UCITS (Undertakings for Collective Investment in Transferable Securities) is the main EU legislative framework covering the regulation and cross border marketing of collective investment schemes that are suitable for retail investors.
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The UCITS IV Directive recast the earlier UCITS Directives so that the UCITS regime would be contained in a single overarching Directive together with certain new provisions. The UCITS V Directive amends the UCITS IV Directive by introducing certain changes relating to the depositary function, manager remuneration and sanctions. The deadline for member states to transpose UCITS V was 18 March 2016.
Other EU legislative frameworks for the cross border management and/or marketing of investment funds include AIFMD (Alternative Investment Fund Directive), EuVECA (European Venture Capital Funds Directive), EuSEF (European Social Entrepreneurship Funds), and ELTIF (European Long-Term Investment Funds). An additional regime for MMF (Money Market Funds) is proposed. Details of all of these regimes can be found under our AIFMD expert technical resource page.
How can we help?
Our team have created this UCITS knowledge tool to provide you with insight and analysis into the UCITS regime and the impact of UCITS V. This also includes published material and updates to help you keep up to date with hot topics and developments in this space.
In addition we release a asset management quarterly update which features analysis on fund management and buy-side regulation across Europe, the United States, Canada, Latin America, Asia, Australia, the Middle East and Africa.