As part of its recently adopted package of measures in the context of the Capital Market Union, the Commission adopted proposals aiming at facilitating cross-border distribution of funds in the EU.
On 12th March, the European Commission published a package of measures aiming at reducing regulatory barriers to cross-border distribution of investment funds in Europe.
These modifications are, amongst others, focusing on the following areas :
- Introducing a definition of pre-marketing (AIFMD)
- Introducing new de-registration rules (AIFMD and UCITS)
- Amending existing rules on Administrative arrangements and local agents (AIFMD and UCITS)
The Commission also proposed the creation by ESMA of a database of regulatory fees and charges including information the national competent authorities will provide.
The current Commission and European Parliament mandate run until mid 2019, the co-legislators therefore have a year to agree on a final version of this initiative. The Council is the first to start working on this proposal as the Bulgarian presidency orgnanised this week a kick off meeting. Who will be dealing with this file has not yet been determined in the European Parliament, therefore this work stream will start in a few weeks.
- Directive on cross-border distribution of investment funds
- Regulation on facilitating cross-border distribution of investment funds
By Aurélie Cassou, Senior Adviser – European Affairs, ABBL & ALFI