Jurisdiction(s):
European Union

EU CBDF: Harmonising Cross-Border Distribution of UCITS and AIFs: Pre-marketing, De-notification, Marketing Communications, Fees and ESMA Database (Directive 2019/1160/EU; Regulation 2019/1156/EU)

Published by a LexisNexis EU Law expert

Practice notes

This Practice Note provides an overview of Directive 2019/1160/EU and Regulation (EU) 2019/1156, introduced as part of the Cross-Border Distribution of Funds (CBDF) package

Their central purpose was to ease and standardise the cross-border rollout of collective investment funds within the EU, with a focus on alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS). Core aspects of the CBDF initiative include:

Before these changes, managers of funds encountered regulatory fragmentation when offering funds across EU Member States; for example, the notion of ‘marketing’ under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) was construed differently from one jurisdiction to another
In March 2018, the European Commission put forward a draft regulation to facilitate the cross-border distribution of collective investment funds, amending the European Venture Capital Funds Regulation (EU) 345/2013 (EuVECA Regulation) and the European Social Entrepreneurship Funds Regulation (EU) 346/2013 (EuSEF Regulation), together with a draft directive revising AIFMD and the UCITS Directive 2009/65/EC (the UCITS Directive)
The CBDF measures sought to deepen harmonisation and align the functioning of the marketing regimes under both AIFMD and the UCITS Directive, alongside steps intended to enhance the transparency of

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Web page updated on 21/05/2026

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