I
(Resolutions, recommendations, guidelines and opinions)
OPINIONS
EUROPEAN CENTRAL BANK
OPINION OF THE EUROPEAN CENTRAL BANK
of 12 December 2006
on a draft Commission Directive implementing 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 clarification of certain definitions
(CON/2006/57)
(2007/C 31/01)
Introduction and legal basis
The ECB is submitting this opinion on its own initiative to the Commission on a draft Commission Direc-
tive implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative
provisions relating to undertakings for collective investment in transferable securities (UCITS) (1) as regards
the clarification of certain definitions (2) (hereinafter the
‘proposed directive’). The main objective of the
proposed directive, which is an implementing measure issued on the basis of Article 53a of the UCITS
Directive, is to clarify the meaning and the scope of certain definitions under the UCITS Directive in order
to ensure its uniform application throughout the European Union and improve the functioning of the
UCITS product passport (3).
The ECB's competence to deliver an opinion on the proposed directive is based on Article 105(4) of the
Treaty establishing the European Community, since the proposed directive is linked to the implementation
of the monetary policy of the euro area, particularly with regard to the functioning of European money
markets. In this respect, the ECB considers that proposed Level 2 acts constitute ‘proposed Community acts’
within the meaning of Article 105(4) of the Treaty. The ECB would therefore have expected the Commission
to take the initiative to formally consult the ECB on the proposed directive, in accordance with the relevant
Treaty provisions. Considering that the ECB has several comments with respect to the proposed directive,
the ECB has decided to submit this opinion on its o