Key provisions of UCITS—depositaries
Produced in partnership with Macfarlanes
Practice notesKey provisions of UCITS—depositaries
Produced in partnership with Macfarlanes
Practice notes
This Practice Note considers the role of depositories of UCITS funds (ie open-ended collective investment schemes (CIS) which are undertakings for collective investment in transferable securities) and the provisions of Directive 2009/65/EC (the UCITS Directive), as amended by Directive 2014/91/EU (UCITS V), supplementing delegated regulations and UK implementing measures (such as those in the Financial Conduct Authority (FCA) Handbook) and retention measures following the end of the Brexit transition period. It examines the obligations and requirements of a depositary, who can act as a depositary, liability, and delegation restrictions.
EU legislation on UCITS depositaries
Undertakings for collective investment in transferable securities (UCITS) are open-ended collective investment schemes which comply with Directive 2009/65/EC on the co-ordination of laws, regulations and administrative provisions relating to UCITS (the UCITS Directive, also known as UCITS IV), as amended by Directive 2014/91/EU (UCITS V).
The requirements relating to depositaries are set out in Articles 22–26b of the UCITS Directive. In addition, Directive 2010/43/EU implementing the UCITS Directive as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
UCITs definition
What does UCITs mean?
UCITS stands for ‘undertakings for collective investment in transferable securities’. The regulatory regime for UCITS is set out in Directive 2009/65/EC (EU UCITS Directive) and Retained Directive 2009/65/EC (UK UCITS Directive). 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)), an authorised unit trust or an authorised contractual scheme (ACS). UCITs can be marketed to retail investors throughout the EEA and UK and are therefore highly regulated products.
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