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.
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).
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)