UCITS IV EN

Management company passport

> UCITS III required a management company seeking to create foreign-domiciled funds to set up an authorised structure in each host state > Key measure: UCITS IV, with the management company passport, will enable management companies, authorised in their home state, to manage funds in other member states without being established in these countries > Players’ domiciliation with UCITS IV

Any Member State can be different from the country where the fund is domiciled Country of domiciliation

Management company

Custodian/Depository

Country of domiciliation of the fund

No domiciliation requirement.The fund administrator must enforce the ac- counting and fiscal rules of the country of domiciliation of the fund

Fund administrator

Country of domiciliation of the management company, if necessary in cooperation with the supervision authority of the country where the fund is domiciled

Supervision authority of the management company

Supervision authority of the fund

Country of domiciliation of the fund

11 > UCITS IV•01/10/09