Implementacija UCITS-a v nacionalno zakonodajo

PwC obvešča javnost, da morajo vse članice Evropske skupnosti (EU) do petka, 1. julija 2011, v nacionalno zakonodajo implementirati Direktive za Kontaktni odbor za usklajevanje zakonov, predpisov in upravnih določb, ki zadevajo podjetja za skupna vlaganja v prenosljive vrednostne papirje (UCITS).

V nadaljevanju preberite sporočilo vključujoč komentarje Thierry Blondeau, partnerja iz PwC Luxembourga.


UCITS IV Directive must be adopted by EU states by Friday - PwC comments on preparedness and impact

The Undertakings for Collective Investment in Transferable Securities Directive, known as UCITS IV, must be implemented into national law by all European Union (EU) member states by Friday 1 July.

Originally brought about to enable collective investment schemes to operate more freely and consistently across EU borders, the latest iteration of the Directive aims to improve both investor disclosures and the passporting of funds between countries. In addition to requirements for management companies and risk management functions, the biggest challenge is that investment firms will be required to issue a Key Investor Information Document (KIID) for each fund.

Commenting on the approaching deadline and the impact of UCITS IV, Thierry Blondeau, partner, PwC Luxembourg, said:

"Most of the 27 member states will meet the deadline with the likely exception of those consumed by economic difficulties or political distractions. Of course, having the Directive's provisions transposed into national legislation is not the same as having detailed implementation rules ready.

"The biggest challenge for fund managers now is getting ready for the KIID requirements. While most countries have decided to use the additional grandfathering option available until this time next year, many fund managers are aiming to be ready by February. The KIID is basically a one pager that should tell investors what they need to know about funds in a consistent way. Some of the larger players have thousands of KIIDs to produce, translate and distribute creating a time-consuming strain on resources."

The Directive also sees the creation of Management Company Passports, which will permit an asset management company authorised in one member state to operate a fund that is authorised in another. There are also provisions for cross-border UCITS mergers and master feeder structures.

Thierry Blondeau, partner, PwC Luxembourg, said:

"The ability to manage UCITS in multiple states from one location brings opportunities for the industry, not least the potential economies of scale available to the larger companies. There are currently major unresolved tax issues that make using the passport untenable in some cases. That said, there are opportunities to take advantage of the new possibilities offered by UCITS IV, including the passport, mergers and master feeders, but firms will have to analyse their situation on a case-by-case basis until further clarity is available."


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