UCITS – Past, Present and Futurein aWorld of Increasing Product Diversity

This Paper will look at the changing nature of asset management, and will examine the natureof the European framework for collective investment undertakings, enshrined in the UCITSDirective2 in that light. This question whether the UCITS Directive in its current formremains an appropriate European response to the changing investment management landscapeis an issue with which the European Commission is actively engaging through its GreenPaper on the Enhancement of the EU Framework for Investment Funds, published in July2005.3 But before considering these important questions...