On 15 December 2023, the European Commission adopted certain draft implementing and delegated acts relating to the UCITS Directive and the Alternative Investment Fund Managers Directive (AIFMD) as regards notifications for cross-border marketing and cross-border management of alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS). The draft legislation follows a final report that the European Securities and Markets Authority published in December 2022.

The draft legislation comprises of:

  • Commission Implementing Regulation laying down implementing technical standards (ITS) for the application of the UCITS Directive with regard to the form and content of the information to be notified in respect of the cross-border activities of UCITS, UCITS management companies, the exchange of information between Member State competent authorities on cross-border notification letters and amending Regulation (EU) No 584/2010 together with annexes.
  • Commission Delegated Regulation supplementing the UCITS Directive with regard to regulatory technical standards (RTS) specifying the information to be notified in relation to the cross-border activities of management companies and UCITS.
  • Commission Delegated Regulation supplementing the AIFMD with regard to RTS specifying the information to be notified in relation to the cross-border activities of managers of AIFs.
  • Commission Implementing Regulation laying down ITS for the application of the AIFMD with regard to the form and content of the information to be notified in respect of the cross-border activities of alternative investment fund managers and the exchange of information between Member State competent authorities on cross-border notification letters together with annexes.

The Council of the EU and the European Parliament will now scrutinise the draft legislation. If neither object, they will enter into force 20 days after publication in the Official Journal of the European Union and apply 30 days later.