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UCITS Directive

Directive 2009/65/EC (amended by Directive 2014/91/EU) – 13.07.2009

On 13 July 2009 the European Union adopted Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). This directive replaces the previous UCITS Directive 85/611/EEC.

See also:

CESR technical input – February-December 2009

On 13 February 2009 the Commission sent to the Committee of European Securities Regulators (CESR) a “Provisional request for technical advice on the new UCITS Directive implementing measures”.

On 28 October 2009 CESR submitted to the Commission the first part of its technical advice.

On 21 December 2009 CESR submitted to the Commission the second part of its technical advice.

Public consultation on possible adjustments to the UCITS Directive – 07.09.2007

The comments to this consultation can be accessed via the following link:

The public consultation was closed on 15 June 2007.

Consultation document: see “Orientations for possible adjustments to UCITS Directive”.

Deepening the Single Market for UCITS Investment Funds: Open Hearing on Commission Initial Orientations – 26.04.2007

On 22 March 2007 the European Commission published its initial orientations on the shape of possible adjustments to the UCITS Directive. The objective of the Open Hearing was to have an open exchange of views on the substance and potential impacts of these initial orientations.

Presentations made by the speakers

Orientations for possible adjustments to the UCITS Directive – 22.03.2007

The deadline for reactions to this consultation document was 15.06.2007.

Alternative investments

Proceedings from High-Level Conference on Private Equity and Hedge Funds – 26-27.02.2009

The European Commission organised a High-Level Conference on Private Equity and Hedge Funds, on 26 and 27 February 2009.

The conference brought together representatives of the hedge fund and private equity industries, investors, members of the regulatory community and other experts to discuss emerging policy issues in these sectors. The conference focused in particular on financial stability, transparency and investor protection. The conclusions from these discussions, coupled with the results of the public consultation on hedge funds, will feed in to the European Commission’s review of the adequacy of supervisory and regulatory arrangements for all financial market actors in the context of the financial crisis.

Presentations and/or speeches made by the speakers

Feedback on public consultation on Hedge Funds – 18.12.2008

The European Commission held a public consultation on hedge funds. The consultation, which has now closed, sought input from all interested parties on a range of issues relating to the activities of hedge funds. Over 100 responses were received from a range of stakeholders. A summary of the contributions received has been published, accompanied by individual contributions (except where respondents requested confidentiality).

Expert Group on Alternative Investment Funds – 2006

16.11.2006 – Public Consultation on Expert Group Reports:
04.07.2006 – Reports of the Expert Group on Alternative Investment Funds:
31.01.2006 – Creation of the Expert Group on Alternative Investment Funds:

Key investor information

UCITS Disclosure Testing Research Report – 08.07.2009

The study tested the contents and form of the KII on a representative sample of retail investors and intermediaries, so that the KII could be developed and fine-tuned in the light of how well it was being understood and used by retail investors. The research was spread over two phases and used both qualitative and quantitative research techniques. The first phase focused on various approaches to the content and form of individual elements of the KII (e.g. information about risks or costs). The second phase focused on proposals for the KII document as a whole, building on the elements that worked best in the first phase. All proposals were developed with the input and aid of CESR, which has been developing in parallel its advice to the Commission on the content and form of the KII.

Key investor information (KII) workshop – 20.10.2008

Simplified prospectus workshops – 15.05 and 17.07.2006

17.07.20062nd Simplified Prospectus workshop
Summary

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Annotated agenda and annexes1pdf Choose translations of the previous link  - 2pdf Choose translations of the previous link  - 3pdf Choose translations of the previous link  - 4pdf Choose translations of the previous link  - 5pdf Choose translations of the previous link  - 6pdf Choose translations of the previous link 
Background information 1pdf Choose translations of the previous link 
Presentations1pdf Choose translations of the previous link  - 2pdf Choose translations of the previous link  - 3pdf Choose translations of the previous link  - 4pdf Choose translations of the previous link  - 5pdf Choose translations of the previous link  - 6pdf Choose translations of the previous link  - 7pdf Choose translations of the previous link 
 15.05.20061st Simplified Prospectus workshop
Summary1pdf Choose translations of the previous link 
Annotated agenda1pdf Choose translations of the previous link 
Background information and annexes1pdf Choose translations of the previous link  - 2pdf Choose translations of the previous link  - 3pdf Choose translations of the previous link  - 4pdf Choose translations of the previous link  - 5pdf Choose translations of the previous link  - 6pdf Choose translations of the previous link  - 7pdf Choose translations of the previous link  - 8pdf Choose translations of the previous link  - 9pdf Choose translations of the previous link 
Presentations1pdf Choose translations of the previous link  - 2pdf Choose translations of the previous link  - 3pdf Choose translations of the previous link 

Depository

Public consultation on the UCITS legislative modifications – 14.12.2010

Feedback on public consultation on the UCITS depositary function – 03.07.2009

Private placement

Publication of call for tender – 22.11.2008

The European Commission has published a call for tenderOpens a new window to analyse the economics and the regulatory background of private placement as well as to examine in detail obstacles to private placement across borders within the EU and the (additional) costs caused by this.

Impact Assessment report on Private Placement – 17.07.2008

Private Placement Workshops – 15.01.2008 and 07.02.2008

Call for evidence: Private Placement Regimes in the EU – 15.10.2007

The purpose of the call for evidence was to gather information and views from stakeholders as regards the need for and possible design of a European private placement regime.

Non-harmonised funds

Open Hearing on non-harmonised retail investment funds – 08.04.2008

European Commission organised an open hearing to gather stakeholder views on whether a single market framework should be put in place for some non-harmonised fund classes which are already offered to the retail public at national level.

Open-Ended Real Estate Funds

Public consultation on Open Ended Real Estate Funds, Expert Group Report – 31.07.2008

Expert Group on Open Ended Real Estate Funds – 13.03.2008

The European Commission has published an industry report analysing cross border market access barriers for nationally regulated open ended real estate funds. The report was prepared by the expert group on open ended real estate funds. This group was announced in the Commission's White Paper on the enhancement of the EU framework for investment funds.

Asset Management Policy

White Paper on Enhancing the Single Market Framework for Investment Funds – 16.11.2006

The Commission has developed the White Paper on the basis of extensive consultation and debate with consumers, industry practitioners and policymakers over a period of two years. It builds on responses to the Green Paper of July 2005, and on three reports from specially constituted expert groups (see below).

Commission sets out vision for modernising EU investment fund market (16.11.2006)

Background documents:

Public Consultation on Expert Group Reports – 16.11.2006

Open Hearing on Expert Group Reports – 19.07.2006

The Commission organised an Open Hearing on 19 July 2006. The objective of this hearing was to have a preliminary exchange of views on the industry EG reports on retail investment funds market efficiency, hedge funds and private equity funds.

Presentations and/or speeches made by the speakers

 

Expert Group reports on market efficiency and alternative investments and related documents – 04.07.2006

In January 2006, the European Commission appointed experts to two groups on investment fund market efficiency and alternative investments. The experts were charged with analysing ways in which the European environment for their sector could be improved. The groups met on a regular basis over the period February-June. The reports presenting the analysis and related recommendations of the expert groups are accessible below.

Creation of the two Expert Groups – 31.01.2006

The Green Paper on the enhancement of the EU framework for investment funds provides for the creation of two expert groups, one on market efficiency and the other on alternative investment funds.

Expert Group on Investment Fund Market Efficiency:

Expert Group on Alternative Investment Funds:

Green Paper on the enhancement of the EU framework for investment funds – 12.07.2005

Public Consultation on the Green Paper

The public consultation on the Green Paper was closed on 15.11.2005.

The UCITS Review Open Hearing

As part of the Commission's consultation on the "enhancement for the EU framework for investment funds", (COM (2005)314), the European Commission hosted an Open Hearing in Brussels on 13th October 2005. The Open Hearing brought together investors, industry players, consumer representatives and policy makers to stimulate debate on whether the Commission has set the right priorities in the Green Paper, thus helping to shape the direction of future EU level work in this field.

Background documents