The Undertakings for Collective Investment in Transferable Securities directive was developed to create a single market in Europe for funds. In practice, however, this has proven to be more difficult than expected. The UCITS IV package is a step forward, although obstacles, particularly taxes, remain. The European Fund and Asset Management Association is preparing to make recommendations to Michel Barnier, the EU's incoming internal-market commissioner, regarding the tax treatment under UCITS IV.
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