Cross-border distribution of investment funds
The Directive on Undertakings for Collective Investment in Transferable Securities (UCITS) provides for strong investor protection and creates a label for European retail investment funds. The Directive on Alternative Investment Fund Managers (AIFM) lays down rules for the authorisation, supervision and oversight of managers of non-UCITS funds, i.e. alternative investment funds (AIFs). Facilitating cross-border investment remains an essential part of the European Commission's action plan on building a capital markets union (CMU); the current legislative initiative is limited to facilitating further the cross-border distribution and supervision of UCITS and AIFs, mainly by reducing national regulatory barriers. This briefing presents the rationale for both the existing legislation and the new legislative proposal, as well as the positions of the institutional bodies and stakeholders.
Briefing
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Tipo de publicación
Autor
Palabra clave
- aproximación de legislaciones
- ASUNTOS FINANCIEROS
- comercialización
- derecho de establecimiento
- Derecho de la Unión Europea
- empleo
- EMPRESA Y COMPETENCIA
- forma jurídica de la sociedad
- gestión administrativa
- gestión financiera
- holding
- instituciones financieras y de crédito
- INTERCAMBIOS ECONÓMICOS Y COMERCIALES
- libre circulación de capitales
- libre prestación de servicios
- prestación de servicios
- sociedad de inversión
- TRABAJO Y EMPLEO
- UNIÓN EUROPEA
- valor mobiliario