UCITS IV EN

UCITS IV implementation time-line > The directive comes within the scope of the 4 step Lamfalussy process 1. Adoption of legislation by the European Parliament and the Council of the EU – Framework directive (level 1) 2. Enforcement directive, technically detailing measures issued in the framework directive, CESR advice (level 2) 3. Implementation of the text into national legislation by local regulators, cooperation principle guaranteed by the CESR 4. Strict control by the European Commission of the enforcement of the new texts adopted in member states

> Its implementation is expected on 01/07/2011

Autumn 2009 Publication of the text in the Official Journal of the EU

22/06/2009 Text formally adopted by the European Coucil

Late 2006 Publication of a white paper by the European Commission

13/01/2009 Text including a management company passport adopted by the European Parliament

31/10/2009 & 31/12/2009 CESR's technical advice on the level 2 measures

From 2010 to the end of June 2011 Implementation of the text into national legislation of the Member States

01/07/2011 The new recast directive comes into force

> Relations between the depositories and the management companies in a cross-border environment > Standard agreement between the depositories of a master and its feeders > The content and the presentation of the key information to investors (KII) > The information to the bearers in the case of cross-border mergers of funds > The investigation powers of the supervision authorities of the fund with a management company implemented in another Member State > The cross-border information exchange regulations and procedures between the local authorities of the home country and those of the host country...

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