04/04/2008 (Agence Europe) - In response to a question from Pervenche Beres (PES, France) on the timetable for revising EU Directive 85/611/EEC on collective investment bodies in transferable securities (UCITS), EU Internal Market Commissioner Charlie McCreevy mentioned on Tuesday 1 April 2008 the criticisms levelled by interested parties that feel that a review of the legislation was pointless if it did not include a full European Passport for UCITS managers. He said he had not ruled out asking national regulators for advice in this domain, but this would cause even longer delays in the publication of a draft directive. Germany, France and the UK are fighting for a full passport for UCITS funds. Ireland and Luxembourg, where nearly 90% of UCITS are concentrated (an industry worth 6 trillion euros) oppose the idea (see EUROPE 9619). (M.B.)