tailieunhanh - Undertakings for Collective Investment in Transferable Securities (UCITS)

BNDES has traditionally had an important role in the Brazilian financial system, but its size has doubled in the post-Lehman period. BNDES has typically been a major source of long- term financing for industry and infrastructure. During the crisis, it played an important counter-cyclical role as private bank credit fell off sharply in 2009 during the height of the Lehman related global tensions. However, it has been accompanied by a doubling of the size of BNDES’ balance sheet from 7½ percent of GDP in 2007 to over 15 percent of GDP in 2011 (almost 10 percent financial system lending) | EUROPEAN COMMISSION Directorate General Internal Market and Services FINANCIAL MARKETS Asset Management Brussels 26 July 2012 CONSULTATION DOCUMENT Undertakings for Collective Investment in Transferable Securities UCITS Product Rules Liquidity Management Depositary Money Market Funds Long-term Investments Disclaimer This document is a working document of the Commission services for consultation and does not prejudge the final form of any future decision to be taken by the Commission. In the interest of transparency organisations are invited to provide the public with relevant information about themselves by registering in the Interest Representative Register and subscribing to its Code of Conduct. If you are registered please indicate the name and address of your organisation and your Interest Representative Register ID number on the first page of your contribution. Your contribution will then be considered as representing the views of your organisation s interest group. The Commission services ask organisations who wish to submit comments in the context of public consultations to provide the Commission and the public at large with information about whom and what they represent. If an organisation decides not to provide this information it is the Commission s stated policy to list the contribution as part of the individual Commission européenne B-1049 Bruxelles Europese Commissie B-1049 Brussel - Belgium. Telephone 32-2 299 11 11. http internal_market 1. INTRODUCTION The UCITS rules1 have constituted Europe s regulatory framework for asset managers and investors since 1985. UCITS funds have attracted all types of investors coming even from several geographic regions outside of Europe especially Asia. UCITS has created a safe and transparent environment and the brand is now considered by both professional and retail investors to represent one of the highest standards in the asset management industry. Recent .

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