Cross Border Fund Distribution
Proposal for a Directive on facilitating cross-border distribution of collective investment funds.
CROSS BORDER FUND DISTRIBUTION
Directive (EU) 2019/1160 on facilitating cross-border distribution of collective investment funds. It reviews the current Directive 2009/65/EC (UCITS) and Directive 2011/61/EU (AIFMD)
Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment funds. It reviews the current Regulations (EU) No 345/2013 and (EU) No 346/2013 on EuVECA and EuSEF
The EC's aim is to reduce regulatory obstacles to cross-border distribution of investment funds, notably by:
- Improving transparency with regard to the legal and administrative requirements (notification, marketing material, local support to investors, etc.) requested by the European Union and Member States in this area as well as fees charged by national authorities
- Guaranteeing more consistency in the method of calculating these costs
- Proposing a harmonized definition of pre-marketing
- Specifying the administrative requirements called “facilities” imposed by some national authorities
The EC expects from these measures a simplification of the procedures for distribution of funds as well as a reduction of induced costs, and correlatively an increase in the cross-border distribution of the latter.
Entry into force: 1 July 2019