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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. | {{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 | 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. | ||
==={{tag|UCITS IV}}=== | ==={{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}}=== | ==={{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. | 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. |