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UCITS IV

Hot issues

The objectives of the UCITS IV Directive and of the efficiency package it enacted are to further strengthen the single market for financial services, implement measures to reduce time delays and costs for bringing investment funds to market and make operations and distribution more cost efficient.

The UCITS IV efficiency package proposes 5 pillars:

  • Management company passport where a UCITS can be managed and administered by a management company authorised and supervised in another EU member state
  • Master feeder structure rules are proposed to allow such structure on a local and cross-border basis
  • Cross-border merger mechanism to resolve current difference between EU regulatory regimes
  • Key investor information document that provides key features of a UCITS to investors in a comprehensive and predefined set of information
  • Simplified notification process by which a UCITS can be marketed immediately on a cross-border basis

UCITS IV intersects with many regulations and has been voted in Luxembourg in December 2011.

UCITS IV - Liquidity risk measurement

Organisations face a range of challenges and opportunities every day, from rapid technological and regulatory change through to the emergence of new markets and competitors. Responding quickly is critical to success.

Discover more on our UCITS IV – Liquidity risk measurement services

UCITS IV–ESMA guidelines and CSSF Circular 13/559 on ETFs and other UCITS issues

The ESMA guidelines reconcile the previous dual regime for EPM, mainly governed by CSSF Circular 08/356, and OTC FDIs, mainly framed in CESR 10-788 guidelines, into a unified set of rules and a resulting new collateral management framework.

Discover more on our UCITS IV compliance services

Contacts

Xavier Zaegel, FRM

Xavier Zaegel, FRM

Partner | Capital Markets/Financial Risk Leader

Xavier is a partner within the advisory and consulting department and is the head of the Capital Markets practice in Luxembourg. As a market and credit risk specialist, he has been leading various ass... More

Marco Lichtfous

Marco Lichtfous

Partner | Capital Markets/Financial Risk

Marco is a partner within the advisory and consulting department and has over 20 years of professional experience. He is specialised in risk management, turnaround management, M&A, corporate finance, ... More

Sylvain Crépin, FRM

Sylvain Crépin, FRM

Partner | Capital Markets/Financial Risk

Sylvain Crepin is Partner within Deloitte’s Financial Risk Management Department. He has specialised over the last 8 years in risk management advisory and quantitative risk solutions for investment fu... More