Trial Try full digital access and see why over 1 million readers subscribe to the FT. For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news. Digital Be informed with the essential news and opinion. Delivery to your home or office Monday to Saturday FT Weekend paper — a stimulating blend of news and lifestyle features ePaper access — the digital replica of the printed newspaper. Team or Enterprise Premium FT. Pay based on use. One reason was that the process for registering a UCITS on a cross-border basis was left to the discretion of each host jurisdiction, which led to considerable variance not only in the documentation required by various regulators in host jurisdictions but also the time regulators in host jurisdictions took to review and consider the product for approval in the respective host jurisdiction.
This variance resulted in frustration for investment firms, especially those with UCITS umbrella funds that launched new sub-funds. In many cases, it was possible to be one or even two prospectuses behind the home jurisdiction prospectus in those host jurisdictions that took the longest to approve passported UCITS for sale.
These guidelines harmonised the UCITS passporting procedure which all host jurisdictions are obliged to follow. These guidelines remain the current guidelines for UCITS wishing to market shares cross-border into a host jurisdiction. Cross-border registration of funds within the EU Under the CESR guidelines, a UCITS must submit its prospectus, simplified prospectus, latest annual report and, if it has a subsequent semi-annual report, the semi-annual report , and constitutional documents, as well as evidence of authorisation by the home jurisdiction.
These documents are usually required to be translated into the national language of the host jurisdiction. Once filed with the regulator in the host jurisdiction, the review period is two months. A regulator in a host jurisdiction should not comment on the substance of a UCITS which has been authorised by another EU member state.
As noted above, each UCITS, although authorised to be marketed on a commercial basis in its home jurisdiction, therefore must also comply with the different regulatory regimes of each host jurisdiction in which it wishes to sell its shares.
Certain institutional Italian investors must also receive an informative note nota informativa containing additional information for Italian investors. In part, the French addendum is meant to provide additional information to French investors so they receive the same information about a UCITS as a French investor investing in a French fund would receive. The requirements for local contracts can differ from jurisdiction to jurisdiction.
For example:. Germany A foreign UCITS cannot submit an application to passport into Germany until it has a finalised, executed paying agency agreement with a German paying agent. They have an identical business structure to a long short funds but tend to charge slightly lower fees. Please note we are referring to funds and not management companies. Read more. Are you a fund manager? List your fund. As such, fund managers must start to make significant plans for how they will adjust to this new market structure environment and embrace even more transparency.
The aim is to provide even greater protection to investors. Perhaps not. This remains a known unknown. However, Priips goes further. The problem, however, as Alain Rocher, Head of Knowledge Management, Societe Generale Securities Services, points out, is that certain funds are the underlying investments of unit-linked insurance vehicles. But from a pure branding point of view, AIFMD will likely need to go through one or two more iterations before AIFs start to resonate with professional investors.
Part 1. Part 1 Distribution is a critical consideration for those wishing to market their hedge funds into Europe. Independence between depositary and asset manager Another important point under UCITS V is that there is independence of asset managers and depositaries within the same group. Third country passport One catalyst for increased distribution of AIFs in Europe will be the third country passport.
Transparency reporting On the reporting side, there is going to be a significant uptick in the amount of information required on order, trades and transactions. Find out more:. The investor in search of confidence In a rapidly changing world, asset managers need to find trusted partners who can reassure their clients and enable them
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