A UCITS fund (Undertaking for Collective Investment in Transferable Securities) that is authorised by the Irish Financial Services Regulatory Authority of Ireland may be offered for sale to members of the public in other member states of the European Union without the requirement for further authorisation in those other countries.
A UCITS fund must, however, comply with marketing and advertising regulations applicable to local UCITS funds established in those other member states. This authorisation under UCITS is commonly described as the "Single European Passport".
A UCITS Fund may be established as one of two legal forms:
- As an open-ended unit trust which is established under the UCITS regulations
- As an open or closed-ended investment company registered as a public limited company which is established under the UCITS regulations.
|
