Fund Distribution Alert 2021-21

EU: Directive 2019/1160 Transposition Update - Ireland, Hungary and Slovakia

EU: Directive 2019/1160 Transposition Update - Ireland, Hungary and Slovakia

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Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg

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Ireland

On 5 August 2021, the Irish minister of finance signed two new regulations transposing the EU Directive 2019/1160 without additional gold-plating. Following this, a local facilities agent will no longer be required in Ireland for UCITS distribution.

The new regulations entered into effect on 6 August 2021.

The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2021 is available in English here.

The European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2021 is available in English here.

 

Hungary

On 2 August 2021, EU Directive 2019/1160 was transposed into national law in Hungary without additional gold-plating.

The updated law is currently only available in Hungarian and can be accessed in full here.

 

Slovakia

On 2 August 2021, EU Directive 2019/1160 was transposed into national law in Slovakia without additional gold-plating. Following this, a local paying agent will no longer be required in Slovakia for UCITS distribution.

The updated law is currently only available in Slovak 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