As of today, updated rules to remove the remaining barriers to cross-border distribution of investment funds in the EU come into force. Agreed by the European Parliament and the Council of the European Union, the new rules will make cross-border distribution simpler, quicker, cheaper, and increase choice for investors while safeguarding a high level of protection. Investors will obtain more choices for better value. Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union said:“Today’s new rules will cut red tape and improve clarity for fund managers who want to market their products across the EU. This will lead to more choice for investors, at lower costs – an important milestone for the Capital Markets Union. To give an example, we want fund managers based in Milan to be able to easily offer their funds in Riga, without compromising on investor protection.”The updated framework takes the form of a Directive and a Regulation that complement and amend a series of existing EU legislation on facilitating cross-border distribution of collective investment funds. The updated rules are part of the European Commission’s Action Plan for a Capital Markets Union to help build a true single market for capital across the EU and create more investment opportunities for EU citizens.
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