Proposed UCITS Directive Nears Adoption

Washington, DC, March 18, 2003 - The European Union came closer to achieving its goal of eliminating tax obstacles to the cross-border provision of occupational pensions as the European Parliament recently completed its second reading of the proposed directive on occupational pensions, and approved 13 amendments to the EU Council's Common Position.

Formal adoption of the directive is expected before the end of the Greek Presidency, which ends in June.