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
Sobre este documento
Tipo de publicação
Autor
Domínio de intervenção
Palavra-chave
- aplicação de capitais
- aproximação das legislações
- Autoridade Europeia dos Valores Mobiliários e dos Mercados
- comercialização
- direito da União Europeia
- direito de estabelecimento
- emprego
- EMPREGO E TRABALHO
- EMPRESAS E CONCORRÊNCIA
- FINANÇAS
- forma jurídica de sociedade
- fundo de investimento alternativo
- fundo OICVM
- gestão administrativa
- gestão financeira
- holding
- instituições da União Europeia e função pública europeia
- instituições financeiras e crédito
- INTERCÂMBIOS ECONÓMICOS E COMERCIAIS
- livre circulação de capitais
- livre prestação de serviços
- prestação de serviços
- proposta (UE)
- regulamentação financeira
- sociedade de investimento
- UNIÃO EUROPEIA
- valores mobiliários