Charlie McCreevy, the European Union's internal market commissioner, has told the fund management industry to present compelling arguments for change to its undertakings for collective investment in transferable securities directive within the next five weeks.

He wants to tinker with the Ucits only rules that enable funds to be sold across European borders, rather than introduce new ones, which could take years to implement. The funds account for more than 70% of the region's assets, or €4.3 trillion ($5.2 trillion). A recent EU green paper concluded there was no case for wholesale changes to Ucits.