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Council Directive of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (85/611/EEC) (repealed)

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After exit day there will be three versions of this legislation to consult for different purposes. The legislation.gov.uk version is the version that applies in the UK. The EU Version currently on EUR-lex is the version that currently applies in the EU i.e you may need this if you operate a business in the EU.

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EU Directives are being published on this site to aid cross referencing from UK legislation. After IP completion day (31 December 2020 11pm) no further amendments will be applied to this version.

  1. Introductory Text

  2. Section I General provisions and scope

    1. Article 1.(1) The Member States shall apply this Directive to undertakings...

    2. Article 1a.For the purposes of this Directive: ‘ depositary ’ shall...

    3. Article 2.(1) The following shall not be UCITS subject to this...

    4. Article 3.For the purposes of this Directive, a UCITS shall be...

  3. SECTION II Authorization of UCITS

    1. Article 4.(1) No UCITS shall carry on activities as such unless...

  4. SECTION III Obligations regarding management companies

    1. Title A Conditions for taking up business

      1. Article 5.(1) Access to the business of management companies is subject...

      2. Article 5a.(1) Without prejudice to other conditions of general application laid...

      3. Article 5b.(1) The competent authorities shall not grant authorisation to take...

    2. Title B Relations with third countries

      1. Article 5c.(1) Relations with third countries shall be regulated in accordance...

    3. Title C Operating conditions

      1. Article 5d.(1) The competent authorities of the management company's home Member...

      2. Article 5e.(1) Qualifying holdings in management companies shall be subject to...

      3. Article 5f.(1) Each home Member State shall draw up prudential rules...

      4. Article 5g.(1) If Member States permit management companies to delegate to...

      5. Article 5h.Each Member State shall draw up rules of conduct which...

    4. Title D The right of establishment and the freedom to provide services

      1. Article 6.(1) Member States shall ensure that a management company, authorised...

      2. Article 6a.(1) In addition to meeting the conditions imposed in Articles...

      3. Article 6b.(1) Any management company wishing to carry on business within...

      4. Article 6c.(1) Host Member States may, for statistical purposes, require all...

  5. SECTION IIIa Obligations regarding the depositary

    1. Article 7.(1) A unit trust's assets must be entrusted to a...

    2. Article 8.(1) A depositary must either have its registered office in...

    3. Article 9.A depositary shall, in accordance with the national law of...

    4. Article 10.(1) No single company shall act as both management company...

    5. Article 11.The law or the fund rules shall lay down the...

  6. SECTION IV Obligations regarding investment companies

    1. Title A Conditions for taking up business

      1. Article 12.Access to the business of investment companies shall be subject...

      2. Article 13.No investment company may engage in activities other than those...

      3. Article 13a.(1) Without prejudice to other conditions of general application laid...

    2. Title B Operating conditions

      1. Article 13b.Articles 5g and 5h shall apply to investment companies that...

      2. Article 13c.Each home Member State shall draw up prudential rules which...

  7. SECTION IVa Obligations regarding the depositary

    1. Article 14.(1) An investment company's assets must be entrusted to a...

    2. Article 15.(1) A depositary must either have its registered office in...

    3. Article 16.A depositary shall, in accordance with the national law of...

    4. Article 17.(1) No single company shall act as both investment company...

    5. Article 18.The law or the investment company's instruments of incorporation shall...

  8. SECTION V Obligations concerning the investment policies of UCITS

    1. Article 19.(1) The investments of a unit trust or of an...

    2. Article 20.. . . . . . . . . ....

    3. Article 21.(1) The management or investment company must employ a risk-management...

    4. Article 22.(1) A UCITS may invest no more than 5 % of...

    5. Article 22a.(1) Without prejudice to the limits laid down in Article...

    6. Article 23.(1) By way of derogation from Article 22 and without...

    7. Article 24.(1) A UCITS may acquire the units of UCITS and/or...

    8. Article 24a.(1) The prospectus shall indicate in which categories of assets...

    9. Article 25.(1) An investment company or a management company acting in...

    10. Article 26.(1) UCITS need not comply with the limits laid down...

  9. SECTION VI Obligations concerning information to be supplied to unit-holders

    1. A. Publication of a prospectus and periodical reports

      1. Article 27.(1) An investment company and, for each of the unit...

      2. Article 28.(1) Both the simplified and the full prospectuses must include...

      3. Article 29.(1) The fund rules or an investment company's instruments of...

      4. Article 30.The essential elements of the simplified and the full prospectuses...

      5. Article 31.The accounting information given in the annual report must be...

      6. Article 32.UCITS must send their simplified and full prospectuses and any...

      7. Article 33.(1) The simplified prospectus must be offered to subscribers free...

    2. B. Publication of other information

      1. Article 34.A UCITS must make public in an appropriate manner the...

      2. Article 35.All publicity comprising an invitation to purchase the units of...

  10. SECTION VII The general obligations of UCITS

    1. Article 36.(1) Neither: an investment company, nor a management company or...

    2. Article 37.(1) A UCITS must re-purchase or redeem its units at...

    3. Article 38.The rules for the valuation of assets and the rules...

    4. Article 39.The distribution or reinvestment of the income of a unit...

    5. Article 40.A UCITS unit may not be issued unless the equivalent...

    6. Article 41.(1) Without prejudice to the application of Articles 19 and...

    7. Article 42.Neither: an investment company, nor a management company or depositary...

    8. Article 43.The law or the fund rules must prescribe the remuneration...

  11. SECTION VIII Special provisions applicable to UCITS which market their units in Member States other than those in which they are situated

    1. Article 44.(1) A UCITS which markets its units in another Member...

    2. Article 45.In the case referred to in Article 44, the UCITS...

    3. Article 46.If a UCITS proposes to market its units in a...

    4. Article 47.If a UCITS markets its units in a Member State...

    5. Article 48.For the purpose of carrying on its activities, a UCITS...

  12. SECTION IX Provisions concerning the authorities responsible for authorization and supervision

    1. Article 49.(1) The Member States shall designate the authorities which are...

    2. Article 50.(1) The authorities of the Member States referred to in...

    3. Article 50a.(1) Member States shall provide at least that:

    4. Article 51.(1) The authorities referred to in Article 49 must give...

    5. Article 52.(1) Only the authorities of the Member State in which...

    6. Article 52a.(1) Where, through the provision of services or by the...

    7. Article 52b.(1) Each host Member State shall ensure that, where a...

  13. SECTION X Contact Committee

    1. Article 53.(1) A Contact Committee, hereinafter referred to as ‘the Committee’,...

    2. Article 53a.(1) In addition to its functions provided for in Article...

  14. SECTION XI Transitional provisions, derogations and final provisions

    1. Article 54.Solely for the purpose of Danish UCITS, pantebreve issued in...

    2. Article 55.By way of derogation from Articles 7 (1) and 14...

    3. Article 56.(1) By way of derogation from Article 6, the Member...

    4. Article 57.(1) The Member States shall bring into force no later...

    5. Article 58.The Member States shall ensure that the Commission is informed...

    6. Article 59.This Directive is addressed to the Member States.

    1. ANNEXI

      1. SCHEDULE A

        1. 2. Information concerning the depositary:

        2. 3. Information concerning the advisory firms or external investment advisers who...

        3. 4. Information concerning the arrangements for making payments to unit-holders, re-purchasing...

        4. 5. Other investment information:

        5. 6. Economic information:

      2. SCHEDULE B Information to be included in the periodic reports

        1. I. Statement of assets and liabilities

        2. II. Number of units in circulation

        3. III. Net asset value per unit

        4. IV. Portfolio, distinguishing between:

        5. V. Statement of the developments concerning the assets of the UCITS...

        6. VI. A comparative table covering the last three financial years and...

        7. VII. Details, by category of transaction within the meaning of Article...

      3. SCHEDULE C Contents of the simplified prospectus

        1. Brief presentation of the UCITS

        2. Investment information

        3. Economic information

        4. Commercial information

        5. Additional information

    2. ANNEX II

      Functions included in the activity of collective portfolio management:

      1. Investment management. Administration: legal and fund management accounting services; customer...

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