DEFINITION
An Undertaking for Collective Investment in Transferable
Securities (« UCITS ») is a regulated, operationally
flexible and fiscally efficient multipurpose investment fund regime
for a retail investor base.
LEGAL FRAMEWORK
UCITS are governed by several laws and circulars :
- Law of 17 december 2010 ;
- CSSF Circular 07/309 on risk
diversification
- CSSF Circular 07/308 on risk
management
- La circulaire CSSF 11/498 et le
règlement CSSF n° 10-4 transposant les guidelines
émises par la CESR au niveau européen.
- CSSF regulation N°10-4 and the
CSSF circular 11-498 transposing the CESR guidelines.
OBJECTIVE
For at least two reasons, UCITS are very interesting investment
vehicles. On the one hand, it is a structured investment product
(as it is not limited to some categories only). On the other hand,
it provides investment diversification and secures investors.
