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...

Regulated activities for UK UCITS, AIFs and collective investment schemes under FSMA 2000 and the RAO: management, trustees and depositaries, establishing/operating/winding up, exclusions, and post-Brexit amendments

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Practice notes

fsma 2000 activities and investments

Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no one may carry on a regulated activity in the UK by way of business, or hold themselves out as doing so, unless authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA), or is an exempt person. For FSMA 2000, s 22, a regulated activity is a specified form of activity undertaken by way of business in the UK that relates to a specified investment or, depending on the activity, ‘property of any kind’. Activities and investments become ‘specified’ where they are designated in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (as amended) (RAO). For further detail on the general prohibition in FSMA 2000, s 19, its territorial scope, and what amounts to conducting regulated activities by way of business, see Practice Notes: The general prohibition and implications of its breach, Territorial scope of the prohibition and What does ‘by way of business’ mean?

Background to the regulated activities relating to collective investments

Before the implementation of the Alternative...

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Web page updated on 21/05/2026

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