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UCITS IV Directive

The objectives of the UCITS IV Directive and of the efficiency package it enacted are to further strengthen the single market for financial services, implement measures to reduce time delays and costs for bringing investment funds to market and more generally make operations and distribution more cost efficient.

The UCITS IV efficiency package proposes 5 pillars:

  • Management company passport where a UCITS can be managed and administered by a management company authorised and supervised in another EU member state
  • Master feeder structure rules are proposed to allow such structure on a local and cross-border basis
  • Cross-border merger mechanism to resolve current difference between EU regulatory regimes
  • Key investor information document that provides key features of a UCITS to investors in a comprehensive and predefined set of information
  • Simplified notification process by which a UCITS can be marketed immediately on a cross-border basis

UCITS IV intersects with many regulations and has been voted in Luxembourg in December 2011. All EU member states will have to enact the regulation within their legal framework in July 2011 at the latest.

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