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Proposed changes to the AIFM and UCITS Directives

The European Commission (“EC”) have published a proposed directive and a proposed regulation amending Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMs”) and Directive 2009/65/EC on undertakings for collective investment in transferable securities (“UCITS”) to facilitate cross-border marketing of funds, including pre-marketing under the AIFM Directive.