(4)On 3 December 2002, the Council invited the Commission to take steps in order to transfer to the structures already established in the securities field the present functions and powers held by the UCITS (undertakings for collective investment in transferable securities) Contact Committee, set up by Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)(5), as last amended by Directive 2001/108/EC of the European Parliament and of the Council(6).