UCITSD

Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)

Entry into force

7 December 2009 / Transposition into national law: 30 June 2011

Scope of application

The UCITS Directive contains the key provisions on undertakings for collective investment in transferable securities (UCITS) as well as unified rules on cross-border marketing of investment funds in the EU.

Content

  • Definition of UCITS as “[undertakings] with the sole object of collective investment in transferable securities or in other liquid financial assets […] of capital raised from the public and which operate on the principle of risk-spreading; and with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets” (Art. 1 UCITSD);
  • Authorization and supervision requirements for UCITS in the form of funds or investment companies (Art. 5 et seqq. in conjunction with Art. 27 et seqq. UCITSD);
  • Obligations regarding management companies (Art. 6 UCITSD) and depositaries (Art. 22 et seqq. and Art. 32 et seqq. UCITSD);
  • Obligations concerning the investment policies of UCITS (Art. 50 et seqq. UCITSD);
  • Harmonization of key investor information (Art. 78 et seqq. UCITSD; Key Investor Information Document [KIID]).

EU passport

UCITS authorized in one Member State may be marketed in any other Member State. Management companies based in an EU Member State and authorized by that Member State may manage UCITS on a cross-border basis with or without a branch (Art. 16 et seqq. UCITSD).

Third countries

Management companies may delegate asset management to companies in third countries if the national law of their home Member State provides for such delegation and if the requirements set out in Article 13 of the UCITS Directive are met.

Delegated acts relating to the UCITSD

  • Commission Directive 2010/42/EU of 1 July 2010 implementing Directive 2009/65/EC […] as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure
  • Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC […] as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company
  • Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC […] with regard to obligations of depositaries
  • Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC […] as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website
  • Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC […] as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities
  • Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions
  • Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation