Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

UCITs definition

What does UCITs mean? In practice, UCITS are regulated open‑ended retail investment funds that invest mainly in transferable securities and other eligible assets, subject to strict rules on diversification, liquidity, leverage, disclosure and depositary oversight. The term is defined in legislation: in the EEA by Directive 2009/65/EC (as amended, including “UCITS V”), and in the UK by the on‑shored “UK UCITS” regime under retained EU law and the FCA Handbook. Key features include eligible asset and concentration limits, daily/regular redemption, risk management, and prescribed investor disclosures (e.g., KIID/KID), making UCITS the standard vehicle for cross‑border retail distribution. Structures vary: in continental Europe common...

UK UCITS investor disclosure obligations: prospectus, annual/half-yearly reports, valuation/pricing, KIID, and related COLL 4 rules, Brexit impacts, PRIIPs-to-CCI transition, ESG/SDR, SFTR and derivatives disclosures

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Practice notes

Scope of this Practice Note

This Practice Note sets out the investor disclosures that must be provided for UK ucits funds, as that term is used in section 237 of the Financial Services and Markets Act 2000 (FSMA 2000)—covering ‘authorised unit trust schemes’, ‘authorised contractual scheme’ and ‘authorised open-ended investment companies’. It additionally reviews the pertinent rules in the Financial Conduct Authority (FCA) Handbook. In particular, it addresses the Collective Investment Schemes sourcebook (COLL) and its relevant provisions. The scope includes obligations around the prospectus, reports, pricing information, and the key investor information document (KIID).

UK implementation of UCITS

undertakings for collective investment in transferable securities (UCITS) are open‑ended collective investment schemes that adhere to the European framework co‑ordinating laws, regulations, and administrative provisions under the UCITS Directive (Directive 2009/65/EC, known as UCITS IV), as later amended by Directive 2014/91/EU (UCITS V). For further information on the UK UCITS regime, including a summary of the key directives together with the implementing directives and regulations, and what qualifies as a UCITS, refer to Practice Note: UK Undertakings for Collective Investment in Transferable Securities (UK UCITS)—essentials and UCITS—overview...

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Web page updated on 22/05/2026

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