Written by Angelos Delivorias (1st edition).
Two European Union (EU) directives regulate the EU collective investment funds industry, the Directive relating to undertakings for collective investment in transferable securities (UCITS) and the Alternative Investment Funds Manager Directive (AIFMD). The UCITS, which covers mutual funds, lays down uniform rules, allowing their cross-border offer, while the AIFMD, which covers hedge funds and private equity, lays down the rules for authorising, supervising and overseeing the managers of such funds. While reviewing the application of the scope of the AIFMD (as mandated), the European Commission considered that a number of issues highlighted in the AIFMD review were equally relevant for the activities of UCITS. As a result, it proposed to amend both directives, to better align their requirements.
The file is currently under review by the co-legislators. Within the European Parliament, it has been assigned to the Committee on Economic and Monetary Affairs, which is now considering the draft report.
- June 2022: Amendments to AIFMD and UCITSD (1st edition)
|Proposal for a Directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds|
|Committee responsible:||Economic and Monetary Affairs (ECON)||COM(2021) 721|
|Rapporteur:||Isabel Benjumea (EPP, Spain)||2021/0376(COD)|
|Shadow rapporteurs:||Paul Tang (S&D, the Netherlands)|
Billy Kelleher (Renew, Ireland)
Mikuláš Peksa (Greens/EFA, Czechia)
Gunnar Beck (ID, Germany)
Eugen Jurzyca (ECR, Slovakia)
|Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)|
|Next steps expected: Vote in committee on the draft report|