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Strengthening global competitiveness of EU investment funds

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Strengthening global competitiveness of EU investment funds

Directive 2009/65 - strengthening global competitiveness of EU investment funds (UCITS)

ACT

Directive 2009/65/EC 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)

SUMMARY

Undertakings for collective investment in transferable securities (UCITS) are investment funds* regulated at European Union level. This directive sets out the main regulatory framework governing UCITS.

WHAT DOES THIS DIRECTIVE DO?

It lays down common rules on investment funds in the EU, thus facilitating the cross-border offer of UCITS.

KEY POINTS

The main aims of the directive are to:

  • offer investors a wider choice of product at lower cost through a more efficient UCITS market in the EU, better investor information and more efficient funds supervision,
  • keep Europe’s investment sector competitive by adjusting the rules to market developments.

In particular, this directive lays down rules on:

  • investor information via a standardised summary information document to make it easier for the consumer to understand the product,
  • a genuine European passport for UCITS management companies, thus allowing, a management company located in one EU country to manage funds in other EU countries,
  • marketing of UCITS in other countries, e.g. through simplified administrative procedures,
  • mergers of UCITS in other countries,
  • stronger supervision of UCITS and of the companies that manage them, e.g. through enhanced cooperation between national financial services supervisors.

Directive 2009/65 is the fourth version of UCITS legislation, replacing UCITS Directive 85/611/EEC.

Directive 2009/65 was amended by Directive 2014/91/EU (UCITS V) which introduced new rules on UCITS depositaries (the asset-keeping entity), e.g. the entities eligible to assume this role, their tasks, delegation arrangements and the liability of depositaries.

WHEN DOES THIS DIRECTIVE APPLY?

As of 7 December 2009.

For more information, see:

KEY TERMS

*Investment funds: investment products created with the sole purpose of gathering investors’ capital, and investing that capital collectively through a portfolio of financial instruments such as stocks, bonds and other securities.

REFERENCES

Act

Entry into force

Deadline for transposition in the Member States

Official Journal

Directive 2009/65/EC

7.12.2009

30.6.2011

OJ L 302, 17.11.2009, pp. 32-96

Amending act(s)

Entry into force

Deadline for transposition in the Member States

Official Journal

Directive 2010/78/EU

4.1.2011

31.12.2011

OJ L 331, 15.12.2010, pp. 120-161

Directive 2011/61/EU

21.7.2011

22.7.2013

OJ L 174, 1.7.2011, pp. 1-73

Directive 2013/14/EU

20.06.2013

21.12.2014

OJ L 145, 31.5.2013, pp. 1-3

Directive 2014/91/EU

17.9.2014

18.3.2016

OJ L 257, 28.8.2014, pp. 186-213

Successive amendments and corrections to Directive 2009/65/EC have been incorporated in the basic text. This consolidated version is for reference purpose only.

RELATED ACTS

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 (OJ L 176, 10.7.2010, pp. 1-15).

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 (OJ L 176, 10.7.2010, pp. 16-27).

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 (OJ L 176, 10.7.2010, pp. 42-61).

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 (OJ L 176, 10.7.2010, pp. 28-41).

last update 15.09.2015

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