On September 21, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published the following draft reports, both dated September 18:
- a draft report on the proposal for a directive on the cross-border distribution of collective investment funds; and
- a draft report on the proposal for a regulation on facilitating cross-border distribution of collective investment funds.
Both draft reports contain a European Parliament legislative resolution, the text of which sets out suggested amendments to the proposed legislation, alongside an explanatory statement by the rapporteur, Mr. Wolf Klinz.
In each report, the rapporteur comments that he essentially supports the European Commission’s legislative proposals. The proposals, among other things, contain amendments to the UCITS IV Directive and the Alternative Investment Fund Managers Directive.
However, Mr. Klinz has identified some areas for action, including procedures for meeting marketing requirements by national authorities, transparency on fees set by national authorities, and the possibility of cross-border “pre-marketing” of alternative investment funds that have not been established.
The draft report on the proposed directive is available here.
The draft report on the proposed regulation is available here.