FSA and HM Treasury publish joint consultation paper on implementation of UCITS IV Directive
UCITS IV introduces the following changes:
- a UCITS management company will be allowed to operate a UCITS fund authorised in a different EU Member State, without the need to be established in the Member State of the fund;
- the simplified prospectus will be replaced with a key investor information document;
- administrative barriers to the cross-border marketing of UCITS will be removed;
- a framework for mergers between UCITS funds will be created;
- provision will be made for 'master-feeder' structures, where a UCITS fund (feeder) will be allowed to invest the majority of its assets into another UCITS fund (master);
measures to improve co-operation between national regulators will be introduced.
Responses to the HMT and FSA consultation paper must be received by March 21, 2011.
Date December 22, 2010