UCITS | EFAMA

UCITS (Undertakings for Collective Investment in Transferable Securities) refers to the EU framework for harmonising the creation, management and marketing of collective investment schemes in the EU (and EEA) Member States. It places a strong focus on investors’ protection and product regulation. Owing to this harmonised framework, once UCITS funds are registered in one Member State, they can be freely marketed across the European Union. Initially adopted in 1985, the UCITS Directive has since been modified repeatedly, to take into account developments in financial markets.

EFAMA is adamant to protect the competitiveness and international appeal of UCITS.

Related policy positions

Policy Position

UCITS

09 August 2024

ESMA's call for Evidence on the Eligible Assets Directive

ESMA’s Call for Evidence on the UCITS Eligible Assets Directive is a welcome opportunity to take stock of the existing UCITS framework.

Policy Position

EU Fund regulation

UCITS

AIFMD

12 September 2022

High-level response to ESMA consultation on notifications for cross-border marketing and management of AIFs and UCITS

EFAMA welcomes the European Securities and Market Authority’s continuous commitment to creating a single market for investment funds, confirmed by the draft regulatory standards currently under consideration. These RTS/ITS would further harmonise information that asset managers should provide to their national competent authorities before marketing or managing an investment fund on a cross-border basis, thus facilitating intra-EU product distribution.

Policy position

EFAMA reply to ESMA CP on marketing communications guidelines

Capital Markets

MIFID

EU Fund regulation

UCITS

Management Companies

AIFMD

09 February 2021

EFAMA reply to ESMA CP on marketing communications guidelines

EFAMA believes that ESMA’s draft ‘marketing communication’ Guidelines still require important clarifications to ensure full alignment between them and MiFID II’s Commission Delegated Regulation Article 44. This alignment is essential to ensure coherent rules for fund management companies and distributors. Unfortunately, parts of the proposed Guidelines are overly prescriptive and may unintentionally make some marketing materials vaguer or even inconsistent with local MiFID requirements for distributors.

Market Insights #18 - Sustainable Equity UCITS

This report looks specifically at the evolving trends of the equity asset class of sustainable UCITS, whose share is the highest (53%) in total sustainable UCITS funds. It highlights their role as investment vehicles in facilitating the green transition. The universe of sustainable equity UCITS funds is defined based on Morningstar’s classification of sustainable financial instruments1. This means funds must claim to have a sustainability objective, and/or use binding ESG criteria for their investment selection.

Policy Position

UCITS

09 August 2024

ESMA's call for Evidence on the Eligible Assets Directive

ESMA’s Call for Evidence on the UCITS Eligible Assets Directive is a welcome opportunity to take stock of the existing UCITS framework.

Publication

UCITS

AIFMD

26 March 2024

New rules for the AIFMD and UCITS Directive

New rules for the AIFMD and UCITS Directive were published on 26 March 2024 in the Official Journal of the European Union, making them law. These investment frameworks are European success stories and an integral part of the Capital Markets Union (CMU).

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Related publications

Publication

EU Fund regulation

UCITS

Management Companies

AIFMD

Financial stability

22 January 2020

AMIC EFAMA Report - Managing fund liquidity risk in Europe - 2020

In 2019, AMIC and EFAMA decided to update their 2016 report “Managing Fund Liquidity Risk in Europe” following important policy and regulatory developments at EU and international levels. The purpose of this updated report is to outline the practical liquidity risk management processes which fund management companies put in place when setting up a fund and implement throughout the life of the fund. Also, the report describes the existing European and international regulatory frameworks in the area of fund liquidity risk management.

Publication