AIMA actively monitors and advocates on a variety of initiatives that will affect the operations of our members who manage UCITS funds. The undertakings for collective investment in transferable securities (UCITS) Directive is the main EU framework covering collective investment schemes.

Current work:

On 25 November 2021, the European Commission published a legislative proposal with targeted amendments to the AIFMD and the UCITS Directive. The Commission proposes to update the UCITS Directive to reflect proposed changes to the AIFMD where deemed necessary, for instance on liquidity management tools, delegation, and reporting. The proposals will now be scrutinised by the European Parliament and Council, before trilogue negotiations may begin to agree a final text. AIMA has prepared a summary of the proposals.

On 2 August 2021, the EU's Cross-Border Distribution of Funds (CBDF) regime came into effect. AIMA, together with AIMA Sponsoring Partners KPMG and Clifford Chance, have developed an implementation guide to assist AIFMs in addressing the new compliance requirements introduced under the CBDF Directive and CBDF Regulation

On 2 August 2021, Level 2 measures to integrate sustainability risks and factors into the UCITS Directive were published in the EU Ofiicial Journal. Directive (EU) 2021/1270 amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account for UCITS. Directive 2010/43/EU supplements the UCITS Directive (2009/65/EC) as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company. Requirements are to apply from 1 August 2022.

On 15 July 2021, the European Commission published a legislative proposal to extend the end of the UCITS exemption from the PRIIPs Regulation from 1 January 2022 to 1 July 2022.  The Council and European Parliament agreed to extend the UCITS exemption from the PRIIPs Regulation by a further 6 months compared to the Commission's proposal (i.e., until 31 December 2022).

Upcoming actions:

HM Treasury has announced that the current exemption for UCITS funds from the requirements of the onshored PRIIPs Regulation will be extended by five years to 31 December 2026.

(Last updated: 1 December 2021)

Other related workstreams

Financial Stability

Financial stability and the topics of liquidity risk management and risks related to the use of leverage are high on the agenda of global and regional supervisory bodies following COVID-19-related market events. AIMA continuously engages with various policymakers around the globe to share information and insights on our industry's management of such risks.


The increasing use of outsourcing by regulated entities is of growing importance to a number of supervisory authorities. ESMA guidelines on cloud outsourcing came into force on 31 July 2021. The CBI has issued a consultation paper on draft new outsourcing guidelines.

EU Remuneration

IFR/IFD remuneration requirements effective as of 26 June 2021. EBA have publish its updated IFD remuneration guidelines. Notable other EU remuneration requirements under AIFMD and the UCITS Directive are also linked.

UK Remuneration

New requirements for investment firms and CPMIs effective 1 January 2022. AIMA has responded to the FCA's third IFPR consultation which sought views on remuneration disclosure requirements. Final rules published on IFPR remuneration requirements.


Reporting requirements under various global supervisory regimes are complex and time-consuming. AIMA's advocacy focuses on the improvement of a more efficient and streamlined reporting framework across the reporting regimes. The European Commission published a proposal for a European Single Access Point and outlined its Supervisory Data Strategy, introducing a range of new initiatives and actions to improve EU-wide regulatory reporting.

Responsible Investment

AIMA's resources for implementing responsible investment (also known as 'ESG') and interpreting the relevant regulation. Notable research papers and relevant events are also linked.


Securitisation is a core feature of capital markets. It provides a mechanism by which illiquid loans originated by banks and finance companies are transferred to capital market investors. A reformed securitisation framework will help reduce the EU’s over-reliance on bank funding, while preserving the financing of the European economy. The UK is also consulting currently on potential reforms to its securitisation requirements.


The European Commission has published a proposal to review the AIFMD. The legislative proposal covers delegation, liquidity risk management, loan funds, investors disclosures, depositaries and regulatory reporting matters. The EU's Cross-Border Distribution of Funds Directive and Regulation came into force on 2 August 2021.

Other resources

UCITS Official Texts

All of the directives, regulations, amending texts, ESA texts, etc. that apply to UCITS and UCITS management companies all in one spot.