Recital 2

(2)This Directive is complemented by Regulation (EU) 2019/1156 of the European Parliament and of the Council ⁵ . That Regulation lays down additional rules and procedures concerning undertakings for collective investment in transferable securities (UCITS) and alternative investment fund managers (AIFMs). That Regulation and this Directive should collectively further coordinate the conditions for fund managers operating in the internal market and facilitate cross-border distribution of the funds they manage.