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Tackling remaining obstacles to a fully developed investment market across the EU, whilst ensuring a high level of investor protection.

Amendments to the EU rules governing collective investment funds, notably in the areas of Money Market Funds, long-term investment funds and certain aspects of the UCITS Directive (Undertakings in Collective Investments in Transferable Securities 2009/65/EC) such as eligible assets and use of derivatives, efficient portfolio management (EPM) techniques, OTC derivatives and depositaries.

Directive 2009/65/EC, which replaces the previous UCITS Directive 85/611/EEC, provides for common rules for setting up and operating investment funds in the EU. Fund managers that comply with these rules may benefit from the right to offer their services cross-border. Investment funds authorised in accordance with the provisions of this Directive may be distributed to investors across the EU after following a defined procedure for notifying the relevant competent authorities.

The UCITS rules have constituted Europe's regulatory framework for asset managers and investors since 1985. To keep the UCITS framework topical and in line with the evolution of investment markets, some reforms are envisaged.

Recent international work on shadow banking has identified certain areas that require closer scrutiny: money market funds and the use of securities lending or repurchase arrangements (repos). The short-termism of the financial markets is often not in line with the financing needs of the "real economy". Fostering a culture of long-term investment in Europe is therefore an important challenge. The intention is to address a number of concerns relating to the efficiency, competitiveness and integration of the market for UCITS funds in order to preserve the UCITS attractiveness for both professional and retail investors.

Directive on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions

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UCITS - 202213 articles out of 13.

UCITS - 20215 articles out of 5.

UCITS - 20207 articles out of 7.

UCITS - 201914 articles out of 14.

UCITS - 201814 articles out of 14.

UCITS - 20178 articles out of 8.

UCITS - 201616 articles out of 16.

2015 UCITS
2015-12-17 Commission publishes Delegated Regulation supplementing UCITS Directive with regard to obligations of depositaries
2015-11-16 EFAMA: Sharp fall in net sales of UCITS In August 2015 triggered by volatile markets
2015-10-23 EFAMA reply to the Guidelines on sound remuneration policies under the UCITS Directive and AIFMD
2015-10-23 ALFI response to the ESMA consultation paper on guidelines on sound remuneration policies under the UCITS Directive and AIFMD
2015-09-29 Hedgeweek: Alternative UCITS benefit from liquidity in Europe
2015-09-21 EFAMA: Significant recovery of net sales of UCITS in the summer supported by strong investors’ confidence
2015-09-18 ESMA: Draft Implementing Technical Standards on penalties and measures under UCITS Directive
2015-09-14 EFAMA: Sharp fall of UCITS net sales during the second quarter of 2015
2015-09-14 VoxEU: Regulation and fund performance - New evidence from UCITS hedge funds
2015-06-06 ALFI responds to EBA consultation on Draft CRD IV Remuneration Guidelines
2015-06-04 EFAMA’s comments on the EBA’s Consultation Paper on Draft Guidelines on sound remuneration policies
2015-05-22 ESMA calls for modification of UCITS Directive
2015-03-30 ALFI response to ESMA’s discussion paper on UCITS share classes
2015-03-27 EFAMA response to ESMA’s Discussion Paper on share classes of UCITS
2015-03-27 ESMA published updates to Q&As on the KIID
2015-02-20 ALFI response to ESA discussion paper on KIDs for PRIIPs
2015-02-20 Hedgeweek: Understanding the AIFMD distribution landscape

Prior Years Reports

UCITS - 201410 articles out of 10.

UCITS - 201314 articles out of 14.

UCITS - 201238 articles out of 38.

UCITS - 201128 articles out of 28.

UCITS - 20109 articles out of 9.

UCITS - 200915 articles out of 15.

UCITS - 200820 articles out of 20.

UCITS - 200712 articles out of 12.

UCITS - 200616 articles out of 16.

UCITS - 200519 articles out of 19.

UCITS - 20046 articles out of 6.

UCITS - 20034 articles out of 4.

UCITS - 20022 articles out of 2.