opinion european central bank march request council european union articl treati establish european commun articl statut european monetari institut european commiss propos european parliament council direct amend direct eec coordin law regul administr provis relat undertak collect invest transfer secur ucit ref final ref final con european central bank hereinaft refer quot ecb quot receiv request council european union hereinaft refer quot council quot date octob ecb opinion draft legisl propos european parliament council direct hereinaft refer quot draft direct quot amend direct eec coordin law regul administr provis relat undertak collect invest transfer secur ucit hereinaft refer quot ucit direct quot accord articl treati establish european commun hereinaft refer quot treati quot ecb advisori function european monetari institut emi liquid establish ecb june request council base articl treati ecb compet deliv opinion base articl treati articl statut european system central bank european central bank enter forc januari accord articl sentenc rule procedur ecb ecb opinion adopt govern council ecb ecb decid deliv opinion deal consult draft direct aim amend direct ecc ecb understand commiss european commun prepar packag measur distribut separ propos final focus essenti type invest fund final focus essenti servic provid manag compani prospectu requir ucit explanatori memoranda draft direct state consequ direct adopt rapidli fact amend draft direct impact fact draft direct propos substanti modif ucit direct ecb believ sake clariti transpar legal certainti discuss complet integr version ucit direct prefer case ucit direct appear interpret differ member state interpret undesir context singl monei financi market lead competit distort misalloc fund altern consider possibl includ recit introduc quot quot draft direct state member state make effort implement direct simultan nation legisl ecb note draft direct present solut issu dealt part earlier propos direct amend ucit direct final modifi final emi deliv opinion juli con ecb note extent draft direct rais issu similar contain earlier propos consider advis take account previou opinion emi context discuss draft direct ecb note amend direct eec impact legal definit monei market fund statist purpos defin ecb annex part section paragraph ecb regul consolid balanc sheet monetari financi institut sector ecb adopt govern council ecb decemb oj decemb draft direct assess regard consist ecb legal definit monei market fund final object draft direct remov barrier cross border market unit collect invest undertak extens freedom market european union collect invest undertak invest financi asset transfer secur unit collect invest undertak monei market instrument bank deposit standardis option futur contract revis provis order updat ucit direct light portfolio manag techniqu develop remov uncertainti relat interpret number provis contain ucit direct imped uniform applic direct ecb take note object draft direct extens definit ucit collect invest undertak invest financi asset transfer secur unit collect invest undertak monei market instrument bank deposit standardis option futur contract definit exist ucit direct cover monei market fund invest bank deposit countri addit definit transfer secur monei market instrument provid draft direct broadli line definit ecb statist purpos ecb note articl draft direct propos articl ucit direct facilit establish ucit invest polici quot replic quot stock index council prefer refer ucit invest polici quot track quot stock index case kind quot track quot order ensur uniform applic respect provis ecb recognis interest establish type ucit ecb recommend provis articl definit replic stock indic spelt greater detail ensur distort aris result exist indic list publish european commiss recognis technic difficulti establish detail notion notion quot composit suffici diversifi quot quot easi replic quot quot repres adequ benchmark equiti market refer quot suffici clear result unwarr market distort indic unduli promot indic consider limit articl high invest asset fund instrument issuer reconcil principl risk spread laid articl exist ucit direct appli ucit ecb note scope definit ucit articl draft direct amend articl paragraph indent ucit direct extend cover monei market fund consist ecb legal definit monei market fund ecb note articl draft direct propos articl paragraph ucit direct possibl invest quot deposit credit institut quot context ecb note articl draft direct invest maximum ucit asset deposit credit institut group respect ecb draw attent emi opinion con current propos draft direct investor lose invest failur singl credit institut consider warn investor appli context propos respect council lower maximum limit invest ucit asset deposit credit institut group context question invest asset fund instrument issuer reconcil principl risk spread laid articl exist ucit direct appli ucit defin relev limit council account fact fund incur exposur credit institut relat instrument contract quot deposit quot debt secur equiti otc deriv contract ecb welcom fact definit transfer secur determin articl draft direct propos articl paragraph ucit direct cosist definit negoti instrument ecb statist purpos ecb note definit monei market instrument provid articl draft direct propos articl paragraph ucit direct articl draft direct propos articl paragraph ucit direct broader scope contain ecb legal definit monei market fund consist ecb definit gener term specif defin requir financi instrument consid monei market instrument liquid depth monei market certainti low interest rate risk ecb note result financi instrument repres monei market instrument commun law fail fulfil criteria determin ecb legal definit monei market fund obviou ecb legal definit monei market fund contain annex part section paragraph iv ecb regul consolid balanc sheet monetari financi institut sector ecb defin low interest rate risk quot mean residu matur includ year regular yield adjust line monei market condit twelv month quot definit draft direct broader ecb definit draft direct aim defin categori ucit definit contradict ecb note harmonis definit promot transpar addit ecb consid possibl ucit laid articl draft direct propos articl paragraph ucit direct invest quot deposit credit institut quot consist ecb legal definit monei market fund determin precis kind bank deposit monei market fund invest order consid distinct made commun law categori collect invest institut give rise inconsist ecb note harmonis definit consid fact amend ucit direct impact ecb legal definit monei market fund ecb suggest relationship ucit direct ecb legal definit monei market fund clarifi recit introduc quot quot draft direct refer compet ecb defin monei market fund framework ecb regul consolid balanc sheet monetari financi institut sector ecb believ care consider measur safeguard transpar stabil ucit respect ecb hold view care consider appropri desir feasibl measur safeguard principl risk spread context council advis respect calcul threshold invest transfer secur instrument singl issuer quot connect quot issuer regard singl risk matter principl draft direct introduc principl relat invest deposit credit institut articl draft direct introduc articl ucit direct principl appli irrespect type invest instrument ecb recognis requir quot connect quot issuer regard singl risk impos addit burden manag compani qualit approach consid possibl transit solut ucit manag requir ensur take account object scheme manag polici achiev object state recent fund rule instrument incorpor scheme prudent distribut issuer risk invest instrument relat altern solut council potenti supervisori arbitrag ecb recommend review made potenti inconsist possibl tradit ucit invest deriv hedg portfolio manag purpos rule invest polici deriv specialis ucit relat otc market categori resort council otc deriv allow type fund condit relationship articl direct articl clarifi ecb recommend reconsider fact draft direct establish specif limit specif measur protect investor risk relat deriv transact ecb note draft direct number provis determin specif oblig quot prospectus promot literatur quot articl draft direct propos articl ucit direct deal oblig invest polici ucit inclus provis systemat transpar lead conflict solut council combin oblig mandatori inform investor section ucit direct context ecb wish recal emi suggest made emi opinion mention con consider imposit oblig ucit direct state investor inform fund constitut close substitut deposit monei market fund cash fund subject deposit protect aim reinforc sound transpar regul financi instrument ecb underlin ucit invest gener rule quot coordin quot invest fund invest coordin fund subject suitabl strict safeguard protect posit investor respect import control function depositari strength regul ucit council reconsid provis restrict prohibit transact ucit depositari articl draft direct provis inconsist commerci practic prohibit made subject requir carri normal commerci term similarli requir locat subsidiari draft flexibl subsidiari eea accept subject condit relat effici supervis level qualiti eea state context nation central bank hold diverg view propos case opinion propos feasibl ii final ecb note aim draft direct reinforc singl market area ucit updat rule govern manag compani bring line exist oper financi servic area bank invest firm insur compani consider ongo growth sector oper receiv quot european passport quot accord principl treati set branch member state oper eu freedom provid servic revis current restrict prevent manag compani engag activ manag asset common fund unit trust invest compani collect portfolio manag identifi function activ collect portfolio manag compris defin condit function deleg parti amend provis inform document investor respect propos introduc simplifi procedur ecb note draft direct aim widen scope busi quot manag compani quot widen expans product rang grant quot european passport quot propos draft direct substanti contribut process desintermedi financi servic sens financi intermedi carri institut investor credit institut state emi opinion con contribut signific busi environ liabil structur credit institut care ensur propos prudenti supervisori regim meet standard foster financi stabil result consist prudenti framework financi intermediari take account specif featur ecb note draft direct propos specialis principl appli date area ucit render flexibl draft direct distinct type quot manag compani quot exclus engag manag unit trust common fund invest compani provid quot discretionari portfolio manag quot categori draft direct articl draft direct propos articl ucit direct suggest applic articl direct eec draft direct ecb understand ucit manag quot constitut quot type enterpris set rule appli quot invest compani quot quot manag compani quot quot manag compani authoris cover discretionari portfolio manag servic quot ecb believ risk supervisori arbitrag confus induc complic structur case invest compani outsourc manag activ enterpris council solut nation central bank hold diverg view case opinion propos feasibl complet integr ucit busi scope applic direct eec prefer provid equal consist applic supervisori standard elobar invest firm ensur stabil financi system propos structur simplifi remov restrict activ manag compani ucit direct allow credit institut invest firm insur compani authoris relev singl market direct manag asset ucit individu portfolio extens invest servic direct bank direct scope propos articl ucit direct deal exclus manag compani enlarg cover invest compani foreseen requir requir ad state mandat confer credit institut invest firm authoris relev singl market direct similar countri institut subject equival prudenti requir whichev solut develop object avoid conflict interest pursu ecb stress import equival prudenti rule applic intermediari ecb note draft direct propos cooper oblig quot compet author quot ecb welcom respect provis suggest council consid broader cooper oblig includ cooper author compet supervis insur undertak undertak subsidiari activ ucit busi articl draft direct propos articl ucit direct mangement compani grant offici authoris compet author home member state authoris valid member state provis direct impact list monetari financi institut manag compani manag monei market fund oper branch establish member state respect activ european system central bank hereinaft refer quot escb quot ecb note provis effect nation central bank member state branch locat report branch domest monetari financi institut includ refer resid head offic case credit institut articl draft direct propos articl ucit direct host member state statist purpos requir manag compani branch territori report period activ compet nation author host member state respect activ escb ecb note provis prejudic collect addit statist inform accord articl statut european system central bank european central bank articl draft direct propos articl paragraph articl paragraph ucit direct simplifi prospectu requir draft provis distribut simplifi prospectu mandatori full prospectu provid free charg investor request element contain simplifi prospectu outlin schedul annex draft direct respect ecb legal definit monei market fund ecb note ecb definit annex part section paragraph ecb regul consolid balanc sheet monetari financi institut sector ecb state quot criteria identifi monei market fund deriv public prospectu fund rule instrument incorpor establish statut law subscript document invest contract market document statement similar effect collect invest undertak quot provis impli full prospectu suffici detail case ecb note introduct simplifi prospectu addit full prospectu chang exist situat schedul draft direct forese quot invest inform quot gener definit object invest polici histor perform ucit profil typic investor design ecb state gener definit suffici detail provid basi inclus exclus ucit list monetari financi institut consider amend definit outlin articl ecb suggest relationship ucit direct legal definit monei market fund set ecb regul consolid balanc sheet monetari financi institut ecb clarifi recit introduc quot quot draft direct council signific increas initi capit requir propos articl ucit direct amount eur adequ capit base activ allow ecb opinion publish offici journal european commun frankfurt main march presid ecb willem duisenberg ecb assum refer ecu replac refer euro