UCITS Directive

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Directive 85/611 / EEC

Title: Council Directive 85/611 / EEC of December 20, 1985 on the coordination of laws, regulations and administrative provisions relating to certain undertakings for collective investment in transferable securities (UCITS)
Designation:
(not official)
UCITS Directive
Scope: EEA
Legal matter: Commercial law
Basis: EEC Treaty , Article 57
Procedure overview: European Commission
European Parliament
IPEX Wiki
Date of issue: December 20, 1985
Release date: December 31, 1985
Come into effect: December 24, 1985
To be
implemented in national law by:
October 1, 1989
Replaced by: Directive 2009/65 / EC
Expiry: July 1, 2011
Reference: OJ L 375 of December 31, 1985, pp. 3-18
Full text Consolidated version (not official)
basic version
Regulation has expired.
Please note the information on the current version of legal acts of the European Union !

The UCITS Directive (Council Directive 85/611 / EEC of December 20, 1985 on the coordination of legal and administrative provisions relating to certain undertakings for collective investment in transferable securities (UCITS) ) defines the special requirements for funds and their management companies. One focus here is the regulation of the permitted assets in which a UCITS may invest (English: eligible assets ). Detailed regulations on this subject are contained in the Implementing Directive 2007/16 / EC of the EU Commission.

designation

UCITS is the abbreviation for " Undertakings for Collective Investments in Transferable Securities " (French: OPCVM for Organisms de placement collectif en valeurs mobilières ; English: UCITS for Undertakings for Collective Investments in Transferable Securities ). In the European legal framework, this refers to investment funds that invest in legally defined types of securities and other financial instruments (securities funds).

Content and goals

UCITS are subject to authorization and are monitored by the financial supervisory authority (in Germany by the Federal Financial Supervisory Authority BaFin). The UCITS Directive also prescribes a number of mandatory information for investors. This includes the detailed and the simplified sales prospectus as well as the annual and semi-annual reports. This should ensure uniform standards for investor protection and facilitate the cross-border offering of investment funds. UCITS benefit from the “Europe Pass”, which allows them to be offered publicly in all EEA countries (EU plus Norway, Liechtenstein and Iceland), provided they are authorized in their home country.

In July 2008 the EU Commission presented a draft for the revision of the UCITS Directive (UCITS IV), which aims to further integrate the European fund market. In particular, it is planned to simplify the notification procedure for cross-border sales, to enable cross-border fund mergers and to introduce a new concept of investor information (so-called key investor information = KIID ), which is intended to replace the previous simplified sales prospectus .

Announcement and implementation

These changes are contained in Directive 2009/65 / EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to certain undertakings for collective investment in transferable securities (UCITS) (OJ L 302 of November 17, 2009 , P. 32) and replace the old UCITS Directive 85/611 / EEC . For their further implementation, the Directive 2010/43 / EU and Directive 2010/44 / EU were created. The implementation in German law took place through an amendment to the Investment Act on July 1, 2011. This was replaced by the Capital Investment Code on July 22, 2013 .

Web links

Individual evidence

  1. ^ Agreement on the European Economic Area