UCITS

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This Overview provides a guide to the Financial Services content within the Undertakings for Collective Investments in Transferable Securities (UCITS) subtopic, with links to appropriate materials.

The UCITS directive timeline

The original UCITS Directive 85/611/EEC (the Original UCITS Directive) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) was adopted in 1985. Since then the UCITS regime has undergone several changes under UCITS III, Directive 2009/65/EC (the UCITS Directive or UCITS IV) which repealed the Original UCITS Directive in 2011, and Directive 2014/91/EU (UCITS V) (see Practice Note: UCITS V [Archived] for further information). The changes introduced under UCITS V aimed to align the UCITS framework with the depositary rules, remuneration rules and sanctions procedures under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). Further proposals were being considered for a UCITS VI [Archived], but it was decided that the issues raised would be addressed via various separate measures for example, the Money Market Funds Regulation (for further information, see Practice Note: MMF Regulation—essentials) and the European Long-Term Investment Funds Regulation (for further information, see Practice Note:

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