The Committee of European Securities Regulators has done an about face, and now says it has amended proposals that will allow open-ended funds to put money in UCITS III funds, a move that surely will please money managers. The change in heart apparently is the result of efforts by managers to convince the CESR that open-ended funds use closed-end funds to gain access to specialized or illiquid investments, according to Citywire. Ian Sayers, deputy director general of the Association of Trust Companies said that his group argued that closed-end funds should be treated as securities. The CESR's new proposal has been sent on to the European Commission, which has the final word on the matter.