What is a master UCITS?
Feeder UCITS: a feeder UCITS is a UCITS which has been approved to invest at least 85% of its assets in units of another UCITS. Master UCITS: a UCITS fund with one or more feeder funds as investors. It cannot itself be a feeder UCITS or hold units of a feeder UCITS.
What is a feeder UCITS?
a UCITS scheme or a sub-fund of a UCITS scheme which has been approved by the FCA to invest at least 85% of its assets in the units of a single master UCITS.
Who regulates UCITS funds?
UCITS are investment funds, regulated at a European Union (EU) level. In creating a set of common rules and regulations it allows such funds: to seek a single authorisation in one EU member state, and. to register for sale and market across EU member states.
Are funds regulated by the FCA?
Financial Conduct Authority (FCA) recognised status means that the Funds are approved for marketing to the retail public within the UK but (and this is an important distinction between these Funds and Regulated Onshore Funds) they do not fall under the remit of the Financial Services Compensation Scheme (FSCS).
What is the difference between UCITS and AIF?
A UCITS, however, will invest more specifically into liquid financial assets such as bonds, shares and money market instruments. In contrast, an AIF will generally be defined as those funds that do not satisfy the criteria for regulation as UCITS.
What is PRIIPs regulation?
From 1 January 2018 the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs Regulation”) will come into force which requires us to provide you with a pre-contractual Key Information Document. The main goal of the PRIIPs Regulation is to enhance investor protection standards for retail clients.
Are all funds regulated?
Allfunds Bank, S.A.U. is a credit institution duly regulated by the Bank of Spain under number 0011 and authorised by the Spanish Securities Market Commission (CNMV) to act as a broker and fund distributor with registered office in Padres Dominicos, 7 28050 – Madrid.
Are investment funds regulated?
Fund management is regulated in the UK by the Financial Services and Markets Act 2000 (FSMA), various statutory instruments made under the FSMA and the Financial Conduct Authority’s (FCA) rules. EU regulations apply directly in the UK, without any need for further implementation.
Is a UCIT and AIF?
Similarly, an ‘undertaking for collective investment in transferable securities’ or ‘UCITS’ is similar to an AIF in that it is a collective investment vehicle. A UCITS, however, will invest more specifically into liquid financial assets such as bonds, shares and money market instruments.
Who does PRIIPs regulation apply?
The PRIIPs regime will apply to all products manufactured by the financial services sector which provide an investment opportunity to EEA retail investors where (irrespective of the investment’s legal form) the product’s return is subject to the performance of assets which are not directly purchased by the EEA retail …
What is the difference between feeder UCITS and Master UCITS?
A feeder UCITS is a UCITS or an investment compartment which invests at least 85% of its assets in units of another UCITS or an investment compartment of another UCITS. A master UCITS is a UCITS or an investment compartment of a UCITS which must: • not hold units of feeder UCITS.
What is UCITS IV and when does it apply?
“UCITS IV”, and more precisely Directive 2009/65/EC provides the latest amendments to the UCITS legislation, which will have to be implemented into national law by 1 July 2011. The simplified prospectus will have to be replaced by the Key Investor Information Document by July 2012 at the latest.
How did Luxembourg implement the UCITS IV Directive?
Luxembourg implemented the UCITS IV Directive into national law by the Law of 17 December 2010 relating to undertakings for collective investment, which is accompanied by two CSSF Regulations (n° 10-04 and n° 10-05) and dedicated circular. Luxembourg was the first country to ratify the new rules (press release).
How to share information between master and feeder?
For this purpose, both the Master and the Feeder must enter into an information sharing agreement (the “ Agreement ”) or, where both the Master and Feeder have the same management company, an internal conduct of business rules (the “ Business Rules ”).