Undertakings for collective investment in transferable securities (UCITS)

The Undertakings for Collective Investment in Transferable Securities (UCITS) Directives provide means by which EU investment funds may obtain 'passports' allowing them to trade across all EU Member States.

UCITS IV (2009/65/EC) made significant changes to the UCITS regime, harmonising the rules regulating the authorisation, supervision, structure and activities of funds incorporated in member states; and amending the rules about the information to be made available to retail investors.

UCITS V (2014/91/EU) amends the UCITS rules on depositaries for the first time since 1985, seeking greater harmonisation and avoidance of conflicts of interest. This Directive also amends the rules for UCITS remuneration policies to be consistent with the AIFMD, and will harmonise regulators' sanctioning powers. UCITS V does not replace UCITS IV, it stands alongside it. UCITS V is in force and in effect as of 18 March 2016.

The proposed UCITS VI (now withdrawn) would have been a wide-ranging revision of the current UCITS rules, harmonising them (where possible) with AIFMD, and applying the lessons of international research into "shadow banking". It would have also introduced closer regulation of Money Market Funds.

ESMA published Guidelines on sound remuneration policies under UCITS and AIFMD (31 March 2016). The Guidelines apply to UCITS Mancos and national competent authorities from 1 January 2017.

Access the full Reform Tracker


UCITS IV in force and in effect. Please see also the reform tracker entry on UCITS V (in force and in effect) which amends UCITS IV.

Latest Reports

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    Investment Funds is a highly specialist area, with a complex web of regulation and taxation, as well its own jargon, that can bewilder to those new to the industry. The CMS Funds Group’s ‘Introduction to Funds’ training programme is an ideal way of demystifying Investment Funds either for new joiners ...

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    Background On 12 December 2017, the German Federal Financial Supervisory Authority ("BaFin") published the long-awaited new capital investment circular on the interpretation of the German Investment Regulation (Anlageverordnung, "AnIV") and the German Pension Fund Supervision Regulation (Pensionsfonds-Aufsichtsverordnung, "PFAV"): Circular 11/2017 (VA), Guidance notes on the investment of guarantee assets of ...

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    PRIIPs Regulation will be applicable from the beginning of 2018! On 12 April 2017, the European Commission published by way of a Delegated Regulation the regulatory technical standards (RTS) for the new key information document (KID) for packaged retail and insurance-based investment products (PRIIPs). The RTS provide detailed requirements for ...

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    The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered ...

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    On 30 September 2016, the Belgian federal cabinet approved a preliminary draft law intended to transpose into Belgian domestic law Directive 2014/91/UE on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”) as regards depositary functions, remuneration policies and sanctions (“UCITS ...

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Agency Database

Future Dates

* Estimated date

  • 31 December 2019

    End of the five-year transitional period under which UCITS will not require a (PRIIPs-style) KID in addition to a UCITS KIID (i.e. five years after the PRIIPs Regulation comes into force)