The Government has launched a consultation into the implementation of the new undertakings for collective investment in transferable securities directive.
The joint consultation by the Treasury and the FSA is asking for submissions on the European directive which must be made law in the UK by July 1, 2011.
Ucits IV will see the introduction of a raft of changes to the current system including the introduction of management company passports, enhanced investor disclosure and supervisory co-operation, as well as the removal of administrative barriers to cross border marketing of Ucits.
The reworking of the legislation came after shortfalls in the existing regulation were outlined in a European Commission green paper published in July 2005.
The new directive repeals the current legislation and submissions must be received by March 21, 2011.