Undertakings for Collective Investment in Transferable Securities

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Undertakings for Collective Investment in Transferable Securities

Also called UCITS. A system intended to allow mutual funds and other investment vehicles to operate throughout the European Union. That is, UCITS aims to unify investment regulation throughout Europe so that a company registered in one country can conduct operations in other countries as well. UCITS has been marginally successful, though differing regulations intended to protect local investment companies have remained in place. UCITS was first adopted in 1985.
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References in periodicals archive ?
Some 71% of this amount, relates to 92 UCIs domiciled in Cyprus (9 UCITS, 27 AIF and 56 AIFLNP).
In the long run, it is believed that the listing of the 'Commerzbank CCBI RQFII Money Market UCITS ETF' on the LSE will boost the status and recognition of RMB in the European markets and create an integrated and sustainable environment for RMB business development.
Referring to a UCITS management company GMM which has already been licensed, she said that it has already issued three mutual funds, of which two are single schemes and one is an umbrella scheme with 14 sub-funds of various types.
This product has virtually ironed out the structural drawbacks of hedge fund investing through a client -- friendly UCITS vehicle.
This reform mainly aims to tighten up the obligations and liability of UCITS depositaries (in charge of the funds).
"Setting-up a Shari'ah-compliant UCITS fund in Luxembourg, opens the doors of the more than 70 countries around the world in which Luxembourg UCITS funds are currently distributed" said Saluzzi.
By complying to strict standards set out in the European Union's UCITS IV directive, for example on disclosure and liquidity, asset managers may receive a "passport" to market funds to investors throughout the 27-country grouping.
Our strategy, which combines our UCITS expertise with our product and service strength in the alternatives sector, has been highly successful and recognition by a reputable publication like The Hedge Fund Journal is truly appreciated.'
Funds including BlackRock, Dexia, M andamp;G have been among the biggest UCITS asset gainers.
The fund, registered in Dublin, is the first in the GCC region to obtain a UCITS licence.
Fund managers preparing for the UCITS IV directive, due to come into force in 2011, said such low-cost jurisdictions might lack the appropriate skills and expertise and have a "limited track record and reputation", according to research conducted by custodian RBC Dexia and accounting firm KPMG.