UCITS: Difference between revisions

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 {{tag|UCITS}} funds must meet strict criteria as to how they are set up, managed and marketed, and as to the portfolio of asset a {{tag|UCITS}} fund is allowed to invest in: There are concentration limits and other criteria which ensure diversity of risk; assets must be liquid, there should be very limited use of [[leverage]] and the fund must ensure it has diverse exposure to trading counterparties, banks and so on.
-The most recent UCITS legislation is {{tag|UCITS V}}, ({{eudirective|2014|91|EU}}). But also relevant is {{tag|UCITS IV}}, {{eudirective|2009|65|EC}}.
+The most recent UCITS update is {{tag|UCITS V}}, ({{eudirective|2014|91|EU}}), which has specific implications for Custodians and depositaries, and was driven in part by the fallout from [[Madoff]]. But the bulk of {{tag|UCITS IV}}, set out at {{eudirective|2009|65|EC}}, is still in force.
-From Article 1(2) of {{eudirective|85|611|EEC}} [http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:1985L0611:20080320:EN:PDF Council Directive (85/611/EEC)] of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities ({{tag|UCITS}})
-{{box|For the purposes of this Directive, and subject to Article 2, {{tag|UCITS}} shall be undertakings:
-*the sole object of which is the collective investment in transferable securities and/or in other [[UCITS liquid financial assets|liquid financial assets]] referred to in [[UCITS liquid financial assets|Article 19(1)]] of capital raised from the public and which operates on the principle of risk-spreading and
-*the units of which are, at the request of holders, re-purchased or redeemed, directly or indirectly, out of those undertakings' assets. Action taken by a {{tag|UCITS}} to ensure that the [[stock exchange]] value of its units does not significantly vary from their net asset value shall be regarded as equivalent to such re-purchase or redemption.}}
 ==={{tag|UCITS IV}}===
-UCITS IV is the common name for {{eudirective|2009|65|EC}} passed by the European Parliament and of the Council of 13 July 2009. It was subsequently amended by...
+UCITS IV is the common name for {{eudirective|2009|65|EC}} and {{eudirective|2014|91|EU}}, passed by the European Parliament and of the Council of 13 July 2009. It was subsequently amended by...
 ==={{tag|UCITS V}}===
 On 23 July 2014 the [[European Union]] adopted {{eudirective|2014|91|EU}} on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities ({{tag|UCITS}}) as regards depositary functions, remuneration policies and sanctions.