It is necessary to fill in the regulatory gap and align the procedure for notifying competent authorities of changes regarding UCITS with the notification procedure laid down in Directive 2011/61/EU. That Regulation and this Directive should collectively further coordinate the conditions for fund managers operating in the internal market and facilitate cross-border distribution of the funds they manage. That Regulation lays down additional rules and procedures concerning undertakings for collective investment in transferable securities (UCITS) and alternative investment fund managers (AIFMs). This Directive is complemented by Regulation (EU) 2019/1156 of the European Parliament and of the Council ( 5).
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Having regard to the opinion of the European Economic and Social Committee ( 1),Īcting in accordance with the ordinary legislative procedure ( 2),Ĭommon objectives of Directive 2009/65/EC of the European Parliament and of the Council ( 3) and Directive 2011/61/EU of the European Parliament and of the Council ( 4) include ensuring a level playing field among collective investment undertakings and removing restrictions to the free movement of units and shares of collective investment undertakings in the Union, at the same time ensuring more uniform protection for investors. While those objectives have been largely achieved, certain barriers still hamper the ability of fund managers to fully benefit from the internal market. Having regard to the proposal from the European Commission,Īfter transmission of the draft legislative act to the national parliaments, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) thereof,
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, DIRECTIVE (EU) 2019/1160 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCILĪmending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings
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