Vote on UCITS IV: A big step for investment funds

The position taken by the European Parliament’s Economic and Monetary Affairs Committee (ECON), and the general approach on the text confirmed by EU Member States at the ECOFIN Council meeting, are an important milestone in the adoption process of UCITS IV. Funds | 04.12.2008 05:09 Uhr
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The European Fund and Asset Management Association (EFAMA) welcomes today’s vote on UCITS IV. The position taken by the European Parliament’s Economic and Monetary Affairs Committee (ECON), and the general approach on the text confirmed today by EU Member States at the ECOFIN Council meeting, are an important milestone in the adoption process of UCITS IV.

Enhancement of efficiency through Management Company Passport

The new directive will significantly enhance the industry’s efficiency through the acceleration of the notification procedure, new rules on mergers and master-feeder funds as well as the newly introduced Management Company Passport. The new concept of Key Investor Information will boost an already high level of investor protection. The fund industry is confident that the Directive can be adopted in early 2009.

Commenting, Mathias Bauer, President of EFAMA, said:

“Today’s vote is a major step towards an efficient internal market. By including the management company passport into the UCITS Directive, MEPs and Member States have demonstrated their strong will to extend to fund management the freedom to provide services across the European Union. Together with the new arrangements for supervisory cooperation, mergers and master-feeder structures as well as clear provisions on key investor information, the fund industry is in a better position to face the future.”

Peter De Proft, Director General of EFAMA, added:

“After many years of discussions, the reform of the EU legislative framework for investment funds will finally become a reality. The modifications adopted today are crucial to increase the efficiency and competitiveness of Europe’s fund industry. In particular we welcome the clear reduction in the length of the notification procedure. However, we regret that neither Parliament nor Council is proposing to establish a full level playing field between UCITS and other competing products for which a three-day approval period applies.”



UCITS (Undertakings of Collective Investment in Transferable Securities) are EU-regulated investment funds. Introduced in 1985, the directive was modified in 2002/03. The current so-called “UCITS Efficiency Package” contains six measures:

- The Management Company Passport allows for cross-border management of investments funds whilst centralizing administrative and management functions. The passport was not part of the original Commission’s proposal.

- Reduction of the notification procedure time for funds that wish to distribute in other countries. Whereas the Commission proposed one month, the Prospectus Directive covering other retail products foresees three working days.

- Key investor information: A new concept of short, concise and harmonised key elements for investor information replacing the lengthy and complicated simplified prospectus.

- Establishment of a new framework for fund mergers. Currently, no rules exist in this area at EU level.

- Establishment of a new framework for master-feeder structures. Until now there is no EU regulation for such structures.

- Supervisory cooperation: Modernization of provisions on supervisory cooperation and their alignement with recent financial market legislation.

EFAMA is the representative association for the European investment management industry. EFAMA represents through its 24 member associations and 42 corporate members about €14 trillion in assets under management of which €6.8 trillion managed by around 53,000 investment funds at end September 2008. For more information, please visit www.efama.org.

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