According to research by RBC Dexia Investor Services, several European markets missed the deadline to implement the 1July UCITS IV Directive.
According to research by RBC Dexia Investor Services, several European markets missed the deadline to implement the 1July UCITS IV Directive. They include: Belgium, France, Italy, Spain and Switzerland. The first three countries listed have yet to even confirm the legal process to introduce the new directive, which contains several new provisions aimed at making the UCITS structure more efficient, particularly with respect to cross-border selling. Luxembourg became the first country to introduce the Directive into law back in December. Germany, Ireland and the UK have also successfully implemented it. Spain and Switzerland are in the process of putting draft laws to their respective parliaments. Switzerland is expected to have it introduced by 15July. Jean-Michel Loehr (pictured), chief of industry and government relations at RBC Dexia said that implementation disparities had caused a “high level of uncertainty” for asset managers, adding: “The European Commission’s goal is to harmonize the financial system, but the uneven approach of member states and the danger of overloading them with new legislation risks creating more confusion and delay.”
