UCITS Directive
Directive 2009/65/EC is the UCITS Directive, the EU framework for retail investment funds. Fund and management company are authorised separately, and the manager needs initial capital of EUR 125,000. An authorised UCITS can be sold to retail investors across the EU once each host member state has been notified.
At a glance
| Official title | Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)1 |
|---|---|
| English title | UCITS Directive |
| Citation | Directive 2009/65/EC |
| Jurisdiction | European Union (applies in every EU/EEA state) |
| Type | directive |
| Adopted | 2009-07-13 |
| In force from | 2009-12-07 |
| Status | In force, as amended |
Full text
Official full text: UCITS Directive (PDF, en)1 · 2,032 KB · file checked 2026-09-24
Official page: eur-lex.europa.eu1
Summary
UCITS covers retail investment funds. The fund needs authorisation, and so does the company that manages it. Eligible assets, diversification and liquidity fall under strict rules, and the fund has to publish a prospectus and key information. Notification is what opens the rest of the EU: an authorised UCITS can then be marketed to retail investors throughout the EU. A management company, once authorised, can manage funds in other member states too.
Summary written by the Atlas from the official text; the law itself prevails.
Main articles
- Art. 5: The fund itself needs authorisation as a UCITS.
- Art. 6-7: Management company: authorisation, then initial capital of EUR 125,000, plus additional own funds above EUR 250 million of assets.
- Art. 16-17: The management company's passport.
- Art. 50-57: What the fund may hold, and the limits on how much.
- Art. 93: The notification a UCITS files to be marketed in another member state.
Licences it governs
- FM · Cyprus
Alternative Investment Fund Manager (AIFM) authorisation
CySEC
- FM · Cyprus
Sub-threshold Alternative Investment Fund Manager registration
CySEC
- FM · Cyprus
UCITS Management Company authorisation
CySEC
- FM · Spain
Fund manager licence (SGIIC)
CNMV
- FM · France
Portfolio management company authorisation
AMF
- FM · Luxembourg
Alternative investment fund manager (AIFM) authorisation
CSSF
- FM · Luxembourg
Management company authorised
Management company authorised under Chapter 15 of the Law of 17 December 2010CSSF
- FM · Netherlands
Alternative Investment Fund Manager (AIFM) licence
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUAFM
- FM · Netherlands
Fund manager licence
Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFM
- IF · Cyprus
Cyprus Investment Firm (CIF) authorisation
CySEC
- IF · Spain
AV) investment firm licence
CNMV
- IF · Spain
Empresa de Asesoramiento Financiero (EAF) licence
CNMV
- IF · France
Financial investment adviser status
AMF
- IF · Luxembourg
Investment firm authorisation
CSSF
- IF · Netherlands
Investment firm licence
Investment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID IIAFM
Regulators that apply it
- Netherlands
Authority for the Financial Markets (AFM)
The Autoriteit Financiële Markten (AFM) is the Netherlands' autonomous conduct-of-business supervisory authority (zelfstandig bestuursorgaan
- France
Financial Markets Authority (AMF)
The Autorité des marchés financiers (AMF) is France's independent financial markets authority. It protects savings invested in financial pro
- Spain
National Securities Market Commission (CNMV)
The National Securities Market Commission is the Spanish agency responsible for supervising and inspecting secondary securities markets, inv
- Luxembourg
Commission de Surveillance du Secteur Financier (CSSF)
The CSSF is Luxembourg's unified public supervisory authority for the financial centre. It carries out prudential supervision and market con
- Cyprus
Cyprus Securities and Exchange Commission (CySEC)
The Cyprus Securities and Exchange Commission is the independent public supervisory authority responsible for the regulation and supervision
Sources
- EUR-Lex: CELEX 32009L0065 · retrieved 2026-09-24
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