As part of its drive to create a single European market for investors, the European Union has produced a series of directives, collectively called the Undertakings for Collective Investments in Transferable Securities (UCITS), which together seek to develop a pan-European regulatory framework governing the sale of a collective investments product. The intention is that local laws should be amended to bring them in line with the various UCITS provisions, creating a harmonized market within the EU.
In cooperation with the European Fund and Asset Management Association (EFAMA), KPMG member firms across Europe have been studying UCITS IV to establish whether it works across different tax jurisdictions without adversely affecting administrative operations, the fund or the investor. This report is a summary of KPMG’s findings.