On 13 January 2009, the EU Parliament adopted a resolution approving the proposed new UCITS Directive which, after a lot of uncertainty, includes provisions for the management company passport.

The Directive also covers a large number of other improvements to the UCITS regime including simplifying the UCITS notification procedure, facilitating fund mergers, allowing (limited) asset pooling in a "master-feeder" structure, replacing the simplified prospectus and improving supervisory co-operation, powers and sanctions. 

It aims to streamline cross border processes and to specify criteria to be used by regulators so they have far less discretion, which, in turn, will reduce delays.  Below is a summary based on the current draft of the Directive (which may change). 

Because of a tight time frame for the adoption of implementing measures, CESR has issued a call for evidence on what CESR should consider in its advice to the EU Commission (which will cover the management company passport, key investor information, fund mergers, master-feeder structures and the notification procedure).

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