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

Current work:

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.  This implementation guide can be accessed in the UCITS Resources tab below.

The European Commission is currently considering the scope and nature of the changes to the AIFMD that they will propose later this year, currently expected to be published in Q4 2021. The Commission's earlier consultation paper also included questions on revisions to the UCITS framework, focusing on:

  • the possibility of a single licence for AIF and UCITS managers;
  • whether (and which) elements of the Level 2 rules on delegation in AIFMD should be applied to UCITS;
  • harmonised metrics for leverage calculation; and
  • reporting on the use of liquidity management tools.

Upcoming actions:

HM Treasury has announced that the current exemption for UCITS funds from the requirements of the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation will be extended by five years to 31 December 2026.

European Commission has published a legislative package to extend the end of the UCITS exemption from the PRIIPs Regulation from 1 January 2022 to 1 July 2022.  The Council compromise put forward by the Slovenian Presidency extends the KID exemption by 12 months (until 1 January 2023) instead of 6 months, as proposed by the Commission.

(Last updated: 20 September 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 to publish updated IFD remuneration guidelines and ESMA consulting on MiFID remuneration guidelines through 19 October 2021. 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. Near-final rules to be published in Q3 2021.


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.

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 EU's Cross-Border Distribution of Funds Directive and Regulation came into force on 2 August 2021. Review of the AIFMD and the related Level 2 Regulation is currently ongoing. A European Commission proposal is expected in November/December 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.