The European Commission published in November 2006 its White Paper on Enhancing the European Framework for Investment Funds (COM(2006) 686 final). It outlines the plans for a targeted revision of the UCITS Directives. A proposal is expected in early 2008. In parallel the European Commission has begun work in a number of other areas aimed at addressing the long-term challenges of creating a genuine European internal market. The European Commission’s approach is consistent with the European Parliament’s Resolution of April 2006. Similarly, the vast majority of stakeholders support plans for targeted revisions but believe there is currently no need for a wide-reaching overhaul of EU legislation in the area of asset management.