The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is due to leave the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on the UCITS and AIFMD regimes, please see Practice Notes: Impact of Brexit: UCITS—quick guide and Impact of Brexit: AIFMD—quick guide.
This Practice Note provides an overview of Regulation (EU) 2019/1156 (the Regulation) and Directive 2019/1160/EU (the Directive) on facilitating the cross-border distribution of collective investment funds. This EU legislation forms part of the EU’s Capital Markets Union (CMU) programme and amends existing EU fund legislation (including the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 2009/65/EC (the UCITS Directive). It introduces a pre-marketing regime which enables, for instance, EU AIFMs to test investors’ interest in investment strategies before funds are registered for marketing in Member States. The legislation also contains rules intended to harmonise the disclosure of regulators’ fees and charges and introduces a procedure whereby marketing of funds can be discontinued in certain Member States. The legislation entered into force on 1 August 2019 and the Directive has to be implemented in EU Member States by 2 August 2021. Most of the provisions in the Regulation will also apply from 2 August
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