| Author (Corporate) | Council of the European Union, European Parliament |
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| Series Title | Official Journal of the European Union |
| Series Details | L 188 |
| Publication Date | 12/07/2019 |
| Content Type | Legislation |
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Summary: Directive of the European Parliament and of the Council of 20 June 2019 amending certain provisions regarding the cross-border distribution of investment funds in the European Union. Further information: Investment funds are investment products created with the sole purpose of pooling investors’ capital, and investing that capital collectively through a portfolio of financial instruments such as stocks, bonds and other securities. In the EU, investment funds can be categorised as undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) managed by alternative investment fund managers (AIFMs). The proposed Directive harmonises the conditions under which investment funds may exit a national market and allows European asset managers to test the appetite of potential professional investors for new investment strategies through pre-marketing activities. Its purpose is to reduce regulatory barriers to the cross-border distribution of investment funds. The proposed Directive was adopted by the European Commission on 12 March 2018 as part of a package of legislative initiatives aimed at completing the Capital Markets Union (CMU). The draft law was scheduled in the Commission Work Programme 2018 and should be seen in the broader context of the CMU action plan and the CMU Mid-Term Review. The Council of the European Union adopted a general approach on this proposal on 15 June, while the European Parliament adopted its own negotiating position on 6 December. An informal agreement between the institutions on a compromise text was reached on 5 February 2019. The Parliament formally endorsed it on 16 April 2019, followed by the Council on 14 June. |
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| Source Link | Link to Main Source https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2019.188.01.0106.01.ENG |
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| Subject Categories | Business and Industry |
| Subject Tags | Capital Markets Union [CMU], Financial Services |
| International Organisations | European Union [EU] |
