Bank of Italy Simplifies UCITS Approval Process

Washington, DC, August 10, 2001 - The Bank of Italy has simplified certain aspects of the approval process for distribution of UCITS fund shares in Italy.

The changes to the approval process include permitting UCITS funds to provide specific documents only upon request by the Bank of Italy rather than as a matter of course with the prior notice to the Bank of Italy. Moreover, the Bank of Italy has simplified the documents that must be submitted by UCITS funds that are already authorized for distribution in Italy in order to obtain approval for a new UCITS fund or a new series of the UCITS fund. The communication also provides the methods of presenting notices to the Bank of Italy. According to the Bank, certain changes to a UCITS fund, including the addition of distributors or correspondent banks, no longer would require prior approval from the Bank of Italy.