On 21 September 2018, the European Committee on Economic and Monetary Affairs (ECON) published two draft reports (the Reports) on European Parliament proposals in relation to the cross-border distribution of collective investment funds:

• draft report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC of the European Parliament and of the Council and Directive 2011/61/EU of the European Parliament and of the Council with regard to cross-border distribution of collective investment funds (COM(2018)0092 – C8-0111/2018 – 2018/0041(COD)); and
• draft report on the proposal for a regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No 346/2013 (COM(2018)0110 – C8-0110/2018 – 2018/0045(COD)).

Rapporteur Wolf Klinz is essentially supportive of both proposals, primarily making minor alterations to the phrasing of the texts. In both Reports, the rapporteur has suggested proposals which diverge from the European Council’s text. The Rapporteur’s proposals concerns:

• the definition of pre-marketing to professional investors which is proposed to be introduced in the AIFMD and in the EuVECA and EuSEF Regulations;
• the provisions concerning the possibility for AIFMs and UCITS managers to cease marketing a fund which has previously been active in a particular host Member State; and
• the matter of fees that can be charged by competent authorities, in particular in host Member States, in relation to cross border activity of fund managers.