CMS Expert Guide to UCITS passporting

Rules on Marketing Undertakings for Collective Investment in Transferable Securities in Europe


Information provided as of December 2020.

The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe.

We are grateful to the numerous contributors to this guide. If you would like more information about passporting within the UCITS framework, you are welcome to get in touch with us or – with regard to particular jurisdictions – the contacts of the relevant contributor firms (detailed on specific country pages).

Please also see the summary table of all the countries covered and definitions page.


The purpose of this guide is to provide a broad overview of the key elements of passporting regulations applicable to EEA UCITS Scheme in the countries covered in this guide. The guide makes no claims as to completeness and does not constitute legal advice.

Entities marketing a passported EEA UCITS Scheme may additionally need to comply with licence requirements in the relevant jurisdictions and these requirements are not covered in the guide. The information contained herein is no substitute for specific legal advice. If you have any queries regarding the issues raised or other legal topics, please get in touch with your usual contact or persons mentioned in this guide.


Download pdf version of the guide by clicking on the button below

UCITS Passporting guide 

Authors

Portrait of Aidan Campbell
Aidan Campbell
Partner
Glasgow
Portrait of Karagh Gilliatt
Karagh Gilliatt
Partner
Edinburgh
Portrait of Benoît Vandervelde
Benoît Vandervelde
Partner
Brussels