Revision of the UCITS Directive

Public consultation on UCITS (26.07.2012)

The Commission services launched a UCITS consultation that focuses on UCITS product rules, extraordinary liquidity management tools, depositary passport, money market funds, and long-term investments.

• Press release
• Consultation

Proposal for a directive amending Directive 2009/65/EC

On 3 July 2012 the Commission adopted a proposal for a directive amending Directive 2009/65/EC as regards depositary functions, remuneration policies and sanctions.

• Link to proposal(108 KB)  
• Impact Assessment:
  • Summary(28 KB)  
  • Full text(2 MB)  
• Press Release
• FAQs
• Citizens’ summary(32 KB)  

Implementing measures under Directive 2009/65/EC (Recast of Directive 85/611/EEC)

On 1 July 2010 the Commission completed a programme of improvements to the EU framework for investment funds by adopting four implementing acts (two Directives and two Regulations) under Directive 2009/65/EC.

• Press release (01.07.2010)
• Regulations
  • Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website
  • Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities
• Directives
  • Commission Directive 2010/42/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure
  • Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company

The Commission Regulation on key investor information should be read alongside the guidelines published by CESR (the Committee of European Securities Regulators) on 1 July 2010.

• Guideline on the methodology for the calculation of the synthetic risk and reward indicator in the Key Investor Information Document (Ref. CESR/10-673)
• Guideline on the methodology for calculation of the ongoing charges figure in the Key Investor Information Document (Ref. CESR/10-674)

On 12 April 2010 the European Securities Committee voted in favour of the draft implementing measures listed below. The measures build on CESR’s technical advice and have been prepared in co-operation with the European Securities Committee (the 'comitology committee').

• Draft Commission Directive(161 KB)  implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflict of interests, conduct of business, risk management and the content of the agreement between a depositary and a management company.
• Draft Commission Regulation(118 KB)   implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website.
• Draft Commission Directive(110 KB)   implementing Directive 2009/65/EC of the European Parliament and of the Council as regards fund mergers, master-feeder structures and notification procedures.
• Draft Commission Regulation(118 KB)   implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and contents of standardised notification and attestation letters, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities.

The drafts in 22 EU official languages can be consulted via comitology register.

The draft measures are accompanied by:

• Executive Summary(58 KB)   of the Commission’s Impact Assessment of the proposed measures
• The full Impact Assessment(823 KB)  

(1) CESR technical input

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”. The provisional character of this mandate was related to the fact that at that time the new Directive still awaited its final adoption. Due to the significant number of implementing powers the provisional request has been divided into three parts: Part I covers priority areas where the Directive obliges the Commission to adopt implementing measures. They mostly aim at securing the smooth operation of the management company passport. Part II is devoted to implementing measures which allow the key investor information to become an operational tool. Part III covers areas such as fund mergers, master/feeder structures and the notification procedure.

• Provisional request for advice
  • Letter from the Director General   
  • Mandate   
  • Recast of the UCITS Directive  (provisional edition)

On 28 October 2009 CESR submitted to the Commission the first part of the technical advice covering areas related to the management company passport, key investor information and supervisory co-operation between competent authorities.

• Letter from the Chairman of CESR   
• Technical advice relating to the first part of the mandate   
• Technical advice relating to the second part of the mandate   

On 21 December 2009 CESR submitted to the Commission the second part of its technical advice relating to fund mergers, master-feeder structure and notification procedures. For the purposes of the key investor information disclosure CESR provided the Commission with methodologies for calculation of the synthetic risk and reward indicator and the ongoing charges.

• Letter from the Chairman of CESR  
• Technical advice relating to the third part of the mandate  
• Methodologies (1   , 2   )

13.07.2009 – Adoption of the Directive 2009/65/EC (Recast of the Directive 85/611/EEC)

Directive 2009/65/EC(2 MB)   of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast).

16.07.2008 – Recast of the Directive 85/611/EEC

The proposed changes to the UCITS Directive will remove administrative barriers to the cross-border distribution of UCITS funds, create a framework for mergers between UCITS funds, allow the use of master-feeder structures, replace the Simplified Prospectus by a new concept of Key Investor Information and improve cooperation mechanisms between national supervisors.

• Press Release (16.07.2008)
   
• Frequently asked questions (FAQs)
• Recast of the Directive 85/611/EEC(503 KB)  
• UCITS Proposed Amendments:
  • Citizen’s summary(89 KB)  
  • Impact assessment
    • Executive Summary  
    • Full text(873 KB)  

07.09.2007 – Public consultation on possible adjustments to the UCITS Directive

The comments to this consultaiton can be accessed via the following link: contributions authorised for publication

Summary of stakeholder responses(178 KB)  

The public consultation was closed on 15th June 2007.

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

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

On 22nd 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.

• Programme(124 KB)  
• Flash Report from the Open Hearing  
• Full report(215 KB)  

Presentations made by the speakers

• Presentations from all the panels:
  • Gasperi room(220 KB)  
  • Mansholt room(101 KB)  

22.03.2007 – Orientations for possible adjustments to the UCITS Directive

Attached below are the initial orientations of the Directorate General Internal Market and Services (DG MARKT) outlining future possible adjustments to the EU single market framework for investment funds – the UCITS Directive. The Commission White Paper of November 2006 identified a series of changes to the UCITS Directive which are urgently needed. DG MARKT services made public their initial views on how best to realise these changes.

The consultation material published by DG MARKT services is preliminary in nature and without prejudice to any decision that the Commission as a whole may subsequently adopt in respect of these issues. The Commission retains full autonomy and initiative in determining the form and content of its ultimate proposal.

The deadline for reactions to this consultation document was 15.06.2007.

• Press release
   
• Overview of initial orientations for possible adjustments to UCITS Directive(79 KB)  
   
• Detailed consultation material relating to:
  • UCITS Notification procedure(165 KB)  
  • UCITS Management company passport(151 KB)  
  • Fund mergers(208 KB)  
  • Asset pooling(219 KB)  
  • Simplified Prospectus/investor disclosures(150 KB)  
  • Supervisory cooperation(91 KB)