Cross-border distribution of investment funds in Europe


On 12 July 2019, the Official Journal of the European Union published the new EU cross-border fund distribution directive and regulation:

EU member states must include the Directive into national law by 2 August 2021. The main changes to the UCITSD and AIFMD are the following:

  • Removal of the requirement to appoint a local entity fulfilling the paying – and/or information agent function for UCITS and for AIFs distributed to retail investors

  • Implementation of uniform rules for the de-notification process, in case UCITS or AIFs shall no longer be marketed in a member state

  • Implementation of uniform definition and conditions for AIF ‘pre-marketing’ to professional investors

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