The EU made some changes to some policies around the distribution and marketing of UCITS funds across different European countries – the policies are otherwise referred to as 65/EC and 61/EU – but more importantly it is Article 92 within those policies that we are focused on here. Essentially it stated that, if an Italian firm wants to sell their fund in Spain – they would need a physical presence in Spain (an office building with a gold plate on the outside otherwise known as ‘gold plating’) with people who speak Spanish to be able to cater for Spanish investors. The EU have now made a change to Article 92 by “relaxing” it, meaning firms no longer need to have physical presences in other countries to be able to sell UCITS funds – instead they need to have other means such as a website/microsite that caters for the other particular country including having it in the local language. There are also other areas to adhere to such as the Contact Us page needs to direct the user to the nearest office (not necessarily head office).
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