CESR says yes to commodities
The Committee of European Securities Regulators' latest consultation paper finally confirms the eligibility of commodity indexes for Ucits III products. That's great news for distributors keen to tap commodity markets, but hedge fund indexes still have something to prove. By Amanda Lee, with additional reporting from Paul Lyon
The Committee of European Regulators (CESR) has reached a consensus. Following the publication of a second consultation paper last month it has now recommended that commodity indexes are permissible underlyings for undertakings for collective investments in transferable securities (Ucits) III. The objective of the second consultation was to clarify the definitions of eligible assets for investments under the Ucits structure, which allows funds domiciled in an EU member state to be passported
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