Banking & Finance Glossary—U
Banking & Finance Glossary—U

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Banking & Finance Glossary—U
  • UCITs
  • UCP
  • Underwriter
  • UK Export Finance
  • Utilisation


UCITS stands for 'undertakings for collective investment in transferable securities'. The term originates from Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the UCITS Directive). The UCITS Directive has undergone numerous changes, its most recent iteration being Directive 2014/91/EC (UCITS V). UCITS funds can take a variety of forms and structures including the société d’investissement à capital variable (SICAV) and fond commun de placement (FCP). In the UK, UCITS funds may be organised as an open-ended investment company (OEIC, also known as an 'investment company with variable capital' (ICVC)) or an authorised unit trust. UCITs can be marketed to reta

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