are undertakings for collective investment in transferable securities as recognised in the EC Directive 85/611.

Undertakings for Collective Investments in Transferable Securities. The UCITSs legislation governs how a fund can be marketed with the European Union and is designed to allow cross border fund sales to investors of different nationalities. To obtain UCITS status a fund must invest within defined but wide parameters. The fund may then be sold in any EU country, subject only to the marketing rules of that country. The funds are often umbrella funds based in recognised European offshore centres such as Luxembourg or Dublin. A non-UCITS fund, such as a hedge fund, is not allowed to be actively marketed within the EU.

An acronym standing for Undertakings for Collective Investments in Transferable Securities - a European Union term signifying funds that can be marketed across national borders within the EU.

The EC directive adopted in 1985 which allows collective investment schemes authorised in one EC member state to be marketed in another, subject to a two-month notice period. The FSA is responsible for regulating the UK marketing activities of UCITS funds, and investors are protected under the UK Investors Compensation Scheme.

Undertaking for Collective Investment in Transferable Securities. See below.