2nd Jun 2015
An amendment of the Open – Ended Type Collective Investment Undertakings Law, 78(I)/2012, (UCITS Law) was recently approved for the purpose of better harmonisation with certain provisions of EU Directives 2009/65, 2013/14 and 2014/91 regulating the operation of UCITS.
The main provisions of the amending legislation are the following:
Furthermore, the Law ensures better regulation of the procedures regarding distribution, redemption or suspension of redemption of units, as well as more effective implementation of the provisions regarding co-beneficiaries and the dissolution of Common Fund. It also simplifies the procedures regarding the date on which a merger, a division or a withdrawal of a licence takes effect.