Cross-Border Distribution Of Funds 101 Part 4 - Fund Passporting De-notification Process

On 2 August 2021, the European Commission's new framework for the cross-border distribution of investment funds came into effect (the "CBDF"). This framework, comprising of a Directive¹ and accompanying Regulation2, has the objective of removing regulatory barriers that were identified as significant disincentives to UCITS management companies and AIFMs ("Managers") who wish to avail of the marketing passports for both UCITS and AIFs. Our advisory series considers a number of the key changes being introduced by the CBDF legislation. This fourth part of our advisory series considers the new de-notification requirements being introduced in respect of both UCITS and AIFs (each a "Fund").