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Undertakings for Collective Investments in Transferable Securities (UCITS)

Definition:

A European Union Directive adopted in 1985. The objective of UCITS was to allow collective investments to operate throughout the EU with a single authorization from one member state, allowing funds authorized in one member state to be sold to the public in other member states. In practice, UCITS was not successful as many EU nations have imposed additional regulatory requirements in order to protect local asset managers.

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Targeted Amortization Class (TAC) bonds

Bonds offered as a tranche class of some CMOs, according to a sinking fund schedule. They differ from PAC bonds whose amortization is guaranteed as long as prepayments on the underlying mortgages do... Read More

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