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Directive (eu) 2022/1160

Directive (EU) 2019/1160 of the European Parliament and of the Council Show full title. Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance DIRECTIVE (EU) 2019/1160 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distr ibution of collective investment under takings (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,.

Directive EU 2019/1160 was born with the sole objective of eradicating these barriers to the cross-border distribution of CISs. Regulation (EU) 2019/1156, which develops the Directive, aims for the same objective. These obstacles, that will be later explained, prevent CISs from taking full advantage of the European single market EU Directive 2019/1160—that concerns cross-border distributions of collective investment undertakings—was transposed on 2 August 2021 into Luxembourg domestic law. Accordingly, physical presence for the fulfilment of facilities services (in terms of payments and information provided investors) is no longer required in Luxembourg, as of 2.

On 2 August 2021, the EU Directive 2019/1160 entered into force without additional gold-plating in Austria. This means that a physical presence for the fulfilment of facilities services in terms of payments and information to investors will no longer be required in Austria as of 2 August 2021 The new EU regulation and directive on cross-border distribution were published in the Official Journal of the European Union on 12 July 2019.. 1. Cross-border distribution directive (EU) 2019/1160 amending the UCITS and AIFM directives. This directive notably includes:- A pre-marketing definition for AIFMs1: the new directive allows AIFMs to engage in pre-marketing activities to test an. The EU Directive 2019/1160, better known as: the EU cross-border distribution of collective investment undertakings legislative package was launched in July 2019, having been initially proposed by the EU Commission a year earlier. The Directive comes into effect on 2 August 2021 and will affect all UCITS and Alternative Investment Funds.

Directive (EU) 2019/1160 of the European Parliament and of

  1. On 12 July 2019, the Official Journal of the European Union (OJ) published a new EU cross-border distribution directive and regulation. In Part 1 below, we discuss the new directive, Directive (EU) 2019/1160 of the European Parliament and of the Counsel of 20 June 2019, amending Directives 2009/65/EC on Undertakings for Collective Investment in Transferable
  2. 1 Directive (EU) 2019/1160. 2 Regulation (EU) 2019/1156. 3 Directive 2011/61/EU. 4 Directive 2009/65/EC. The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances
  3. EU: Directive 2019/1160 Transposition Update - Luxembourg. On 2 August 2021, a new law will enter into force in Luxembourg concerning the distribution of foreign funds in the country, transposing the EU Directive 2019/1160 without additional gold-plating

The legislative package comprises a Directive (Directive (EU) 2019/1160) and Regulation (Regulation (EU) 2019/1156) on the cross-border distribution of funds (the Directive and the Regulation, respectively), both of which entered into force on 1 August 2019. Most of the requirements are required to be applied from 2 August 2021, and. New EU Directive EU/ 2019/1160 regarding the cross-border distribution of collective investment undertakings and Regulation EU/ 2019/1156 on facilitating cross-border distribution of collective investment undertakings under the Capital Markets Union comes into effect on 2 August 2021 1 Directive (EU) 2019/1160 with regard to cross-border distribution of collective investment undertakings. 2 Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective. The transposition of the EU Directive 2019/1160 on facilitating cross-border distribution of collective investment funds (the 'CBFD Directive') is in the last stages of the Luxembourg legislative process, adopted by the Commission on finance and budget on 9 July 2021. The Luxembourg transposition is based on amendements to (i) the Law of 17 December 2010 [ Directive (EU) 2019/1160. Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance) Directive (EU) 2019/1160. 2014 Directive 2014/91/EU (Amendment

Directive (EU) 2019/1160 on facilitating cross-border distribution of collective investment funds. It updates the current Directive 2009/65/EC (UCITS) and Directive 2011/61/EU (AIFMD) Directive 2019/1160/EU of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU as regards the cross-border marketing of collective investment undertaking The new EU Directive 2019/1160 (details below), aiming at facilitating the cross-border distribution of funds throughout the EU, seems not to have completely reached its objective. This because it. This article also exists in French and German. _Current situation: As of August 2, 2021, a uniform understanding of the definition regarding pre-marketing shall come into force through the Directive (EU) 2019/1160 of the European Parliament and of the Council of June 20, 2019 amending Directives 2009/65/EC and 2011/61/EU as regards the cross-border marketing of collective investment.

L 188/106 EN Official Jour nal of the European Unio

  1. Regulation (EU) 2019/1156 and Directive 2019/1160 (CBDF Rules) introduced new rules relating to the cross-border marketing and distribution of collective investment undertakings within the EU. While most of these rules will only apply from 2 August 2021, managers and distributors going to the market now or in the next months with alternative investment fund products are likely going to face.
  2. This note provides an overview of Directive (EU) 2019/1160 and Regulation (EU) 2019/1156 on the cross-border distribution of collective investment undertakings (the CBDF framework). Among other things, the legislation amends the UCITS Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD)
  3. Amendment of the UCITS and AIFM directives. On 20 June 2019 the European Parliament and the Council of the European Union enacted a new Directive (EU) 2019/1160 (the CBDF Directive) on the cross-border distribution of collective investment undertakings
  4. AIFMD: New Pre-Marketing Rules. On July 12, 2019, the following new EU directive and regulation on cross-border distribution were published in the Official Journal of the European Union: the Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU ( AIFMD ) regarding.
  5. This article also exists in French and German. _Current situation: As of August 2, 2021, a uniform interpretation of the definition concerning pre-marketing will come into force by Directive (EU) 2019/1160 of the European Parliament and of the Council of June 20, 2019 amending Directives 2009/65 / EC and 2011/61 / EU with regard to the cross-border marketing of undertakings for collective.

Directive (EU) 2019/1160: AIFs UCITS EU Directives: Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013 amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, Directive 2009/65/EC on the coordination of laws, regu • Law of 21 July 2021 implemeting Directive (EU) 2019/1160 on cross-border distribution of collective investment undertakings (the CBDF Directive) comes into force as of 2 August 2021. • Definition of pre-marketing and necessary pre-marketing notification. • De-notification procedure and its consequences On 20 June 2019, the European Parliament and the Council introduced a more harmonised framework on cross-border distribution of funds. The aim of the new Directive 2019/1160 and the Regulation 2019/1156 is to reduce regulatory roadblocks or barriers that hinder cross-border distribution of funds within the EU and to enhance fund managers' ability to fully benefit from the internal market 3 Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019, and amending Directives 2009/65/EC and 2011/61/EC with regard to cross-border distribution of collective investment undertakings

1 Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (See here).. 2 Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings. The package of reforms, originally proposed by the EU Commission in March 2018, was published in the OJEU on 12 July 2019 and is comprised of Directive (EU) 2019/1160[1] regarding the cross-border distribution of collective investment undertakings and Regulation (EU) 2019/1156[2] on facilitating cross-border distribution of collective.

A new Directive (2019/1160/EU) was put in place in July last year, going one step further in the harmonization of practices at EU level. While it has addressed some issues, such as the question of pre-marketing, many others have remained unanswered, for example, passport extension to third-countries, the possibility of marketing to retail. These changes are brought into effect by EU Regulation 2019/1156 and EU Directive 2019/1160. The following summarises the key proposals under the Marketing Rules that are expected to impact alternative investment fund managers ( AIFMs ) below

On 26 July 2021, the law of 21 July 2021 transposing the directive (UE) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (the Directive) and amending 1° the amended law of 17 December 2010 regarding undertakings for collective investment and. Summary. On July 12, 2019, the Directive 2019/1160 regarding cross-border distribution of collective investment undertakings, amending the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive and the Alternative Investment Fund Managers (AIFM) Directive (the CBDF Directive) and the directly binding Regulation 2019/1156 on facilitating cross-border distribution of.

Directive 2019/1160 - Amendment of Directives 2009/65/EC

Regulation (EU) 2019/1156 and Directive 2019/1160 (CBDF Rules) introduced new rules relating to the cross-border marketing and distribution of collective investment undertakings within the EU. While most of these rules will only apply from 2 August 2021, managers and distributors going to the market now or in the next. The draft decree follows the issuance of Directive (EU) 2019/1160 and Regulation (EU) 2019/1156, which regulate the cross-border distribution of collective investment undertakings in order to remove regulatory barriers that limit the offer of undertakings between different EU States, with the aim of reaching a greater level of harmonisation at.

Directive (EU) 2019/1160 requires Member States to allow pre-marketing for AIFs but subjects it to a licensing requirement and a notification procedure. It further introduces a mechanism to prevent the units or shares of an AIF that has been subject to pre-marketing from being subscribed without complying with the relevant marketing rules as. Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 20192, hereby make the following regulations: Citation and Commencement 1. (1) These Regulations may be cited as the European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2021

Directive (EU) 2019/1160: Cross-border distribution of

  1. the Directive (EU) 2019/1160. The following statement in recital 11 of the Commission's draft of Directive (EU) 2019/1160 was not included in the final Directive: However, when following the pre-marketing activities the AIFM offers for subscription units or shares of an AIF with the features akin to the pre-marketed investmen
  2. The Minister for Finance, Paschal Donohoe T.D. has signed two sets of regulations - the European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2021 and the European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2021 - to give effect to Directive (EU) 2019/1160 on the Cross-border Distribution of Collective.
  3. New EU Directive EU/ 2019/1160 regarding the cross-border distribution of collective investment undertakings and Regulation EU/ 2019/1156 on facilitating cross-border distribution of collective investment undertakings under the Capital Markets Union (CMU) comes into effect on
  4. EU Directive Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019. amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.) Flag of France
  5. The EU's new regulatory framework for facilitating the cross-border distribution of UCITS and alternative investment funds (AIFs) came into effect on 2 August 2021 (the Framework). The Framework comprises both an implementing Regulation (2019/1156) and Directive (2019/1160). The Framework contains.

Luxembourg: Transposition of EU directive - KPMG United State

A memorandum containing proposals for legislative amendments to transpose the Directive (EU) 2019/1160 on facilitating cross-border distribution of collective investment funds (the 'CBFD Directive') has been published on 30 June. The memorandum includes the CBFD Directive on UCITS and AIFM aspects. Our market intelligence team carries out a specific daily monitoring on the transposition o Below, we discuss the new directive, Directive (EU) 2019/1160 of the European Parliament and of the Counsel of 20 June 2019, amending Directives 2009/65/EC on Under Regulation (EU) 2019/1156 (the Regulation) and Directive (EU) 2019/1160 (the Directive) and (together the Cross-Border Marketing and Distribution Rules) introduced new rules.

Fund Distribution Alert 2021-17 - Newsletter - KPMG Luxembour

Cross-border distribution: New EU regulation and directive

  1. On June 20, 2019, the EU legislator adopted two pieces of legislation: (1) Directive (EU) 2019/1160 (CBDD), which amended earlier directives covering cross-border distribution of collective investment undertakings; and (2) Regulation (EU) 2019/1156 (CBDR) on facilitating cross-border distribution of collective investment undertakings. The CBDD.
  2. Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.
  3. On 26 July 2021, the Memorial A published the recently adopted Law of 21 July 2021 transposing Directive (EU) 2019/1160 amending the UCITS and AIFM directives as regards the cross-border distribution of funds and amending the modified UCI Law of 17 December 2010 and the amended AIFM law of 12 July 2013
  4. It is made up of two main legislative instruments - Directive (EU) 2019/1160 (the Directive) and Regulation (EU) 2019/1156 (the Regulation) supplemented by a Commission Delegated Regulation 2021/955 and guidelines issued by the European Securities and Markets Authority (ESMA) published on 27 May 2021
  5. Directive (EU) 2019/1160; 20 June 2019. Publication of Regulation (EU) 2019/1156 of the European Parliament and of the Council. Regulation (EU) 2019/1156; 21 July 2020. European supervisors reject the RTS project. 3 February 2021. Adoption by European supervisors of draft RTS paving the way for adoption by the Commission within a year
  6. Directive (EU) 2019/1160 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings Author (Corporate) Council of the European Union , European Parliamen

The European Cross-border Distribution Framewor

As a reminder, Regulation (EU) 2019/1156 (the Regulation) and Directive (EU) 2019/1160 (the Directive... Read more. The new EU AML-CFT package 27/07/2021. This package aims to further enhance the existing EU AML-CFT framework by taking into account new and emerging challenges. New Rules for Pre-Marketing Funds and Reverse Solicitation. By Kam Dhillon, Gowling WLG (UK) LLP. Published: 27 September 2019. The Cross-border Distribution Directive EU/2019/1160 (CBDD) and Cross-border Distribution Regulation EU/2019/1156 (CBDR) amend the Alternative Investment Fund Managers Directive (AIFMD) and introduce new rules for the pre-marketing of alternative investment funds. This directive is one of two proposals tabled by the Commission in April 2018 for the modernisation of EU company law. The other one, a directive of the European Parliament and of the Council amending Directive (EU) 2017/1132 as regards the use of digital tools and processes in company law, was adopted in June 2019 Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance) Consolidation Status: No known changes The CSSF informs that Circular CSSF 11/509 has been updated in order to include amendments relating to the Law of 21 July 2021 transposing Directive (EU) 2019/1160 with regard to cross-border distribution of collective investment undertakings (CBDF Directive), and in particular the process of de-notification of Luxembourg-based UCITS: Circular CSSF 21/778

Cross-Border Distribution of Investment Funds: New EU

On 2 August 2021, Directive 2019/1160 on cross-border distribution of collective investment undertakings (the Directive) and Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the Regulation) will come into force in the EU The UCITS D irective was amended by Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019. Amongst others, it extends the notification procedure insofar as it considers the de- notification of sub -funds and types of units of UCITS, which is also carried out directly between th The aim of the European Union's (EU) Capital Markets Union (CMU) project is to deepen integration, sustain growth and promote competiveness in EU member states. As part of the CMU project, the European Council has published Directive (EU) 2019/1160 (the Directive) and Regulation (EU) 2019/1156 (the Regulation) on. Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance) Article 6 Entry into forc

Cross-Border Distribution Of Funds 101: Part 3 - Local

The EU 2019/1160 directive (Directive) aimed to facilitate the cross-border distribution of collective investment funds by reducing regulatory barriers to cross-border distribution, identified as the national provisions that the member states have taken in terms of marketing, regulatory fees, distribution infrastructure and passport. 17 June 2021. On 8 June 2021, the Dutch Minister of Finance sent the bill to the House of Representatives (the Bill) concerning the implementation act of the directive (EU) 2019/1160 on the cross-border distribution of collective investment undertakings (the Directive) (with the accompanying Explanatory Memorandum, only in Dutch).The Directive must be implemented no later than 1 August. ESMA's technical advice to the European Commission on integrating sustainability risks and factors in the UCITS Directive and AIFMD, 30 April 2019 (ESMA34-45-688). Nota bene: Publication in the OJEU of Directive (EU) 2019/1160 of 20 June 2019 amending Directive 2011/61/EU, which aims to remove obstacles to cross-border marketing of UCITS.

An Amending Directive and Regulation on cross-border distribution of funds came into force on 20 June 2019. Directive 2019/1160, which amends relevant provisions of the UCITS Directive and AIFMD, is due to be transposed by 2 August 2021. The substantive provisions of Regulation 2019/1156 are to apply from the same date On 12 July 2019, the new EU regulation 2019/1156 (the Regulation) and directive 2019/1160 on cross-border distribution (the Directive) were published in the Official Journal of the European Union.. The Directive amends, respectively, the undertakings for collective investment in transferable securities (UCITS) and alternative investment fund managers (AIFMs) directives The EU 'Cross-border Distribution Directive' (EU/2019/1160) (CBDD) applies the new concept of 'pre-marketing' to AIF managers and this definition will supplement the current definition of 'marketing' under AIFMD. The CBDD also specifies new procedures for carrying out pre-marketing, which fund managers/sponsors will need to be aware. Author: Sanna Boow. As discussed in our previous blog here, the EU's new regulatory framework facilitating the cross-border distribution of investment funds was published in 2019 and comprises the Directive (EU) 2019/1160 regarding the cross-border distribution of collective investment undertakings (the Directive) and Regulation (EU) 2019/1156 on facilitating cross-border distribution.

Directive (EU) 2019/1160, Recitals (7) The absence of clear and uniform conditions for the discontinuation of marketing of units or shares of a UCITS or an AIF in a host Member State creates economic and legal uncertainty for fund managers. Therefore, Directives 2009/65/EC and 2011/61/EU should set out clear condition Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.) PE/53/2019/REV/1, OJ L 188, 12.7.2019, pp. 106-115. Google Schola Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.) As Enacted Cited authorities 14 Cited in Related. Vincent

(2019/1160), this briefing is based on the provisions of the CBDF Directive and could be impacted by individual Member States' national laws transposing the CBDF Directive. This means that there is a degree of uncertainty that will remain as at 2 August 2021 On 12 July 2019, the EU introduced Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 (the CBDF Directive) amending AIFMD. The CBDF Directive is accompanied by Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 (the CBDF Regulation) (together, the CBDF. Introduction Regulation (EU) 2019/1156 and Directive 2019/1160 have introduced new rules for the cross-border marketing and distribution of Alternative Investment Funds (AIFs) within the EU. The majority of these rules will take effect from 2 August 2021. The new rules aim to harmonise current national regulatory approaches in the context of pre-marketing whilst bringing improve Pre-marketing is a concept recently harmonised by Directive EU 2019/1160 and Regulation EU 2019/1156. It is defined in Articles 15 and 16 of Regulation EU 2019/1156 and Article 2 of Directive 2019/1160. It is stated that it is the activity consisting in the communication of information to potential investments by a manager 2 August 2021: Directive (EU) 2019/1160 amending Directive 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (CBDF) will apply . Timing Uncertain: Extension of the passport to non-EU AIFs and AIFMs: the Commission has the power under Article 67(8) to adopt a delegated act which would extend.

Fund Distribution Alert 2021-16 - Newsletter - KPMG Luxembour

Legislative changes aimed at reducing regulatory barriers to cross-border distribution and marketing of funds are in the pipeline, with Directive (EU) 2019/1160 and Regulation (EU) 2019/1156 due to take effect from 2 August 2021. These amendments aim to increase awareness of the requirements with respect to the cross-border registration of. Directive (EU) 2019/1160 with regard to cross-border distribution of collective investment funds, amending the UCITS Directive and the AIFM Directive (the CBDF Directive) and Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment funds and amending the EuVECA and the EuSEF Regulations (the CBDF Regulation) were published in the Official Journal. Key takeaways: The German Ministry of Finance has published the long-awaited ministerial draft of the act implementing (among other things) the Cross-border Distribution of Funds Directive 2019/1160 (the Directive) As a reminder, Regulation (EU) 2019/1156 (the Regulation ) and Directive (EU) 2019/1160 (the Directive and together the Cross-Border Marketing and Distribution Rules) introduced new rules concerning the cross-border marketing and distribution of investment funds within the EU and amended the Regulations (EU) 345/2013, (EU) 346/2013 and (EU) 1286/2014, respectively.

Council amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Directive (EU) 2019/1160. Please note that in this sense Directive (EU) 2019/1160 is complemented by Regulation (EU) 2019/1156 of the European Parliament and of the Council. Both the Directive and the Regulation are aimed to establish uniform rules on the publication of national provisions concerning marketing requirements for UCITS and AIFMs in relation to their cross.

Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (See . here). 2 Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitatin Directive (EU) 2019/1160. 15, which focuses on removing regulatory barriers to the cross-border distribution of investment funds by coordinating the rules applicable to fund managers. Roles and responsibilities . While each Member State has competence for the day-to-day supervision o On June 20, 2019, the EU legislator adopted two pieces of legislation: (1) Directive (EU) 2019/1160 (CBDD), which amended earlier directives covering cross-border distribution of collective investment undertakings; and (2) Regulation (EU) 2019/115

It is made up of two main legislative instruments − Directive (EU) 2019/1160 and Regulation (EU) 2019/1156 supplemented by a Commission De­le­gated Regulation 2021/955 and guidelines issued by. It is reminded that according to the Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019, the marketing notification letters shall include details necessary, including the address, for the invoicing or for the communication of any applicable regulatory fees or charges by the competent AMF EU Directive 2019/1160 amending the OGAW Directive and the AIFM Directive as well as the Regulation (EU) 2019/1156 were adopted in June 2019. According to the new and EU-uniform . definition, pre-marketing is, in short, the direct or indirect provision of information on investment strategies or investment concepts to potentia Directive (EU) 2019/1160 Regulation (EU) 2015/2303 Directive 2011/35/EU Directive 2004/25/EC Directive (EU) 2019/1937 Directive (EU) 2019/2162 Regulation (EU) 2015/81 Regulation (EU) No 528/2014 Regulation (EU) 2017/591. The aim of the new Directive 2019/1160 and the Regulation 2019/1156 is to reduce regulatory roadblocks or barriers that hinder cross-border distribution of funds within the EU and to enhance fund managers' ability to full It is made up of two main legislative instruments − Directive (EU) 2019/1160 and Regulation (EU) 2019/1156 supplemented by a Commission De­le­gated Regulation 2021/955 and guidelines issued by the European Securities and Markets Authority (ESMA) published on May 27. Most of the substantial provisions will apply as of August 2