What is a non UCIT fund?
NU Funds are alternative investment funds (‘AIFs’) authorised prior to 22 July 2013 which are availing of the transitional provisions under AIFMD. As such these NU Funds have not appointed an alternative investment fund manager (‘AIFM’) and are, not yet, subject to the conditions imposed under AIFMD.
What is the difference between UCITS and Sicav?
UCITS (Undertakings for Collective Investment in Transferable Securities) are just one type of fund in Luxembourg. They are usually targeted at retail investors and most commonly take the form of a SICAV (Société d’Investissement à Capital Variable), i.e. an investment company with variable capital.
Is UCITS a regulation?
UCITS are investment funds, regulated at a European Union (EU) level. In creating a set of common rules and regulations it allows such funds: to seek a single authorisation in one EU member state, and. to register for sale and market across EU member states.
What is a UCIT fund?
An Undertaking for Collective Investment in Transferable Securities (UCITS) is an investment fund that invests in liquid assets and can be distributed publicly to retail investors across the EU.
Are all OEICs UCITS?
The UK OEICs still follow all the same rules and regulations as UCITS funds, but they can no longer be marketed using a UCITS passport in the EU.
Is an AIFM subject to MiFID?
Introduction. Any authorised AIFM may apply to their home regulator for “MiFID Top-Up” permissions, i.e. authorisation to provide certain additional investment services as per Article 6 AIFMD.
Is a unit trust a UCIT?
Most unit trusts and OEICs, and all Exchange Traded Funds (ETFs), comply with UCITS rules. These allow a fund following the rules to be sold throughout Europe without needing to register with the regulator in each country.
Are SICAVs regulated?
SICAVs are regulated under European law. Their structuring can be guided by either the Undertakings for the Collective Investment of Transferable Securities (UCITS) regulatory framework or the specialized investment fund (SIF) framework.
What is non UCITS?
(b) the investment and borrowing powers rules for UCITS schemes set out in ■ COLL 5.2 to ■ COLL 5.5 . (2) (a) Non-UCITS retail schemes are schemes that do not comply with all the conditions necessary to be a UCITS scheme. (b) A non-UCITS retail scheme is an AIF and must be managed by an AIFM.
What type of funds are UCITS?
The key common aspects of UCITS funds are that they must be open-ended and liquid. The flexibility of UCITS is evident in that they may be set up as a single fund or as an umbrella fund that is comprised of several ring-fenced sub-funds, each with a different investment objective and policy.
Which funds comply with UCITS rules?
Most unit trusts and OEICs, and all Exchange Traded Funds (ETFs), comply with UCITS rules. These allow a fund following the rules to be sold throughout Europe without needing to register with the regulator in each country.
What are the UCITS regulations for management companies?
A requirement for UCITS management companies to have remuneration policies, complying with certain remuneration principles, covering their key staff and a requirement to make those policies transparent. The harmonisation of the administrative sanctions that must be available to regulators for breaches of the UCITS Directive.
What is the difference between UCITS and Nurs funds?
NURS funds may also concentrate investments in particular assets, or types of assets, than is permitted in a UCITS fund. Funds which invest directly in property are likely to be run as NURS because property has more subjective pricing than other types of assets, and can rarely be sold immediately.
When will the UCITS V changes be implemented?
The Directive setting out the UCITS V changes was published in the Official Journal of the EU on 18 August 2014. Member States will have to implement it into national law by 18 March 2016.
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