Brussels, 15/07/2008 (Agence Europe) - On Wednesday 16 July 2008, the European Commission will suggest strengthening the EU Directive 85/611/EEC governing the work of undertakings for collective investments in transferable securities (UCITS) in order to allow such investment funds to take advantage of opportunities available on the internal market. The review will involve scrapping barriers and the two month timeframe for the cross-border sale of funds by setting up an electronic notification procedure; improving the relevance of information UCITS have to provide investors by rehashing the simplified prospectus rules; introducing measures vis-à-vis mergers of UCITS and the option for fund managers to set up master-feeder structures to facilitate centralised control of assets in local funds; and strengthening prudential supervision and supervision cooperation. At the end of May 2008, EU Internal Market Commissioner Charlie McCreevy said that he would not be unveiling any changes to the UCITS European Passport system to allow fund management companies to not be obliged to operate from the member state where the fund was set up. (M.B. transl fl)