The Operational Impact of UCITS IV
| Date: | December 2010 |
| Author: | Hilary Martin |
Intelligence members voted for this research in January in light of the European UCITS IV Directive due to become effective in July 2011, designed to make the cross-border UCITS market more efficient.
However when the implementation rules are published in July 2010, each national regulator will be responsible for implementing the rules into their own legislation; different authorities are free to interpret the regulations differently, which may give rise to variations across the EU member states. Furthermore the uncertain timeline for the proposed implementation is generating questions about what activities firms should be undertaking and when.
This Intelligence topic was run as a series of three workshops with six key topics covered:
- Key Investor Information (KII)
- Management Company Passport
- Notification
- Master-feeder structures
- Fund mergers
- Regulator co-operation
Table of contents
| Management Summary | 1 | |
| 1 | Introduction | 3 |
| 1.1 | The scope | 4 |
| 2 | Key Features of UCITS IV | 5 |
| 2.1 | Key Investor Information Document (KIID) | 6 |
| 2.2 | Management Company Passport (MCP) | 7 |
| 2.3 | Notification procedure | 8 |
| 2.4 | Master-feeder structures | 9 |
| 2.5 | Fund mergers | 10 |
| 2.6 | Regulator co-operation | 11 |
| 3 | The Operational Impact of UCITS IV | 13 |
| 3.1 | Results of UCITS IV questionnaire | 14 |
| 3.2 | Assessment of the impact | 17 |
| 4 | State of Play for the Key Investor Information Document | 19 |
| 4.1 | Production of the KIID | 20 |
| 4.2 | Impact on other client reports | 22 |
| 4.3 | The German PIB | 23 |
| 4.4 | Transitioning to the KIID | 24 |
| 5 | Workshop 1: Key Investor Information | 25 |
| 6 | Workshop 2: Management Company Passport | 29 |
| 7 | Workshop 3: The KIID Revisited | 33 |
| 8 | Guidelines and Supporting Documents | 39 |
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