Treasury has laid before Parliament a draft of the Regulations that will implement the changes in the fourth Undertakings for Collective Investment in Transferable Securities (UCITS IV) into UK law. The changes take effect from 1 July and cover changes relating to:

  • liability for key investor information;
  • responsibilities of home state regulators for compliance of EEA firms with directive requirements;
  • regulatory action when a management company loses its authorisation;
  • details of when FSA may reject an application for an EEA management company to manage a UK UCITS;
  • conversion of a non-feeder UCITS;
  • winding-up or merger of master UCITS;
  • master-feeder structures;
  • mergers of UCITS; and
  • various notification and information requirements.

There are also consequential changes to several pieces of legislation, including the Open Ended Investment Companies Regulations 2001. (Source: Draft Statutory Instrument: The Undertakings for Collective Investment in Transferable Securities Regulations 2011 and explanatory memorandum)