CP15/27 : UCITS V implementation and other changes to the Handbook affecting investment funds

This consultation paper (CP) contains three sets of proposals relating to the regulation of authorised investment funds.

Why are we issuing this CP?

In Part I we consult on rules and guidance to transpose the most recent changes to the UCITS Directive (UCITS V). We are required to transpose these changes by 18 March 2016.

In Part II of this paper we consult on a set of changes to the Handbook to ensure the EU Regulation introducing European long-term investment funds (ELTIFs) will operate effectively. The ELTIF Regulation will apply from 9 December 2015.

In Part III we take the opportunity to consult on a number of changes to the Handbook to keep our rules and guidance for authorised investment funds up to date. We also seek stakeholders’ feedback on some discussion points that we will consider consulting on in future if there is a case for changing our rules.

Who is this CP aimed at?

This paper will interest:

• UCITS management companies, AIFMs and depositaries of UCITS and AIFs (including ELTIFs)
• representative trade bodies
• business advisers and consultants
• other advisers and distributors involved in or linked to the fund management industry in the UK
• investors in authorised funds and their representatives

CP15/27: UCITS V implementation and other changes to the Handbook affecting investment funds (PDF)

What are the next steps?

We are asking for comments, using our online response form, on:

• Part I of this Consultation Paper by Monday 9 November 2015.
• Part II of the Paper by Monday 5 October 2015.
• Part III of the Paper by Monday 7 December 2015.

Want to find out more?

For more information see:

• Our UCITS V pages
• COLL and FUND sourcebooks of the FCA Handbook
• The Euroean Commission's UCITS pagesLink is external
• The European Commission's ELTIF pagesLink is external

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