The revised UCITS-Directive puts in place a comprehensive framework for the regulation of harmonised investment funds within Europe.
The extensive requirements with which UCITS must comply are designed to ensure that these products can be sold on a cross-border basis. The most recent version of the Directive also introduces a management company passport.
The Q&A includes a new question on the treatment of past performance information in case of fund mergers. the content of this document is aimed at competent authorities under UCITS to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, the answers are also intended to help UCITS management companies by providing clarity as to the content of the UCITS rules, rather than creating an extra layer of requirements.
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