Fund Distribution Alert 2021-17

EU: Directive 2019/1160 Transposition Update - Austria

EU: Directive 2019/1160 Transposition Update - Austria

Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg

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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.

FMA confirmed that UCITS and AIF Funds should make available facilities in Austria (in German) even though the mention of the facilities service might be in English in the Fund documents. 

The transposition into national Austrian law is however not yet finalized as the implementation of the EU Directive 2019/1160 into national law is expected to take place in autumn/winter 2021.

The draft law is currently only available in German and can be accessed in full here.

For further information on the directive, please consult our fund distribution alert dated 16 July 2019 accessible here.

Please feel free to contact us should you require any additional information.

Said Fihri

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Stephanie Zedda

Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu