European Securities Regulation - UCITS - July 9, 2009

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UCITS Directive 2009/65/EC, also known as UCITS IV, was adopted by the Council of the European Union on June 22, 2009. It replaces the previous UCITS Directive 85/611/EEC, and provides for common rules for setting up and operating investment funds in the EU. The final text of UCITS IV was published in the official journal of the European Union on November 17, 2009. European Union member states were given until July 1, 2011 to implement this directive.

UCITS, or 'Undertakings for Collective Investment in Transferable Securities', are a series of directives that were created with the purpose of allowing collective investment schemes to operate freely throughout the EU member states, without having to worry about the different financial regulation in each member state. This was done in an attempt to create a single market for financial services in Europe.

The UCITS IV directive contains several changes from the previous UCITS III directive, including:

  • Notification Procedure
  • Key Investor Information (KII)
  • Adapted Framework for Mergers
  • Master-Feeder Structures
  • Cooperation between Member State Supervisory Authorities
  • Management Company Passport

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