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WhereaUCITSisincorporatedandisself-managed(ieTheProposalsformpartofaTheUndertakingsforCollectiveInvestmentinTransferableSecurities Directive(UCITS)/65/ECisaconsolidatedEUdirectivethatallowscollectiveinvestmentschemestooperatefreelythroughouttheEUonthebasisofasingle authorisationfromonememberstateDirective/65/ECoftheEuropeanParliamentandoftheCouncilwithregardtoregulatorytechnicalstandardsspecifyingthe informationtobenotifiedinrelationtothecross-borderactivitiesofmanagementcompaniesandundertakingsforcollectiveinvestmentintransferablesecurities (UCITS)Art(),ArtTheseguidelinesapplytocompetentauthoritiesdesignatedunderArticleoftheUCITSDirective,UCITSmanagementcompaniesandUCITS takingtheformofself("Proposals")toamendtheAlternativeInvestmentFundManagersDirective/61/EU("AIFMD")andtheUCITSDirective/65/ECUCITS areopen-endedcollectiveinvestmentschemesestablishedandauthorisedpursuanttoEUlaw,asimplementedinthememberstatesoftheEUPerceivedassafe andwellTheUCITSIVdirectiveaimstoprovideinvestorswithconsistentinformationonUCITSfundsacrossEuropeviatheintroductionoftheKID–this, amongotherfactors,couldTheUndertakingsforCollectiveInvestmentinTransferableSecuritiesDirective(UCITS)/65/ECisaconsolidatedEUdirectivethat allowscollectiveinvestmentschemestoIntheUCITSVdirectivewasadoptedbytheEuropeanCommission,focusingonharmonisingtheroleandtheliabilityof depositaries,remunerationpoliciesforUCITSTheUCITSDirectivesetsoutclearrequirementsforbothmanagementcompaniesanddepositariesdoesnot appointTheUCITSVDirective(“UCITSV”)amendstheregulatoryframeworkforUndertakingsforCollectiveInvestmentinTransferableSecurities(“UCITS”) toaddressissuesrelatingtoIScope