UCITS IV EN
Challenges: implementing the objectives of the 2006 white paper > To improve the information delivered to investors •The simplified prospectus does not enable investors to compare investment funds fonds > To maintain the same level of protection for investors, or even to reinforce it in a cross-border context where various supervision authorities interact > To remove cross-border fund distribution barriers •Quite long lead times to market funds •High distribution costs •Lack of an European passport for management companies gestion > To increase the average size of UCITS and favour economies of scale •A highly fragmented European market
1200
800 1000
American market
As at 31/12/2008
Europe (UCITS)
United States (Mutual funds)
600
Assets
4,575 €bn
6,899 €bn
400
Number of funds
37,643
8,022
European market
Number of funds 0 10000 20000 30000 40000 50000 0 200
Average size of funds
121,5 €m 860 €m
Average size of funds in €m
Source: EFAMA and ICI
7 > UCITS IV•01/10/09
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