European securities regulators are aiming to create a single, passport-driven market for investment funds.

The Committee of European Securities Regulators says a newly formed working group has made it a priority to focus on ensuring the single market on investment funds is fully functional.

CESR will then work on the simplification of the registration procedure for funds, conduct of business rules in collective investment management, outsourcing and issues related to non-harmonized funds. CESR says it intends to streamline fund registration and to develop consistent standards for the registration requirements. It also proposes to establish a harmonized framework of prudential rules and adequate disclosure for non-harmonized funds throughout Europe.

Market participants have until July 9 to comment.