THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE E UROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 47(2) thereof,
Having regard to the proposal from the Commission,
Acting in accordance with the procedure laid down in Article 251 of the Treaty ,
(1) Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) has been substantially amended several times . Since further amendments are to be made, it should be recast in the interests of clarity.
(2) Directive 85/611/EEC has largely contributed to the development and success of the European investment funds industry. However, despite the improve