Jurisdiction(s):
United Kingdom

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...

UCITS V in the UK: FCA and HM Treasury implementation, Level 2 Regulation, depositary regime, remuneration rules, sanctions, and post-Brexit retained EU law

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Practice notes

The UCITs framework

The UCITS Directive sets out a comprehensive, harmonised regime for investment funds available to retail Investors across the EU. As a result, a fund authorised in one Member State can be promoted in another via a Passporting system. This cross-border access operates through a passport that enables distribution beyond the home Member State. First enacted back in 1985 through the original UCITS Directive (EC) 85/11 (UCITS Directive), the Rules have undergone multiple updates, the latest being UCITS V Directive 2014/91/EU (UCITS V), effective from 18 March 2016. UCITS V is intended to align the UCITS landscape with the Alternative Investment Fund Managers Directive 2011/61/EU AIFMD (AIFMD) in relation to remuneration and depositary requirements, and to roll out complementary measures: it sets out the responsibilities of the depositary, requires remuneration policies for key personnel of the UCITS management company, and harmonises minimum administrative sanctions for breaches of the UCITS regime. The AIFMD governs managers of non-UCITS funds, such as hedge, private equity, and real estate funds. Collectively, the UCITS Directive and AIFMD form a complete rulebook for fund management within the European Union (EU), applicable to EU fund operations. For additional information on the AIFMD, see Practice Note: for further...

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Web page updated on 22/05/2026

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