1.European Parliament legislative resolution on the Council common position for adopting a European Parliament and Council directive amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), with regard to investments of UCITS (7551/1/2001 - C5-0296/2001 - 1998/0243(COD))
Date: 2001-10-23
Institutions: European Parliament
Subjects: approximation of laws, financial legislation, free movement of capital, investment company, securities

9.5.2002

EN

Official Journal of the European Communities

C 112 E/111

COMMISSION
DRAFT

Tuesday 23 October 2001

MODIFICATIONS
BY PARLIAMENT

peutic purposes alone, in all fields, and to prohibit the use of
antibiotic resistance genes in GMOs, which may be dissemi-
nated in the environment;

Modification 26
Paragraph 6b (new)

to strengthen the

6b.
cooperation between the
close
Member States, the applicant countries and other parties con-
cerned at international level in order to deal more effectively
at international and intercontinental level with the spread of
disease and antimicrobial resistance arising from the increase
in international trade and travel;

Modification 27
Paragraph 6c (new)

to promote a global strategy in all the relevant sectors:

6c.
public health, veterinary medicine and plant health.

8. Undertakings for collective investment in transferable securities (UCITS) ***II

A5-0324/2001

1.
European Parliament legislative resolution on the Council common position for adopting a Euro-
pean Parliament and Council directive amending Council Directive 85/611/EEC on the coor-
dination of laws, regulations and administrative provisions relating to undertakings for collective
investment in transferable securities (UCITS), with regard to investments of UCITS (7551/1/2001
/ C5-0296/2001 / 1998/0243(COD))

(Codecision procedure: second reading)

The European Parliament,

(cid:23) having regard to the Council common position (7551/1/2001 (cid:23) C5-0296/2001),

(cid:23) having regard to its position at first reading (1) on the Commission proposal to Parliament and the

Council (COM(1998) 449) (2),

(cid:23) having regard to the amended Commission proposal (COM(2000) 329) (3),

(cid:23) having regard to Article 251(2) of the EC Treaty,

(cid:23) having regard to Rule 80 of its Rules of Procedure,

(cid:23) having regard to the recommendation for second reading of the Committee on Economic and Mon-

etary Affairs (A5-0324/2001),

1.

2.

Amends the common position as follows;

Instructs its President to forward its position to the Council and Commission.

(1) OJ C 339, 29.11.2000, p. 220.
(2) OJ C 280, 9.9.1998, p. 6.
(3) OJ C 311 E, 31.10.2000, p. 302.

C 112 E/112

Official Journal of the European Communities

EN

9.5.2002

Tuesday 23 October 2001

COUNCIL
COMMON POSITION

AMENDMENTS
BY PARLIAMENT

Amendment 3

ARTICLE 1a (new)

Article 1a

No later than … (*), the Commission shall forward to
1.
the European Parliament and the Council a report on the
application of Directive 85/611/EEC as amended and pro-
posals for amendments, where appropriate. The report shall
in particular:

(a) analyse how to deepen and broaden the Single Market
in particular with regard to cross-border
for UCITS,
marketing of UCITS (including third-party funds), the
functioning of the passport for management companies,
the functioning of
the simplified prospectus as an
information and marketing tool, the review of the scope
of ancillary activities and the possibilities for improved
collaboration of supervisory authorities with respect to
common interpretation and application of the Directive,

(b) review the scope of the Directive in terms of how it
applies to different types of products (e.g. institutional
funds, real-estate funds, master-feeder funds and hedge
funds); the study should in particular focus on the size
of the market for such funds, the regulation, where
applicable, of these funds in the Member States and an
evaluation of the need for further harmonisation of these
funds,

(c) evaluate the organisation of funds,

including the del-
egation rules and practices and the relationship between
fund manager and depositary,

(d) review the investment rules for UCITS, for example the
use of derivatives and other instruments and techniques
relating to securities, the regulation of index funds, the
regulation of money market instruments, deposits, the
regulation of ‘fund of fund’ investments, as well as the
various investment limits,

(e) analyse the competitive situation between funds managed
invest-

by management companies and ‘self-managed’
ment companies.

In preparing its report, the Commission shall consult as
widely as possible with the various industries concerned and
with consumer groups and supervisory bodies.

2. Member States may grant UCITS existing on the date
of entry into force of this Directive a period of not more than
60 months from that date in order to comply with the new
national legislation.

(*) Three years after the entry into force of this Directive.