Introducing UCITS VI: Legislative Proposals To Amend UCITS Regime

On 25 November 2021, the European Commission ("Commission") published legislative proposals ("Proposals") to amend the Alternative Investment Fund Managers Directive 2011/61/EU ("AIFMD") and the UCITS Directive 2009/65/EC.

The Proposals form part of a legislative package in which the Commission seeks to deliver on several key commitments in the EU's Capital Markets Union ("CMU") plan. 

We have issued a client update on the key AIFMD changes proposed. 

The Proposals also contain changes to the UCITS Directive, as considered in this update.

UCITS VI

This marks the fifth project to substantively update the initial UCITS Directive 85/611/EEC following: (i) the aborted "UCITS II" project; (ii) Directive 2001/108/EC ("UCITS III"); (iii) Directive 2009/65/EC ("UCITS IV") and (iv) Directive 2014/91/EU ("UCITS V").  Hence the reference to "UCITS VI" in the title of this update¹.