Directive 2019/1160 - Amendment of Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings - Main contents
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Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.)| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2019/1160 |
| Original proposal | COM(2018)92  |
| CELEX number i | 32019L1160 |
| Document | 20-06-2019; Date of signature |
|---|---|
| Publication in Official Journal | 12-07-2019; OJ L 188 p. 106-115 |
| Signature | 20-06-2019 |
| Effect | 01-08-2019; Entry into force Date pub. +20 See Art 6 |
| Deadline | 02-08-2023; Review See Art 5 02-08-2024; See Art 4 02-08-2025; See Art 4 |
| End of validity | 31-12-9999 |
| Transposition | 02-08-2021; Adoption See Art 3.1 02-08-2021; Application See Art 3.1 |
12.7.2019 |
EN |
Official Journal of the European Union |
L 188/106 |
DIRECTIVE (EU) 2019/1160 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 20 June 2019
amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
Common objectives of Directive 2009/65/EC of the European Parliament and of the Council (3) and Directive 2011/61/EU of the European Parliament and of the Council (4) include ensuring a level playing field among collective investment undertakings and removing restrictions to the free movement of units and shares of collective investment undertakings in the Union, at the same time ensuring more uniform protection for investors. While those objectives have been largely achieved, certain barriers still hamper the ability of fund managers to fully benefit from the internal market. |
(2) |
This Directive is complemented by Regulation (EU) 2019/1156 of the European Parliament and of the Council (5). That Regulation lays down additional rules and procedures concerning undertakings for collective investment in transferable securities (UCITS) and alternative investment fund managers (AIFMs). That Regulation and this Directive should collectively further coordinate the conditions for fund managers operating in the internal market and facilitate cross-border distribution of the funds they manage. |
(3) |
It is necessary to fill in the regulatory gap and align the procedure for notifying competent authorities of changes regarding UCITS with the notification procedure laid down in Directive 2011/61/EU. |
(4) |
Regulation (EU) 2019/1156 further strengthens the principles applicable to marketing communications governed by Directive 2009/65/EC and extends the application of those principles to AIFMs, thereby resulting in a high standard of investor protection, regardless of the type of investor. The corresponding provisions of Directive 2009/65/EC relating to marketing communications and accessibility of national laws and regulations relevant to the arrangement of marketing units of UCITS are therefore no longer necessary and should be deleted. |
(5) |
The provisions of Directive 2009/65/EC which require UCITS to provide facilities to investors, as implemented by certain national legal systems, have proven to be burdensome. In addition, local facilities are rarely used by investors in the manner intended by that Directive. The preferred method of contact has shifted to direct interaction between investors and fund managers, either electronically or by telephone, whereas payments and redemptions are executed through other channels. While those local facilities are currently used for administrative purposes such as cross-border recovery of regulatory fees, such issues should be addressed via other means including cooperation between competent authorities. Consequently, rules should be established which modernise and specify the requirements for providing facilities to retail investors, and Member States should not require a local physical presence for the provision of such facilities. In any case, those rules should ensure that investors have access to the information to which they are entitled. |
(6) |
In order to ensure the consistent treatment of retail investors, it is necessary that the requirements relating to... |
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