Investment Funds (UCITS) (Directive)
The EU Commission has proposed an amended version of the existing directive for harmonised investment funds ("UCITS"). The proposal contains new rules simplifying cross-border marketing and mergers of investment funds. Moreover, investor information on UCITS shall be presented more concisely in the future.
The Commission's proposals aim at abolishing existing barriers to the EU internal market of investment funds which. as a result, will boost competition. Further, it allows for a reorganisation of the EU internal market for investment funds, yet without enforcing it. However, the authorisation procedure for UCITS already approved in an EU Member State takes 30 days, which is way too long. The EU Commission should reduce it.