The Council has adopted a new UCITS Directive, which makes changes to the current UCITS framework and recasts all UCITS Directives into one. The changes:
- give investors more choices and better information;
- create a genuine passport for UCITS management companies;
- simplify rules on cross-border marketing of UCITS;
- make it easier for UCITS to merge cross-border;
- create a framework for master-feeder arrangements where one fund invests more than 85% of its assets in another; and
- improve arrangements for regulatory co-operation.
Member States must implement the Directive by 30 June 2011.