Looking for the right term then try the glossary:

non-directive firm > UCITS Directive
Term Definition Legal instruments



The changes to this defined term are effective from 23:00 on 31/12/2020.

(1) an undertaking:

(a) with the sole object of collective investment in transferable securities or in other liquid financial instruments of capital raised from the public and which operate on the principle of risk-spreading; and

(b) with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings' assets (and for these purposes, action taken by the undertaking to ensure that the stock exchange value of its units does not significantly vary from their asset value is to be regarded as equivalent to such repurchase or redemption).

(2) undertakings for collective investment in transferable securities that are established in the European Economic Area in accordance with the UCITS Directive.