UCITS IV
Towards a more efficient European funds market
The UCITS IV package of measures seeks to enhance efficiencies in Europe’s UCITS market by facilitating cross-border fund consolidation and improving regulatory notification and cooperation procedures.
A further key aim of UCITS IV is to simplify the information provided to investors. Additional regulatory, governance and organisational requirements and duties were also added to the Directive.
The deadline for implementation of the UCITS IV Directive was 1st July 2011 and Ireland is UCITS IV ready. The revised UCITS Regulations were issued along with the updated Central Bank UCITS Notices and Guidance Notes in advance of the July 1st deadline.
UCITS IV overview
The key features of UCITS IV are:
- Key Investor Information Document (KIID). A standardised two page document with pre-determined key headings and minimum technical content, available in hard or electronic copy and in the language of the country of distribution.
- Management Company Passport. A UCITS domiciled in one EU member state can be managed, distributed and administered by a Management Company authorised and supervised in another EU member state to facilitate cross-border management.
- Cross-border mergers. A harmonised framework for cross-border mergers of investment funds to facilitate the consolidation of fund ranges.
- Master-feeder structure. Master-feeder structures can be used to facilitate asset pooling from local market UCITS feeder funds.
- Simplified notification process. The home regulator has 10 days to transmit the filing, reducing the current notification period from two months to 10 days.
There are also a number of mandatory requirements closely aligned to the provisions of MiFID relating to organisational rules, managing conflicts of interest and rules of conduct in addition to new risk management requirements.
Read about our UCITS IV services or contact a member of our UCITS IV team.
Learn more
KIID workshop - recording and presentation
On April 27 2011 IFIA hosted a workshop with the Central Bank to discuss the proposals for the practical implementation of the KIID.
UCITS IV operational impacts
Presentation on the implications of the key provisions of the UCITS IV Directive.
UCITS IV key features
Taking a look at some of the key aspects of the Directive
UCITS IV impact
What are the strategic and operational implications of UCITS IV for investment managers and fund service providers?
Our approach to problem solving can uncover new opportunities for your company and through UCITS IV we can deliver novel solutions that will give you a competitive advantage in this emerging market.
Master-feeder UCITS
Deloitte article in Accountancy Ireland discussing the opportunities and challenges presented by the new master-feeder structure under UCITS IV.
UCITS IV - the evolution continues
Deloitte flyer providing an overview of UCITS IV
Related links
Contact us
Deirdre Power
Partner, Investment Management Advisory
T: +353 1 417 2448
Alan Cuddihy
Director, Investment Management Advisory
T: +353 1 417 2444
Or any member of our team