary

    In its common position, the Council included fully, partly or in essence 20 of the 24 European Parliament amendments, and has made some changes of its own. Those amendments that were accepted include: - UCITS to be permitted to invest in market instruments. - the principles governing certain choices of financial instrument and associated management techniques. As a general rule, UCITS should not invest more than 5% of their assets in transferable securities or money market instruments issued by the same body. The risk exposure to a single counterparty should not exceed 5% of the assets of the UCITS, unless the counterparty is a credit institution, in which case the Council has opted for the higher exposure limit of 10% in view of the lower risk involved. Certain amendments were not accepted: - the Council has decided not to set specific limit to UCIT's investment in OTC derivative instruments. - it is not necessary to include a specific provision on securities lending - The Council disagrees with Parliament over the appropriate investment limit for deposits, which the Council believes should be 20% in view of the low risk. �

• #2335
• 2001/03/12 Council Meeting
• #2329
• 2001/02/12 Council Meeting
  • 2329
• #2297
• 2000/10/17 Council Meeting
• #2283
• 2000/07/17 Council Meeting
• 2000/05/30 Modified legislative proposal published
  • COM(2000)0329 summary

    In this amended proposal the Commission has made two types of amendments. Firstly, in response to the first reading by the European Parliament, a number of new provisions have been accepted, some with adapted wording. The majority of these serve either to reduce ambiguities or to elaborate further on the original proposal. Some new ideas expand on the original text but do not change the fundamental principles. Secondly, the Commission has made some changes to ensure consistency between this text and other applicable Community legislation and to ensure internal consistency within the text itself. The key changes are: - Over-the-counter (OTC) derivatives: these instruments were excluded on prudential grounds. Parliament, the Council Working Group and the Economic and Social Committee strongly insist on the inclusion of OTC derivatives. These are now included and prudential concerns are covered, through provisions which include a ceiling for OTC derivatives as proposed by Parliament. - index tracking funds: the Commission accepts Parliament's proposal to lower the single issuer limit of 35% and to extend the provision to debt securities indices. - investments in bank deposits: since Parliament expressed its concerns in regard to liquidity and counter-party risk of these deposits, the amended proposal includes the requirements proposed by Parliament. - Investments in units of non-harmonised funds: under the Commission's original proposal, a harmonised fund (UCITS) would have been able to invest all of its assets in a number of non-harmonised funds. The Parliament called for a more cautious 30% limit for investments of harmonised funds (UCITS) into the units of non-harmonised funds. The amended proposal integrates the 30% threshold.�

  • DG [{'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}],
• 2000/02/17 Debate in Parliament
  • Debate in Parliament
  • T5-0056/2000 summary

    The European Parliament adopted the report (co-decision, first reading) drafted by Mr. Olle Schmidt (ELDR, S) on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to regulating management companies and simplified prospectuses. This report was adopted subject to amendment. These amendments concern, in particular, the issue of authorisation and the amount of capital: - Authorisation: the Member States' competent authorities shall not grant authorisation or withdraw authorisation from a UCITS where there is evidence that the entity has opted for the legal system of one Member State for the purpose of evading the stricter standards in force in an another Member State. - Amount of capital: it has initial capital of at least EUR 150 000. In addition, it shall maintain certain capital requirements that are at least equivalent to the higher of the following amounts: - an amount of capital to be determined in accordance with the rules laid in Directive 93/6/EEC, having regard to the nature of the services provided; - an amount of capital to be determined by applying the following scale to the total amount of the assets managed: - 0.1% up to EUR 1000 million managed; - EUR 1 000 000 plus 0.02% of assets managed in excess of EUR 1000 million, subject to a ceiling of EUR 10 million. Another amendment adopted relates to the management companies. The competent authorities of the home Member State may permit management companies to delegate specific investment decisions to intermediaries that are subject to prudential supervision, in accordance with investment-allocation criteria periodically laid down by the management companies. With respect to the prospectuses, these must include a clear and easily understandable explanation of the fund's risk profile (independent of whether or not derivatives are used and independent of the type of securities invested in).�

• 2000/01/25 Vote in committee, 1st reading/single reading
  • A5-0025/2000
• 1999/04/21 Vote in committee, 1st reading/single reading
  • A4-0233/1999
• 1998/09/14 Committee referral announced in Parliament, 1st reading/single reading
• 1998/07/17 Legislative proposal published
  • COM(1998)0449 summary

    OBJECTIVE: To extend the field of application of the UCITS-Directive (85/611/EEC) to other types of collective investment undertakings. SUBSTANCE: In order to remove existing barriers to a free cross-border marketing of units issued by undertakings for collective investment in transferable securities (UCITS), the Commission has prepared a package of measures distributed in two separate proposals: one (proposal 1) focussing essentially on the 'product' (the types of investments funds), the other (proposal 2) focussing essentially on the 'service provider' (the management company) and on prospectuses for UCITS. The aim of proposal 1 is to remove barriers to cross-border marketing of units of collective investment undertakings through; a) extending the freedom to be marketed throughout the EU to collective investment undertakings investing in financial assets other than transferable securities such as: units of other collective investment undertakings, money market instruments, bank deposits and standardised options and future contracts; new transparency requirements will ensure adequate information of investors; b) revising some other provisions of the UCITS-Directive in order to update the directive in the light of new portfolio management techniques which have been developed since 1985; c) removing interpretive uncertainties relating to a number of provisions of the UCITS-Directive which hinder its uniform application. �

  • DG [{'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}],

Documents

• Legislative proposal published: COM(1998)0449
• Committee report tabled for plenary, 1st reading/single reading: A4-0233/1999
• Committee report tabled for plenary, 1st reading/single reading: A5-0025/2000
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T5-0056/2000
• Modified legislative proposal published: COM(2000)0329
• Debate in Council: 2329
• Council position published: 07551/1/2001
• Committee recommendation tabled for plenary, 2nd reading: A5-0324/2001
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 2nd reading: T5-0540/2001
• : Directive 2001/108
• : OJ L 041 13.02.2002, p. 0035-0042

History

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