{
  "node_id": "eu-ucits-directive-2009-65",
  "title": "EU Undertakings for Collective Investment in Transferable Securities Directive (UCITS) 2009/65/EC",
  "domain": "Banking & Global Finance",
  "version": "1.0.1",
  "last_updated": "2026-04-30",
  "bluf": "Directive 2009/65/EC (UCITS IV, consolidated) establishes the EU framework for retail collective investment schemes. UCITS may be marketed to retail investors across the EU via a passport: the management company submits a notification to the home NCA, which transmits to host NCA within 10 working days. Investment restrictions under Articles 50-57 cap single issuer exposure at 5% (raised to 10% for certain issuers, 35% for government bonds) and prohibit investments in physical commodities, real estate, or unquoted securities exceeding 10%. UCITS must publish a Key Information Document (KID) under PRIIPs Regulation (EU) No 1286/2014 (replacing the KIID from 1 January 2023). Management companies must hold minimum capital of EUR 125,000 plus 0.02% of AUM exceeding EUR 250M (capped at EUR 10M). UCITS V (Directive 2014/91/EU) added depositary obligations, remuneration rules, and sanctions framework. AIFMD II (Directive 2024/927/EU) amends UCITS liquidity management provisions.",
  "paywall": {
    "status": "LOCKED",
    "unlock_cost_usd": "0.01",
    "skyfire_id": "41779894-ece2-4163-9761-b3b1b76e19b0"
  },
  "crosswalks": {
    "_available_keys": [
      "AIFMD",
      "PRIIPs_KID",
      "SFDR",
      "AML",
      "MiFID_II_distribution"
    ],
    "_note": "Full crosswalk values included in vault response"
  },
  "dependencies": [
    "eu-priips-regulation-1286-2014-kid",
    "eu-sfdr-2019-2088",
    "eu-aml-regulation-2024"
  ],
  "primary_citations_count": 7
}