The deadline for the transposition of the UCITS IV Directive into national legislation was 1 July 2011. However, most Member States (MS) have not yet fully transposed the Directive and its implementing measures. Late transposition can create difficult situations where some competent authorities may not have the legislative framework in place to allow a proper implementation of the Directive.
Without prejudice to any initiatives taken by the European Commission in case of late transposition by MS, ESMA intends to address the situation at an operational level in order to minimise, as far as pos-sible, the impact on industry and investors deriving from lack of transposition.
ESMA proposes in today's opinion practical arrangements for cross-border operations involving one MS that has not transposed the Directive.
(Source: European Securities and Markets Authority)
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