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UCITS IV guide – removing barriers to Europe’s single fund market

15 February 2011 by Olivier Sciales | Comments (1) | Share

Dear readers of our UCITS IV blog, The European Union’s latest directive on undertakings for collective investment in transferable securities, known as Ucits IV, which was formalised on July 13, 2009,will take effect from July 1 this year, the deadline for transposition of the directive into the national law of EU member…

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Luxembourg finance minister confirms Ucits IV transposition before year-end

7 December 2010 by Olivier Sciales | Comments (0) | Share

Luxembourg finance minister Luc Frieden has confirmed that the legislation transposing the European Union’s Ucits IV Directive into national law will be approved by Parliament before the end of this year, making it the first EU member state to implement the investment funds directive. Speaking at the opening of the PwC…

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UCITS IV cross-border mergers – general overview

25 November 2010 by Olivier Sciales | Comments (0) | Share

The Ucits IV directive covers both domestic and cross-border fund mergers of Ucits funds, involving all kinds of funds – contractual, corporate and unit trusts. Mergers can involve entire umbrella fund structures or only certain sub-funds. The merger techniques used may vary from one EU member state to another (not all…

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UCITS IV cross-border distribution – general overview

25 November 2010 by Olivier Sciales | Comments (0) | Share

The simplified notification procedure is designed to remove bottlenecks in the procedure for cross-border distribution of Ucits funds. Power to grant the ‘passport’ is held by the fund’s home state regulator, while the regulators of member states into which the fund is to be marketed have no power of veto or delay,…

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UCITS IV management company passport – general overview

25 November 2010 by Olivier Sciales | Comments (0) | Share

Under Ucits IV, a company authorised in its home member state to manage Ucits funds may manage funds domiciled in any EU member state. This means that for the first time the regulator of a Ucits fund may be different from that of the fund’s management company. The Ucits IV rules for management companies apply [...]

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UCITS IV Key Investor Information Document – general overview

25 November 2010 by Olivier Sciales | Comments (0) | Share

The Key Investor Information Document (KIID) is a short document designed to describe the fund in terms that investors should find straightforward and easy to grasp, in a standardised format over two A4 pages. Its aim is both to improve understanding among retail clients of how funds operate and what risks they entail,…

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UCITS IV master-feeder structures – general overview

25 November 2010 by Olivier Sciales | Comments (0) | Share

Ucits IV brings master-feeder fund structures within the remit of the Ucits regime, around a decade and a half after they proved one of the stumbling blocks that led to the ‘Ucits II’ proposals being abandoned. The new directive defines a feeder fund as one authorised to invest at least 85 per cent of its assets [...]

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Luxembourg bill of law transposing the UCITS IV Directive

27 September 2010 by Olivier Sciales | Comments (0) | Share

On 6 August 2010, the Luxembourg Ministry of Finance submitted to the Chamber of Representatives a draft law intended to transpose the “UCITS IV Directive” into domestic legislation. The bill as submitted to the Luxembourg Parliament is expected to replace the already existing Law of 20 December 2002 on undertakings…

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