On July 1, final amendments were passed on a new incarnation of pan-European legislation that will make it easier and faster for fund managers to set up shop in different countries and market their funds in more locations. The changes will take effect in July 2011.

That’s the good news. The bad news: to reap the benefits of the third completed round of UCITS, or Undertakings for Collective Investments in Transferable Securities. Now, under the latest set of directives, known as UCITS IV, new opportunities and challenges arise.

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