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 NURS (Non-UCITS Retail Schemes): FCA rules on investment powers, illiquid assets, marketing, prospectus and retail disclosures, and structures (FAIFs, PAIFs)

Published by a LexisNexis Financial Services expert

Practice notes

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. For more information on QIS, see Practice Note: Qualified investor schemes (QIS) and for more on LTAFs, see Practice Note: The UK...

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Elizabeth Budd

Pinsent Masons

Elizabeth Budd is a financial services regulatory partner with extensive expertise advising asset managers, fund managers, depositaries, wealth managers, fund distributors including platforms, and insurance companies on the constantly shifting landscape in the UK and EU. On the funds side she has established UCITS and AIFs structured as unit trusts, open ended investment companies and limited partnerships, on-shore and off-shore. She has also advised extensively on the distribution of fund products. Elizabeth has recently advised on perimeter issues, application for authorisation and variations of permission, regulatory implications of employment and LLP disputes in authorised firms, and on MiFID II. She has worked with a number of fund managers of authorised, unauthorised and listed funds to implement the Alternative Investment Fund Managers Directive and on restructurings of investment funds. For insurance clients she has advised on Part VII transfers, reviewing policy documentation and broker terms....

Web page updated on 21/05/2026

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