Recital 1

(1)Common objectives of Directive 2009/65/EC of the European Parliament and of the Council ³ and Directive 2011/61/EU of the European Parliament and of the Council ⁴ include ensuring a level playing field among collective investment undertakings and removing restrictions to the free movement of units and shares of collective investment undertakings in the Union, at the same time ensuring more uniform protection for investors. While those objectives have been largely achieved, certain barriers still hamper the ability of fund managers to fully benefit from the internal market.