Produced in partnership with Andrew Henderson of Macfarlanes

The following Financial Services practice note produced in partnership with Andrew Henderson of Macfarlanes provides comprehensive and up to date legal information covering:

  • An overview of the UCITS VI consultation
  • Eligible assets and use of derivatives under UCITS VI
  • Efficient portfolio management techniques under UCITS VI
  • Over the counter derivatives under UCITS VI
  • Depository passport
  • Money Market Funds
  • Long-term investments
  • Improvements to UCITS IV
  • More...



UCITS VI describes the European Commission's Consultation on Undertakings for Collective Investment in Transferable Securities issued 26th July 2012. For information on UCITS V see UCITS V. The UCITS VI Consultation addresses product rules, liquidity management, depositary issues, money-market funds and long-term investments. It followed the European Commission's UCITS V legislative proposals, also published in July 2012 (see UCITS V).

In light of the European Securities and Markets Authority (ESMA) Speech by ESMA Chair Steven Maijoor of 6th November 2014, the issues raised in UCITS VI are not being addressed in a single measure, ie via amendment to the UCITS Directive. For example, the then proposal for a regulation in relation to money-market funds (MMFs). For further detail regarding the Money Market Funds Regulation, see Money Market Funds Regulation—essentials. Mr Maijoor indicated that Member State authorities (NCAs) would need to first implement the UCITS V Directive (2014/91/EU) before the implementation of any UCITS VI measure.

The European Commissions work programme for 2015: A New Start contained no references to UCITS VI and there is no indication of when or whether a UCITS VI legislative proposal will be published. The FCA’s Business Plan of 2013/14 also mentioned UCITS VI but has not featured in later business plans.

An overview of the UCITS VI consultation

On 26 July 2012, the European Commission (Commission) published its consultation paper

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