UCITS IV: Management Companies, and passports
Locations
This briefing paper sets out the new provisions which will apply to UCITS Management Companies, explains how the management company passport is now designed to work, and summarises the changes made to the long established UCITS product passport which aim to make the notification procedures for the crossborder marketing of funds more efficient.
The UK has long established and comprehensive regulation of management companies for UCITS (and other types of funds) and has always supported the idea of a UCITS management company passport but, even so, introduction of the UCITS IV changes will have an impact on UK authorised fund managers, whether or not they in fact exercise either of the passports which will be available for the management company or for UCITS funds they manage.