Cross-border distribution of investment funds
Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission put forward two legislative proposals: one for a regulation aligning national requirements for marketing funds and regulatory fees and harmonising the process and requirements for the verification of marketing material by national competent authorities, and the other for a directive harmonising the conditions under which investment funds may exit a national market and allowing European asset managers to engage in pre-marketing activities. Parliament and Council approved the texts agreed in trilogue on 16 April and 14 June 2019 respectively. The final acts were published on 12 July 2019. The directive’s provisions shall apply from 2 August 2021, and the regulation’s from August 2019, with some exceptions. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.
Briefing
Acerca de este documento
Tipo de publicación
Autor
Ámbito político
Palabra clave
- aproximación de legislaciones
- ASUNTOS FINANCIEROS
- Autoridad Europea de Valores y Mercados
- colocación de capitales
- comercialización
- derecho de establecimiento
- Derecho de la Unión Europea
- empleo
- EMPRESA Y COMPETENCIA
- fondo de inversión alternativo
- fondo OICVM
- forma jurídica de la sociedad
- gestión administrativa
- gestión financiera
- holding
- instituciones de la Unión Europea y función pública europea
- instituciones financieras y de crédito
- INTERCAMBIOS ECONÓMICOS Y COMERCIALES
- libre circulación de capitales
- libre prestación de servicios
- prestación de servicios
- propuesta (UE)
- reglamentación financiera
- sociedad de inversión
- TRABAJO Y EMPLEO
- UNIÓN EUROPEA
- valor mobiliario