Zmiany regulacyjne na rynku instytucji wspólnego inwestowania w Unii Europejskiej i ich potencjalny wpływ na funkcjonowanie rynku finansowego

The aim of this article is to analyse legal developments in the collective investment institutions` market in Europe and their potential impact on the shape of the European financial market. In the case of UCITS funds (primarily open-end funds aimed at individual investors) the most important will be implementation of the provisions of Directive 2009/65/EC of the European Parliament and of the Council (UCITS IV). It will introduce European passport for management companies, establish new regulations for cross-border mergers and acquisitions and shorten and simplify the process of notification of UCITS funds. For other funds, non-harmonised with UCITS IV Directive (so-called alternative investment funds: hedge funds, private equity funds, real estate funds, commodity funds, infrastructure funds and other types of institutional funds), the European Commission prepared a draft Directive on Alternative Investment Fund Managers. The puropse of this Directive is to extend regulation and supervision of all entities and each type of activity that involves significant risks.