PURPOSE: to amend Directive 85/611/EC relating to UCITS by introducing a reference to the new regulatory procedure with scrutiny (comitology).
LEGISLATIVE ACT: Directive 2008/18/EC of the European Parliament and of the Council 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), as regards the implementing powers conferred on the Commission.
CONTENT: to recall, Council Decision 1999/468/EC laying down the procedures for the exercise of implementing powers conferred on the Commission has been amended by Council Decision 2006/512/EC (CNS/2002/0298).
The amended Decision introduces a new regulatory procedure with scrutiny to be used for measures of general scope which seek to amend non-essential elements of a basic instrument, adopted under co-decision. This may include deleting some of those elements or supplementing the instrument, by the addition of new non-essential elements.
This procedure allows the legislator to oppose the adoption of "quasi-legislative" measures implementing a codecision-based instrument in cases where:
In a joint statement, the three institutions agreed on a list of 26 basic instruments already in force to be adjusted without delay in accordance with the new regulatory procedure with scrutiny (see ACI/2006/2152). Each case has been assessed on the nature of the implementing powers conferred on the Commission and the specificity of each sector.
The purpose of this act, therefore, is to amend EU legislation relating to the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), by introducing the new regulatory procedure with scrutiny.
ENTRY INTO FORCE: 20 March 2008.