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UCITS IV - Hot issues

UCITS IV - hot issues

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.

Your challenges

  • UCITS IV - Liquidity risk measurement
    Organisations face a range of challenges and opportunities every day, from rapid technological and regulatory change through to the emergence of new markets and competitors. Responding quickly is critical to success.
  • UCITS IV–ESMA guidelines and CSSF Circular 13/559 on ETFs and other UCITS issues
    The ESMA guidelines reconcile the previous dual regime for EPM, mainly governed by CSSF Circular 08/356, and OTC FDIs, mainly framed in CESR 10-788 guidelines, into a unified set of rules and a resulting new collateral management framework.

Learn more

  • ESMA's Q&A on ETFs and other UCITS issues (ESMA/2013/1547) - 10/12/2013
    On 27 November 2013, the ESMA published an updated version of the Q&A on ETFs and other UCITS issues. Compared to the previous versions dated of 15 March 2013 and 11 July 2013, this new version adds two Q&A’s.
  • Risk management services UCITS IV | Deloitte solution
    Adapting to the investment funds industry evolution, the recent UCITS IV Directive introduced several substantial new requirements for risk management.
  • UCITS IV: liquidity risk reporting - Understanding the liquidity of financial instruments | Brochure
    Under UCITS IV, funds must explicitly address liquidity risk. But regulatory guidelines, or meaningful and recognised market practices do not really exist.

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