The long expected Directive (EU) 2019/1160 regarding cross-border distribution of collective investment funds amending the UCITS Directive and the AIFM Directive (the Directive) as well as the Regulation (EU) 201/1156 on facilitating cross-border distribution of collective investment funds and amending the EuVECA and the EuSEF Regulations (the Regulation) were published in the Official Journal of the European Union on 12 July 2019. The objective of the Directive and Regulation is to remove barriers to cross-border distribution of investment funds and provide adequate protection to investors.
The new rules laid down by the Directive and Regulation applies to alternative investment fund managers, UCITS management companies, EuVECA managers and EuSEF managers.
Further information on the Directive and the Regulation can be obtained in the previous BSP newsletter of July 2019 (and can be read here).
The full application of the Regulation and the Directive will be as of 2 August 2021.