# UCITS Directive

Source page: https://protegra.io/licensing/laws/eu-ucits-2009-65/

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)](https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32009L0065) [1] · 2,032 KB · file checked 2026-09-24

Official page: [eur-lex.europa.eu](https://eur-lex.europa.eu/eli/dir/2009/65/oj) [1]

## 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 · CyprusAlternative Investment Fund Manager (AIFM) authorisationCySEC](https://protegra.io/licensing/licences/fund-manager/cyprus-aifm/)
- [FM · CyprusSub-threshold Alternative Investment Fund Manager registrationCySEC](https://protegra.io/licensing/licences/fund-manager/cyprus-sub-aifm/)
- [FM · CyprusUCITS Management Company authorisationCySEC](https://protegra.io/licensing/licences/fund-manager/cyprus-ucits/)
- [FM · SpainFund manager licence (SGIIC)CNMV](https://protegra.io/licensing/licences/fund-manager/spain-sgiic/)
- [FM · FrancePortfolio management company authorisationAMF](https://protegra.io/licensing/licences/fund-manager/france-sgp/)
- [FM · LuxembourgAlternative investment fund manager (AIFM) authorisationCSSF](https://protegra.io/licensing/licences/fund-manager/luxembourg-aifm/)
- [FM · LuxembourgManagement company authorisedManagement company authorised under Chapter 15 of the Law of 17 December 2010CSSF](https://protegra.io/licensing/licences/fund-manager/luxembourg-ucits/)
- [FM · NetherlandsAlternative Investment Fund Manager (AIFM) licenceAlternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUAFM](https://protegra.io/licensing/licences/fund-manager/netherlands-aifm/)
- [FM · NetherlandsFund manager licenceUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFM](https://protegra.io/licensing/licences/fund-manager/netherlands-ucits/)
- [IF · CyprusCyprus Investment Firm (CIF) authorisationCySEC](https://protegra.io/licensing/licences/investment-firm/cyprus-cif/)
- [IF · SpainAV) investment firm licenceCNMV](https://protegra.io/licensing/licences/investment-firm/spain-broker-dealer/)
- [IF · SpainEmpresa de Asesoramiento Financiero (EAF) licenceCNMV](https://protegra.io/licensing/licences/investment-firm/spain-eaf/)
- [IF · FranceFinancial investment adviser statusAMF](https://protegra.io/licensing/licences/investment-firm/france-cif/)
- [IF · LuxembourgInvestment firm authorisationCSSF](https://protegra.io/licensing/licences/investment-firm/luxembourg/)
- [IF · NetherlandsInvestment firm licenceInvestment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID IIAFM](https://protegra.io/licensing/licences/investment-firm/netherlands/)

## Regulators that apply it

- [NetherlandsAuthority for the Financial Markets (AFM)The Autoriteit Financiële Markten (AFM) is the Netherlands' autonomous conduct-of-business supervisory authority (zelfstandig bestuursorgaan](https://protegra.io/licensing/regulators/afm-netherlands/)
- [FranceFinancial Markets Authority (AMF)The Autorité des marchés financiers (AMF) is France's independent financial markets authority. It protects savings invested in financial pro](https://protegra.io/licensing/regulators/amf-france/)
- [SpainNational Securities Market Commission (CNMV)The National Securities Market Commission is the Spanish agency responsible for supervising and inspecting secondary securities markets, inv](https://protegra.io/licensing/regulators/cnmv-spain/)
- [LuxembourgCommission 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](https://protegra.io/licensing/regulators/cssf-luxembourg/)
- [CyprusCyprus Securities and Exchange Commission (CySEC)The Cyprus Securities and Exchange Commission is the independent public supervisory authority responsible for the regulation and supervision](https://protegra.io/licensing/regulators/cysec-cyprus/)

## Sources

1. [EUR-Lex: CELEX 32009L0065](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0065): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.