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  3. ALFI welcomes CBDF final outcome
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ALFI welcomes CBDF final outcome
23 April 2019 Luxembourg
Reporter: Maddie Saghir

Image: Shutterstock
The Association of the Luxembourg Fund Industry (ALFI) has welcomed the final outcomes of the interinstitutional negotiations on the European Commission’s 2016 proposal on cross-border distribution of investment funds (CBDF).

The association noted that they welcome the final outcomes of the negotiation as a trade-off between the objectives of removing barriers to cross-border distribution of investment funds and the adequate protection of investors.

This follows the European Parliament’s adoption of the final text, on 16 April, of the Directive amending the UCITS and Alternative Investment Fund Managers (AIFM) and the EU Regulation amending European Venture Capital Funds.

It also amends European Social Entrepreneurship Funds Regulations as a result of the interinstitutional negotiations on CBDF.

ALFI explained that they support the introduction of harmonised pre-marketing for Alternative Investment Funds (AIFs) across the EU.

The association also supports the harmonisation of de-notification procedures applicable to UCITS and AIFs

In addition, ALFI supports the removal of the requirement for a local presence or representative.

According to ALFI, harmonisation in this respect is a very positive and balanced outcome that ensures that investors will receive the information they need while significant costs are avoided.

Additionally, the Association also welcomes the extension of the review period for UCITS Key Investor Information Document (KIID) and Packaged Retail Investment and Insurance-Based Products KID.

ALIF commented: “ALFI welcomes the introduction of such a provision by the European Parliament in the course of the legislative process as it removes uncertainty and an obligation that would have been redundant for both the market and investors.”

“All institutions and supervisory authorities involved have nevertheless been called upon to act as fast as possible to facilitate the termination of the transitional exemption.”
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