It may have been only a couple of weeks ago the the European Commission published an exposure draft outlining suggested improvements to the UCITS regulations, but news has started to emerge that the whole project may be in doubt.

A full draft detailing the proposals for improving efficiencies in the funds market was due to be published at the end of this month. It has now, however admitted that this deadline will be missed and (according to the FT) this "has raised the spectre of the project being abandoned".

Oliver Drewes (his spokesman) was quoted as saying "Commissioner McCreevy is considering his options on the basis of the different arguments made at this stage".

There were hopes that the delay would be temporary; however Drewes stressed that any revised timetable would "depend on the commissioner's conclusions as to what to do".

It seems that there has been more contention around ...   more »