The European Commission has published a research report entitled The retailisation of non-harmonised investment funds in the European Union (the Report).  

The Report sets out the findings of an analysis assessing the extent of the retailisation of non-UCITS or non-harmonised investment funds in Belgium, France, Germany, Ireland, Italy, Luxembourg, Poland, Spain and the United Kingdom.  

The Report is set out as follows:  

  • Detailed assessment of the non-harmonised investment fund markets and products in scope.
  • Analysing the regulatory and taxation frameworks governing the distribution of both domestic and foreign domiciled non-harmonised investment funds to retail investors.
  • Quantifying the level of retail exposure to non-harmonised investment funds and the relative importance of their distribution channels.
  • Examining the development perspectives shaping the non-harmonised investment fund industry and the key future drivers.  

View Study on the retailisation of non-harmonised investment funds in the European Union, (PDF 3.70MB), 26 January 2009