UCITS (Undertakings for collective investment in transferable securities)

Roles that need it

• Fund Accountant
• Investment Product Specialist
• Compliance Officer
• Investment Risk Analyst
• Fund Selection Analyst

Skills it belongs to

• Fund regulation and structures (UCITS, AIFMD, US 1940 Act)

Related concepts

• AIFMD (Alternative Investment Fund Managers Directive)The Alternative Investment Fund Managers Directive (AIFMD), Directive 2011/61/EU, regulates managers of funds that are not UCITS, such as hedge, private equity, real estate and infrastructure funds. It sets authorisation, capital, depositary, reporting and marketing rules; Directive (EU) 2024/927 (AIFMD II) adds loan origination and liquidity rules.
• Depositary (funds)A depositary is the independent institution, usually a bank, appointed for a UCITS or an alternative investment fund to safekeep its assets, monitor its cash flows and oversee that the manager complies with the rules on subscriptions, valuation and investment limits. It is liable for the loss of financial instruments held in custody.
• Management company (ManCo)A management company (ManCo) is the authorised entity responsible for managing a UCITS: portfolio management, administration and marketing, which it may delegate under oversight. Third-party ManCos offer this regulated layer to asset managers that do not run their own; the equivalent for alternative funds is the alternative investment fund manager (AIFM).
• PRIIPs KID (Key information document)The key information document (KID) is a three-page standard document required by the PRIIPs Regulation for packaged retail and insurance-based investment products sold to retail investors in the EU. It shows the product's objective, a summary risk indicator, performance scenarios and costs; UCITS have used it since 2023.
• ETF (Exchange-traded fund)An exchange-traded fund (ETF) is an investment fund whose units trade on a stock exchange during the day, usually tracking an index. In Europe most ETFs are UCITS; their units are created and redeemed in the primary market by authorised participants, while other investors buy and sell on exchange.

Sources

• Directive 2009/65/EC (UCITS Directive), EUR-Lex (external site) accessed 31 Oct 2026
• Directive (EU) 2024/927 (amending AIFMD and UCITS), EUR-Lex (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.