Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive 2009/65/EC of the European Parliament and of the Council and Directive 2011/61/EU of the European Parliament and of the Council with regard to cross-border distribution of collective investment funds

1. Investment funds are investment products that pool investors’ capital, and invest that capital collectively through a portfolio of assets. In the EU, investment funds are categorised as either Undertakings for Collective Investment in Transferable Securities (UCITS) or Alternative Investment Funds (AIFs). European legislation allows asset managers to passport their investment funds across the EU, with the objective of creating a single market for investment funds. The proposed regulation and directive aim to deepen the single market for investment funds.

2. The proposals amend the following legislation:
• Directive 2009/65/EC on UCITS;
• Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMs) managing AIFs;
• Regulation (No) 345/2013 on European Venture Capital Funds (EuVECA), a sub-category of AIFs; and
• Regulation (No) 346/2013 on European Social Entrepreneurship Funds, a sub-category of AIFs.

Topic  EU Funds 
Department  HMT 
Council Reference  6988/16 
COM Reference  COM(18)92 
SEC Reference   
PE Cons   
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Associated file(s)


  1. 3 July 2018 Glen-Cash - 601 KB - pdf
  2. 6988/18 - 522 KB - pdf
  3. 6988/18 + Add 1 - 3 MB - pdf
  4. 6988/18 + Add 2 - 418 KB - pdf
  5. EM 6988/18 - 175 KB - pdf
  6. EM Addendum - 40 KB - DOCX

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