Twenty-five years ago UCITS legislation came into force with the aim of creating greater harmonisation between different European Union countries.
Tim Gardner from Signet
The costs and requirements of establishing a UCITS fund can vary enormously depending on the country, according to executives and consultants within the industry.
Bill Blackwell, chief operating officer and principal consultant of London-based consultants Carne Global Financial Services, says: “Legal and translation costs associated with passporting tend to be a big issue. These costs and requirements differ depending on which jurisdiction you are in. Each regulator closely monitors those entries offering financial products in their domicile.
“Registration is performed on a country by country basis. It is then overlaid by local requirements which also vary. The fund documents often need to be in the language of that jurisdiction and translation costs are one of the largest costs associated with passporting.
“Service providers, legal,...