The Act of 3 August 2012 implements the European Directive 2009/65/EC on the Coordination of Laws, Regulations and Administrative Provisions relating to Undertakings for Collective Investment in Transferable Securities (UCITS IV) in Belgian law. Most provisions of this Act entered into effect on 19 October 2012, the day of publication in the Annexes of the Belgian Official Gazette.
UCITS IV replaces Directive 85/611/EC on the Coordination of Laws, Regulations and Administrative Provisions relating to Undertakings for Collective Investment in Transferable Securities. It contains an updated set of rules governing the organisation and functioning of Undertakings for Collective Investment and provides an increased level of consumer protection.
Previously, the rules applicable to Undertakings for Collective Investment were set out in the Act of 20 July 2004 and the Royal Decree of 4 March 2005. With exception to some specific amending and diverse provisions, the Act of 20 July 2004 has completely been replaced by the new Act of 3 August 2012.
In the absence of implementation into Belgian law by 30 June 2011 (as foreseen by the Directive 2009/65/EC), the Belgian Financial Services and Markets Authority (FSMA) released two Circulars applicable to the notification procedure for EEA cross-border marketing in units of Undertakings for Collective Investment. These Circulars provided the opportunity to apply some of the Directive’s provisions, which are now officially legislation.