Brussels, 05/09/2002 (Agence Europe) - On 5 September, the European Commission launched an open online consultation on the regulation applicable to depositories which, in the different Member States, hold assets on behalf of investors in collective investment funds such as unit trusts and SICAVs. These collective funds are known as undertakings for collective investment in transferable securities (UCITS). They are established in all Member States and represent the equivalent of around 35% of EU GDP. As well as holding assets for safekeeping, UCITS depositories protect investors' interests by seeking to ensure that fund mangers comply with their regulatory and statutory duties. The consultation follows a mandate from the EU's Council of Finance Ministers in June 2001. It mainly aims to collect views on how best the regulation of UCITS depositories can protect investors and reinforce the financial system. The questionnaire tackles eight questions as follows: - duties of the UCITS depository towards the supervisory authorities; - location of the depository; - lists of activities - allocation of tasks - diligence; - organisation of relationships between the depository and other interested parties; - liability and replacement of the depository; - investor information; - economic data on costs and related issues; - and any other points of interest. It may be consulted at the following address: http: //europa.eu.int/comm/internal_market/ucitsconsultation.htm.