On 5 November 2018, the European Parliament published a press release announcing that its Economic and Monetary Affairs Committee (ECON) had voted on provisions for the proposed Regulation and Directive of cross-border distribution of collective investment funds. The new provisions concern cross border distribution of the EU-regulated alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS).  ECON published draft versions of its report on the regulations in September 2018. The press release notes:

  • ECON MEPs want marketing communications targeted at AIF and UCITS investors to present a detailed account of risks, summary of investors’ rights and information about national collective redress mechanisms in case of litigation;
  • an investment fund should be able to cease its activities in a host member state under certain conditions. The fund should make an offer to repurchase all its UCITS unit held by investors in this Member State; and
  • MEPs agreed that UCITS would be exempted from Key Information Document for a further two years.