This document is an excerpt from the EUR-Lex website
EU notification procedure for UCITS
EU notification procedure for UCITS
EU notification procedure for UCITS
EU notification procedure for UCITS
SUMMARY OF:
WHAT IS THE AIM OF THE REGULATION?
It sets out in detail procedures and forms the national authorities must use when transmitting information electronically to each other as required by Directive 2009/65/EC on rules concerning undertakings for collective investment in transferable securities (UCITS).
These procedures and forms are necessary to ensure that the process and communication operate smoothly when a UCITS* wishes to market its products in another EU country.
KEY POINTS
The regulation develops uniform conditions for implementing the basic UCITS legislation (Directive 2009/65/EC). This directive gives the European Commission the power to adopt implementing acts laying down in more detail procedural aspects of the original law.
A UCITS wishing to operate in another EU country must first submit to its own national authorities a standard notification letter of its intention. This contains the management company’s basic details in the form prescribed in the annex to this regulation.
National authorities:
This regulation establishes procedures for cooperation in case of verifications and investigations carried out in the territory of another EU country.
The competent authorities have to:
This regulation also sets out standards for exchange of information between the competent authorities in the EU which cover all serious measures taken against UCITS, including any change in a UCITS’ status, such as withdrawal of its authorisation.
FROM WHEN DOES THE REGULATION APPLY?
It has applied since 1 July 2011.
BACKGROUND
For more information, see:
KEY TERMS
MAIN DOCUMENT
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)
RELATED DOCUMENTS
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) (OJ L 302, 17.11.2009, pp. 32-96)
Successive amendments to Directive 2009/65/EC have been incorporated in the original text. This consolidated version is of documentary value only.
last update 22.10.2018