Wouldn it be better to rewrite the Directive along the lines of the Lamfalussy approach instead of launching another round of (incomplete) repair measures?
Many consider that a shorter legislative cycle will be necessary to keep pace with markets. Making the whole UCITS Directive Lamfalussy-compliant would help in this sense. However, this would mean a complete rethink and rewrite of the Directive. This risks delaying urgently needed adjustments to the UCITS framework. The expert group believes that improvements to the current framework should not be hold back by discussions on the appropriateness or not to proceed with an overhaul of the Directive along the lines of the Lamfalussy approach. Reflections on the desirability to make the Directive Lamfalussy-compliant will continue over the medium-term.
