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.