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UCITS: Difference between revisions
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From Article 1(2) of [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.}} | |||
===See Also=== | ===See Also=== | ||
*[[UCITS fair value]] | *[[UCITS fair value]] | ||