Gide Loyrette Nouel, an international law firm established in Paris in 1920 and regarded as one of Europe&rsq
Gide Loyrette Nouel, an international law firm established in Paris in 1920 and regarded as one of Europe’s most innovative law firms, issued a client alert this week entitled: Possibility to benefit from certain provisions of the UCITS IV Directive as of 1st July 2011 – French law focus. They say that the Directive will not be transposed into French law before 1 July as it not only applies the principals of UCITS IV but also aims to modernize the regulatory framework of French investment management. The ordinance is expected to be published some time in September 2011. To avoid penalizing French or foreign players looking to benefit from the added flexibility of UCITS IV, the Autorité des Marchés Financiers issued a letter on 23 June 2011 stating that some of its provisions could be applied 1 July provided they were “sufficiently precise and unconditional to be directly applied”. It will therefore be possible to request a European passport “in” or “out” under UCITS IV, including European management companies that have created French UCITS to be passported into France, as well as create cross-border master/feeder structures. French UCITS, created as of 1 July, will, under UCITS IV, also be able to submit a KIID instead of the current simplified prospectus.
