UCITS management company meaning

ARCHIVED: This Practice Note is archived and is no longer maintained. UCITS is the acronym for undertakings for collective investment in transferable securities. The expression derives from Directive (EC) 85/611 concerning the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the Original UCITS Directive), which was adopted in 1985. The purpose of the Original UCITS Directive was to establish a single market for open-ended retail investment funds that offered enhanced protection for investors. The UCITS framework has been updated on several occasions, with the Management Company Directive 2001/107/EU adopted in 2002 and the Product Directive 2001/108/EU implemented in 2005 (together referred to as UCITS III); followed by implementation in 2011 of Directive 2009/65/EC (the UCITS Directive, also called UCITS IV), which repealed and replaced the Original UCITS Directive; and Directive 2014/91/EU (UCITS V), which was transposed into national law on 18 March 2016...

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Deadlines 12 March 2025 — ESMA consultation on loan‑originating AIFs — ESMA’s RTS consultation for loan‑originating AIFs closes. 3 March 2025 — Savings and Investment Union — The European Commission’s call for evidence closes on this date. 31 March 2025 — ICCL Report — For the Investor Compensation Company DAC compensation scheme, UCITS/AIFM management companies authorised to carry out individual portfolio management must submit the ICCL report; see UCITS—management companies reporting requirement. 21 May 2025 — ESMA’s guidelines on funds’ names using ESG or sustainability‑related terms — End of the transitional period — From this date, the guidelines apply to UCITS and AIFs that existed before 21 November 2024 (discussed here). 31 May 2025 — Fund profile return — All Irish authorised sub‑funds must file the annual CBI fund profile. The CBI Portal deadline for sub‑fund profile returns moves from February to May 2025. The CBI expects profiles to remain broadly stable year to year, with updates mainly mirroring significant changes in the...

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This Practice Note outlines the principal concepts relating to an open-ended investment company (OEIC), also referred to as an investment company with variable capital (ICVC). It addresses: the relevant provisions of the Open-Ended Investment Companies Regulations 2001, SI 2001/1228 (OEIC Regulations 2001) and the Financial Services and Markets Act 2000 (FSMA 2000); the criteria for obtaining Financial Conduct Authority (FCA) authorisation; and the process for winding up. FCA-authorised CIS In the UK, an FCA-authorised collective investment scheme (CIS) may take one of these legal forms: an OEIC an authorised unit trust (AUT). For further information on an AUT, see Practice Note: Authorised unit trusts (AUTs), or an authorised contractual scheme (ACS). For further information on an ACS, see Practice Note: Taxation of authorised contractual schemes (ACSs) FCA-authorised funds (OEICs, AUTs or ACSs) can adopt one of the following regulatory forms: a UK undertaking for collective investment in transferable securities (UCITS), a non-UCITS retail scheme (NURS), a qualified investor scheme (QIS)...

This Practice Note examines non-UCITS retail schemes (NURS), namely authorised collective investment schemes (CIS) that are not undertakings for collective investment in transferable securities (UCITS). It covers their investment scope, key investor information documents (KIIDs), marketing, and NURS arranged as funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs)... What is a NURS? Alongside UK-authorised UCITS, NURS represent another category of UK-authorised CIS. A NURS may be structured as an authorised unit trust (AUT), an open-ended investment company (OEIC), or an authorised contractual scheme (ACS). For more on AUTs, OEICs and ACSs, see Practice Notes: OEIC authorisation and winding-up, Authorised unit trusts (AUTs) and Taxation of authorised contractual schemes (ACSs)—overview. As each of these vehicles is open-ended, a NURS is invariably an open-ended authorised fund. Other types of non-UCITS schemes authorised by the Financial Conduct Authority (FCA) include the Qualified Investor Scheme (QIS), aimed at professional clients rather than retail investors, and the Long-Term Asset Fund (LTAF), intended to invest in illiquid and long-term assets....

This Practice Note examines the principal features of qualified investor schemes (QIS), a UK‑authorised fund framework, covering investment powers, eligibility requirements and possible tax consequences. What is a QIS? A QIS is a UK‑authorised fund first launched in 2004 to satisfy the fund management sector’s call for a Financial Conduct Authority (FCA) regulated investment vehicle operating under a comparatively light‑touch rulebook. It is aimed mainly at professional, institutional and sophisticated investors, including those within wealth management, and sits alongside the UK UCITS, non‑UCITS retail schemes (NURS) and long‑term asset fund (LTAF) regimes. For additional detail on UCITS, NURS and LTAFs, see Practice Notes: UK Undertakings for Collective Investment in Transferable Securities (UCITS)—essentials, Non‑UCITS retail schemes (NURS) and The UK Long‑Term Asset Fund (LTAF). A QIS can be structured as an authorised unit trust (AUT), an open‑ended investment company (OEIC), or an authorised contractual scheme (ACS). For more on AUTs, OEICs and ACSs, see Practice Notes: OEIC authorisation and winding‑up, Authorised unit trusts (AUTs) and Taxation of authorised...