UCITS IV nuts and bolts: What to expect under the new regulatory regime

Ken Owens, Partner, Asset Management Group and Suzanne Senior, Consultant, PricewaterhouseCoopers

Abstract
This article focuses on the upcoming changes to Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. It covers in detail each of the key modifications introduced by UCITS IV. These include: the Key Investor Information Document, the full Management Company Passport, the new notification procedure, the Master–Feeder structure and Fund Mergers. The approach of this article is to take each of the key modifications and cover in detail the impact it will have on asset managers.

Keywords
UCITS IV, Key Investor Information Document (KIID), masterfeeder structure, mergers management company, notification procedure

Ken Owens is an Audit Partner in the Asset Management Group and has extensive knowledge and 16 years of experience in advising and auditing asset management clients including mutual funds, hedge funds and private equity funds administered in Ireland. Ken also works with asset managers and administrators based in Ireland. He provides a range of services for his clients, including fund and corporate audit services and regulatory advisory services. Over the years Ken has assisted clients in structuring new funds and advised on various accounting and operational matters. He has been involved with the Irish Funds Industry Association (IFIA) for a number of years and is the Chairman IFIA’s Governing Council for the 2011/12 Council year. Ken has lectured on auditing and accounting issues to the asset management industry in Ireland on behalf of the IFIA and the Institute of Chartered Accountants in Ireland.

Suzanne Senior is an experienced consultant within the PwC Ireland Asset Management Practice, which she joined in November 2006. She has extensive knowledge of fund product trends and challenges in Ireland, and specialises in UCITS, Exchange Traded Funds, Money Market Funds and Islamic Finance products. Suzanne is a member of the PwC UCITS IV Group and the PwC (EMEA & India) ETF Subject Matter Experts Group. She has written articles on various fund topics and produced a great number of asset management reports over recent of years.

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