Originally published 25th February 2011
Under the recast UCITS Directive which is due to come into
effect in July 2011, the procedure for registering for sale the
units of UCITS funds in other EU member states is due to undergo
significant change. The new procedures have implications for both
Irish authorised UCITS which are seeking to market their units in
other EU jurisdictions and also for non-Irish authorised UCITS
which are seeking to market into Ireland.
The existing UCITS cross-border notification procedures were
included in the first UCITS Directive and were created so as to
allow for the marketing of UCITS on a public basis to retail and
institutional investors once a notification was effected. However,
effecting and maintaining foreign country registrations has proved
to be a costly and time consuming process and there are various
inconsistencies in the rules that apply in the different EU member
states. Under the new UCITS IV procedures, the process has
