Cross-Border Distribution of UCITS

A CACEIS PRODUCT DEVELOPMENT PUBLICATION - 2011

CHALLENGES & OPPORTUNITIES

Notice

Nevertheless, it should be pointed out that last year two initiatives relaunched the concept of the FPP to facilitate cross-border fund distribution:

A firm believer in the FPP’s usefulness for improving and standardising the information required for order processing in an increasingly open environment, CACEIS has supported this initiative since the beginning and has actively participated in working groups in France and Luxembourg. Furthermore, since 2008, within the framework of its support services offer for fund distributors, CACEIS in Paris has offered its services to asset management companies for the collection and management of FPP data concerning their UCITS, although the validation and publication of this data remain their responsibility.

• On 28 June 2010, EFAMA announced the launch of a pan-European web portal on its web- site 33 , providing a central access point for all existing FPPs in order to facilitate their use. The end objective was to make the use of the FPP more widespread among all professional players involved in the fund processing procedure, in particular distributors, fund platforms, asset management companies and their service providers. The existing FPPs are made available by fund managers, national associations and the so-called FPP Primary Providers, i.e. Finesti, France FPP (AFG), FundConnect, KNEIP, OeKB and WM Datenservice, with whom fund managers have special arrangements for the distribution, and possibly the distribution, of their FPPs. At December 2010, the EFAMA’s FPP portal was given access to 4,318 FPPs from 69 asset managers 34 . • In addition, in France, the final report of the asset management stakeholders’ committee entitled “Implementation into French law of the UCITS IV Directive: Situation and Outlook for Asset Management”, published by the AMF on 26 July 2010, suggested that it should be compulsory to provide an FPP for all French UCITS seeking to be distributed internation- ally - the first step towards the creation of a product reference system over the long term. Furthermore, the committee encouraged asset management companies to use the web portal set up by the AFG in order to make their completed FPPs available to distributors.

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33 http://fpp.efama.org 34 Source: EFAMA, “FPP Portal briefing Q1 2011”, Q1 2011

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