Undertakings for Collective Investment in Transferable Securities (UCITS)

The first directive (85/611/EEC) relating to the Undertakings for Collective Investment in Transferable Securities (UCITS) came into effect in 1988 and amended by UCITS III in 2002. UCITS directive aimed to set out a harmonized regulatory framework providing high levels of investor protection. Even though there had been great development and success in the European fund industry in the past two decades, further enhancements were required. UCITS IV achieved many objectives; passporting being one in particular. Cyprus has transposed UCITS IV Directive 2009/65/EC of the European Parliament and of the Council into domestic Law 78(I)/2012. The Cyprus Securities and Exchange Commission (“CySEC”) is the national authority responsible for regulating funds, their managers and those marketing funds. Pursuant to the provisions of Law 78(I)/12 CySEC issues directives which are legally binding to UCITS authorized in Cyprus and their Management Companies having their registered offices in Cyprus. UCITS can take two types of legal form:

  1. Common fund

  2. Variable Capital Investment Company

For more information:

The Open-Ended Undertakings for Collective Incestment (UCI) Laws of 2012 to 2016 (L.78(I)/2012, 88(I)/2015 and 56(I)/2016)

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