What EU Undertakings for Collective Investment in Transferable Securities Directive (UCITS) 2009/65/EC requires
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.
Pillar: Banking & Global Finance · Authority: European Parliament and Council of the European Union; ESMA · Version: 1.0.1 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32009L0065
SHA-256 integrity: 9a82144a29f129471b33a934a403b733f7537b3c9a573a3114147899ff39e8c3
Primary Citations — 7 traced to source
- https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32009L0065
- https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014L0091
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