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First experiences with the implementation of UCITS IV in Austria from a regulatory point of view

First experiences with the implementation of UCITS IV in Austria from a regulatory point of view. Iveta Prostrednik Austrian Financial Market Authority. Challenges of Collective Investment Business in CEE 27-28 October 2011 – Kyiv Workshop – 3rd session. Implementation of UCITS IV.

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First experiences with the implementation of UCITS IV in Austria from a regulatory point of view

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  1. First experiences with the implementation of UCITS IV in Austria from a regulatory point of view Iveta Prostrednik Austrian Financial Market Authority Challenges of Collective Investment Business in CEE 27-28 October 2011 – Kyiv Workshop – 3rd session

  2. Implementation of UCITS IV • New Investment Funds Act • Entered into force on 1 September 2011 • Increased demands on management companies: • Risk management • Compliance • Conflicts of interest • Personal transactions • Increased demands on authorities: • Enhanced cooperation of member state authorities • Reduction of time limits for authorisation 27-28 October 2011 – Kyiv

  3. New demands on authority • Master-Feeder structure • Cross-border mergers • Management Company Passport • Umbrella construction • KID (Key Investor Information Document) • Notification procedure new 27-28 October 2011 – Kyiv

  4. Notification procedure - outgoing • Documents sent by the investment fund management company • Document check – 10 days limit • Package sent to the host authority • Currently in 4 countries (Germany, United Kingdom, Czech Rep., Switzerland) 27-28 October 2011 – Kyiv

  5. Notification procedure incoming • Notification carried out by the foreign authority • Electronic means – via e-mail • Language: German and English (KID only German) • 5 days limit • Published on the FMA – homepage • Current status: 60 notifications from Ireland, Luxemburg, France, Germany 27-28 October 2011 – Kyiv

  6. Notification of Non-UCITS National regulation (not based on Directive) • Carried out by the investment company, resp. management company • Prospectus must be approved by Austrian bank (Representative) • Paper form • Language: only German • Distribution of new Non-UCITS Funds: 4 months limit • Changes to prospectus: 2 months limit • Published on the FMA – homepage Iveta Prostrednik 27-28 October 2011 – Kyiv

  7. Conclusion • Aditional regulation in future (UCITS V, AIFM) • Change of attitude in management companies necessary (e.g. risk management) • Increased demands on authorities 27-28 October 2011 – Kyiv

  8. Contact 8 FMA Austrian Financial Market Authority Dr. Iveta PROSTREDNIK Prudential Supervision of Collective Investment Undertakings iveta.prostrednik@fma.gv.at Iveta Prostrednik 27-28 October 2011 – Kyiv

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