Esma Proposes Measures To Handle Problems Arising From Non-Implementation Of Ucits IV

The European Securities and Markets Authority (Esma) has published proposals on October 13 to deal with the fact that the majority of European Union member states have not yet approved legislation implementing the Ucits IV directive, even though the deadline to do so passed on July 1.

The European regulator says the proposals are designed to avoid difficulties, where this is possible, arising from the fact that in some cases the legislative framework for proper implementation of the directive, including cross-border regulatory measures, are not yet in place.

Without prejudice to any measures taken by the European Commission with regard to the late transposition of Ucits IV, Esma says it aims to "address the situation at an operational level in order to minimise, as far as possible, the impact on industry and investors" resulting from failing to bring the directive into national law, and is putting forward practical arrangements for cross-border operations involving