Undertakings for Collective Investment in Transferable Securities, commonly referred to as “UCITS”, are collective investment schemes established and authorised under a harmonised European Union (EU) legal framework under which a UCITS established and authorised in one EU Member State can be sold cross border into other EU Member States without a requirement for an additional authorisation.
Originally introduced over twenty five years ago, UCITS has become the gold standard EU investment fund product, recognised not only by the European financial services community but also further afield with many non-EU jurisdictions accepting UCITS as suitable for retail and institutional sale into their domestic markets.
Ireland has become one of the leading EU “exporting” jurisdictions for UCITS having been pro-active in implementing the UCITS regime into domestic legislation in 1989, introducing a sensible investment funds focused fiscal regime and clear but prudential process for the authorisation and supervision of UCITS and relevant service providers.
The result has been that promoters from all across the world have and continue to use Ireland as a domicile of choice for UCITS products seeking to access the European market place and, in many cases, further afield. End 2014 figures from EFAMA indicate that the AuM of Irish domiciled UCITS exceed Euro 1.27 trillion.
Dillon Eustace has been and will continue to be in the vanguard of all these UCITS developments, playing a leadership role in UCITS evolution, domestically and internationally.
At the time of issuing this Guide we await UCITS V implementation, finalisation of the Central Bank?s response to CP 86, as well as possible conceptual changes to the UCITS Notices. We do expect, therefore, to be updating this Guide both soon and regularly.
We hope that this Guide assists you. It is primarily designed to bring practical and regulatory and legislative provisions together in one document, mainly to make life a little easier.
Please click the below link to access the recently updated Dillon Eustace Guide to UCITS in Ireland:
If you have any questions in relation to UCITS products please do not hesitate to contact Andrew Bates, Daniel Forbes, or your usual contact in Dillon Eustace.