Richtlijn 2009/65 - Harmonisatie van nationale wetgevingbetreffende bepaalde instellingen voor collectieve belegging in effecten (icbe’s) (herschikking)

SUMMARY OF:

Directive 2009/65/EC

rules relating to undertakings for collective investment in transferable securities (UCITS)

WHAT IS THE AIM OF THE DIRECTIVE?

The main aims of the directive are as follows.

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  To offer investors a wider choice of product at lower cost through:

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    a more efficient market in undertakings for collective investment in transferable securities (UCITS)* in the European Union (EU);
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    better investor information; and
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    more efficient supervision of funds.

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  To keep the EU’s investment sector competitive by adjusting the rules to market developments.

KEY POINTS

It lays down uniform rules on investment funds, allowing the cross-border offer of investment funds regulated at EU level.

The directive lays down rules on:

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  investor information via a standardised summary information document to make it easier for the consumer to understand the product;
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  a genuine EU passport for UCITS management companies, which will allow a management company located in one EU Member State to manage funds in other Member States;
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  marketing of UCITS in other countries, for example by simplifying administrative procedures;
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  mergers of UCITS in other countries;
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  stronger supervision of UCITS and of the companies that manage them, e.g. through enhanced cooperation between national financial services supervisors.

Amendments to Directive 2009/65/EC

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  Amending Directive 2014/91/EU (UCITS V) introduced new rules on UCITS depositaries (the asset-keeping entity), including the entities eligible to assume this role, their tasks, delegation arrangements and the liability of depositaries.
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  Amending Regulation (EU) 2017/2402 complements Directive 2009/65/EC with requirements for UCITS assuming exposure to securitisation (see summary).
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  Amending Directive (EU) 2019/1160 introduced rules to remove regulatory barriers that previously hindered the cross-border distribution of investment funds to make their distribution easier, faster and less costly.
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  Amending Directive (EU) 2019/2034 introduced a new regulatory framework for investment firms (see summary).
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  Amending Directive (EU) 2019/2162 aims to protect investors by establishing minimum EU-wide harmonised rules, especially on definitions and standards, for covered bonds* issued by credit institutions*(see summary). It remedies the fact that Directive 2009/65/EC did not specify the nature and content of a special supervision framework – an element defining covered bonds – or the authorities that should be responsible for performing such supervision . It also sets out the tasks and responsibilities of the national competent authorities in this regard.
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  Amending Directive (EU) 2021/2261 adds new rules to ensure key information documents set out in Regulation (EU) No 1286/2014 (see summary) provided by investments companies or management companies of UCITS always satisfy the requirement applicable to key investor information set out in Directive 2009/65/EC.
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  Directive 2009/65/EC was also supplemented by a delegated act adopted by the European Commission. Commission Delegated Regulation (EU) 2016/438 addresses non-market risks related to the depositaries’ activities. It covers aspects of depositaries’ duties such as:

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    the safekeeping of UCITS assets;
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    oversight duties (e.g. checking that UCITS investments are consistent with their investment strategies as described in their rules and offering documents or ensuring that UCITS do not breach their investment restrictions); and
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    the liability for the assets.

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  Delegated Regulation (EU) 2016/438 also lays down specific due diligence requirements for insolvency protection of UCITS assets, along with detailed independence requirements for managers and custodians of UCITS.

Implementing acts

The Commission has also adopted:

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  Regulation (EU) No 583/2010 implementing Directive 2009/65/EC as regards key investor information and conditions to be met when providing key investor information or a prospectus in a durable medium other than paper, or by means of a website;
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  Regulation (EU) No 584/2010 implementing Directive 2009/65/EC on the EU notification procedure for UCITS (see summary);
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  Implementing Regulation (EU) 2016/1212 laying down technical standards with regard to standard procedures and forms for submitting information in accordance with Directive 2009/65/EC.

FROM WHEN DOES THE DIRECTIVE APPLY?

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  Directive 2009/65/EC has applied since 7 December 2009 and had to become law in the Member States by 30 June 2011.
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  Amending Directive 2014/91/EU has applied since 17 September 2014 and had to become law in Member States by 18 March 2016.
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  Amending Regulation (EU) 2017/2402 has applied since 1 January 2019.
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  Amending Directive (EU) 2019/1160 has applied since 1 August 2019 and had to become law in Member States by 2 August 2021.
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  Amending Directive (EU) 2019/2034 has applied since 25 December 2019 and had to become law in Member States by 26 June 2021.
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  Amending Directive (EU) 2019/2162 has applied since 7 January 2020 and had to become law in Member States by 8 July 2021.

BACKGROUND

Directive 2009/65/EC is the fourth version of UCITS legislation, replacing Directive 85/611/EEC.

For more information, see:

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  Undertakings for collective investment in transferable securities (UCITS) (European Commission).

KEY TERMS

Undertakings for collective investment in transferable securities (UCITS). Investment vehicles that pool investors’ capital and invest that capital collectively through a portfolio of financial instruments such as stocks, bonds and other securities.

Covered bond. A debt obligation issued by a credit institution that is secured by assets to which its investors have direct recourse. The assets in question are usually a pool of mortgage loans or credits to the public sector, or other high-quality cover assets, that ensure that the credit institution issuing the covered bonds has a claim for payment and that are secured by collateral assets subject to strictly defined requirements.

Credit institution. An undertaking which takes deposits or other repayable funds from the public in order to grant credit.

MAIN DOCUMENT

Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, pp. 32–96).

Successive amendments to Directive 2009/65/EC have been incorporated in the original text. This consolidated version is of documentary value only.

RELATED DOCUMENTS

Commission Implementing Regulation (EU) 2016/1212 of 25 July 2016 laying down implementing technical standards with regard to standard procedures and forms for submitting information in accordance with Directive 2009/65/EC of the European Parliament and of the Council (OJ L 199, 26.7.2016, pp. 6–11).

Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website (OJ L 176, 10.7.2010, pp. 1–15).

Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities (OJ L 176, 10.7.2010, pp. 16–27).

Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company (OJ L 176, 10.7.2010, pp. 42–61).

Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure (OJ L 176, 10.7.2010, pp. 28–41).

See consolidated version.

last update 17.11.2021

Deze samenvatting is overgenomen van EUR-Lex.