New Regulatory Framework for the Cross-border Distribution of Investment Funds
The EU’s new regulatory framework facilitating the cross-border distribution of collective investment undertakings was published in the EU’s Official Journal on 12 July 2019. The new framework, which is intended to provide clarity for fund managers that want to market their products across the EU comprises:
- Regulation 2019/1156 on facilitating cross-border distribution of collective investment undertakings and amending the EUVECA Regulation 345/2013, the EUSEF Regulation 346/2013 and the PRIIPs Regulation 1286/2014 (the “Regulation”) (here); and
- Directive 2019/1160 which amends the UCITS Directive 2009/65 and the Alternative Investment Fund Managers Directive 2011/61 (“AIFMD”) in certain respects (the “Directive”) (here).