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Implementing UCITS IV in Austria: Regulatory Perspectives and Challenges

This workshop, held on October 27-28, 2011, in Kyiv, led by Iveta Prostrednik from the Austrian Financial Market Authority, explored the practical implementation of UCITS IV in Austria. Key topics included new regulations from the Investment Funds Act, increased demands on management companies regarding risk management and compliance, and authorities’ enhanced cooperation. The session covered vital concepts such as the Master-Feeder structure and notification procedures for cross-border fund activities, as well as the implications of upcoming regulations like UCITS V and AIFM.

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Implementing UCITS IV in Austria: Regulatory Perspectives and Challenges

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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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