Recital 2

(2)A robust delegation regime, the equal treatment of custodians, coherent supervisory reporting, in particular through the removal of duplications and redundant requirements, and a harmonised approach to the use of liquidity management tools are equally necessary for the management of undertakings for collective investment in transferable securities (UCITS). Therefore, it is also appropriate to amend Directive 2009/65/EC of the European Parliament and of the Council ³ , which lays down rules regarding the authorisation and operation of UCITS and their management companies in the areas of delegation, asset safekeeping, supervisory reporting and liquidity risk management.