EC REGULATION OF UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS)
| Pages | 85-92 |
| Date | 01 March 1993 |
| Published date | 01 March 1993 |
| DOI | https://doi.org/10.1108/eb024796 |
| Author | JUSTIN RUSHBROOKE |
| Subject Matter | Accounting & finance |
EC REGULATION OF UNDERTAKINGS FOR COLLECTIVE
INVESTMENT IN TRANSFERABLE SECURITIES (UCITS)
Received (in revised form): 28th
June,
1993
JUSTIN RUSHBROOKE
JUSTIN RUSHBROOKE
IS
A BARRISTER PRACTISING IN THE FIELD OF
GENERAL COMMERCIAL AND CHANCERY LAW.
PRIOR TO COMING TO THE BAR HE WORKED
FOR
A MAJOR ENGLISH MERCHANT BANK AND
IS
CURRENTLY CONTRIBUTING TO 'A GUIDE TO
EG
BANKING AND FINANCIAL SERVICES
REGULATION" DUE TO BE PUBLISHED IN LATE
1993
BY CHANCERY LAW PUBLICATIONS.
ABSTRACT
A
large amount
of
legislation
in the
field
of
EC banking and financial
services
has
been produced in
preparation for
the
1993
deadline for
a single
market.
In
some areas
the
legislative programme
has been more
successful than in others. This paper
examines
one
field,
that of
regulation
of
undertakings
for
collective
investment in
transferable securities
— more commonly
known in
this country as
unit
trusts —
and
shows
how far
the aims
of the
single market
legislators
have
been,
and
can realistically
be,
achieved
in
this
context.
INTRODUCTION
The Commission of the European
Communities has generated, or tried
to generate, a welter of legislation in
its efforts to achieve a single Euro-
pean market by 1st January, 1993.
Some areas have been more fraught
with difficulties and delay than
others; and, perhaps inevitably, the
1993 deadline now looks a little
ambitious. Two of the directives fall-
ing within that part of the single
market programme which deals with
the massive EC banking and finan-
cial services industry have encoun-
tered particular difficulties. These
are the Investment Services Directive
and the Capital Adequacy Directive,
which together attempt to harmo-
nise and liberalise the market for
non-bank providers of investment
services across the EC. Only recently
has the final draft of those directives
been approved, despite being first
proposed in 1988 and 1990 respect-
ively, and their implementation date
has had to be put back until 1st Jan-
uary, 1996. Thus has been created an
unsatisfactory distinction between
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