The Investment Management Association (IMA) welcomes the agreement reached on the proposed directive on the cross-border merger of companies within the EU, but stresses the need for progress on facilitating the cross-border mergers of collective investment schemes (UCITS).
Whilst the proposed Directive will enable limited liability companies to merge more easily around Europe, UCITS have been excluded. Although IMA agrees that exclusion, at this stage, is appropriate due to the differing issues surrounding merging funds and “ordinary” companies, it urges the legislators to come forward as soon as possible with tailored provisions to facilitate the merger of UCITS.
In 2003 IMA issued the “Heinemann report”, followed by a second report issued in June 2004, identifying the barriers to cross-border mergers of funds as one of the main impediments to creating a more efficient European market for asset management.
Press release
Link to Heinemann report
Follow up report
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