LUXEMBOURG - The Luxembourg House of Parliament has voted in favour of two European directives regarding undertakings for collective investment adopted by the European Parliament and the EU Council on 21 January 2002.
The Luxembourg Investment Funds Association (ALFI) welcomed the move.
One directive regards simplified prospectuses, while the second extends the scope of a directive concerning investments of UCITS.
Member States have until 13 August 2003 to comply with the new directives.
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Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point