ICI Global  lauds the European Commission’s (“Commission”) effort to remove barriers to cross-border fund distribution.  We encourage the co-legislators to agree ambitious changes to ease distribution, lower investor costs, and increase investor fund choices and recommend the following amendments to the Commission’s proposals (discussed in more detail in the attached position paper):
• Amend the Commission’s proposal to reflect clearly its intent to prohibit host Member States from requiring a physical presence to be established by either the UCITS management company or an appointed third entity to provide facilities to service investors; 
• Enable all management companies to pre-market funds (not just AIFMs), including through the presentation of draft and near-final information documents to investors (e.g. draft offering memorandum);
• Clarify that the provision of information on investment strategies or investment ideas to third-party distributors does not constitute pre-marketing;
• Clarify that after a fund’s establishment, own-initiative subscriptions from investors to whom a fund did not pre-market shall not trigger a marketing notification;
• Introduce provisions to enable a UCITS fund to access the single market passport through a single notification,  akin to the registration of EuVECA and EuSEF and the MiFID services passport; 
• Extend the scope of ESMA’s mandate to standardise the content and transmission of marketing notifications  to include the standardisation of updates to notifications that have been previously submitted;
• Expand the proposed ESMA central database of funds and management companies  to act as a single central “hub” for notifications and fund documentation (e.g., KIIDs);
• Remove the proposed conditions for management companies to discontinue marketing in a host Member State because these conditions do not enhance investor protections afforded by existing obligations and may create unfairness between exiting and remaining fund investors. 
As noted by the Regulatory Scrutiny Board,  we recommend that the Commission continue to examine factors that affect cross-border distribution not covered by the initiative, including other impediments and barriers (e.g. tax and administrative arrangements) to the offering of funds and detract from the attractiveness of cross-border investment.
 ICI Global carries out the international work of the Investment Company Institute, the leading association representing regulated funds globally. ICI’s membership includes regulated funds publicly offered to investors in jurisdictions worldwide, with total assets of US$29.2 trillion. ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of regulated investment funds, their managers, and investors. ICI Global has offices in London, Hong Kong, and Washington, DC.
 Proposal for a regulation on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No 346/2013 and Proposal for a directive amending Directive 2009/65/EC and Directive 2011/61/EU with regard to cross-border distribution of collective investment funds
 Local facilities to perform the tasks specified in the revised Article 92 to the UCITS Directive (2009/65/EC).
 Building on the proposals in Article 11 of proposed Regulation to standardise notifications.
 New Article 14a(7) to the EuVECA Regulation
 New Article 15a(7) to the EuSEF Regulation
 Article 34, MIFID II and Article 92, MIFID in respect of the provision of certain investment services by AIFMs.
 Article 11, proposed Regulation.
 Article 10, proposed Regulation.
 Proposed new Article 83a to the UCITS Directive contained in Article 1(7), proposed Directive
 Opinion of the Regulatory Scrutiny Board SEC(2018)129 final.
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