The Council of the European Union has approved legislation that would allow fund companies to sell in any European Union country, as long as the fund is registered in one of them.

The Council of the Ministers of the Economy and Finances of the European Union voted to amend the 1985 UCITS (Undertakings for Collective Investment in Transferable Securities) Directive, which has jurisdiction over most European funds. The amendment also institutes a simplified prospectus, creating uniformity in prospectuses within the EU.

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