Undertakings for Collective Investments in Transferable Securities III (UCITS III)

Definition:

A set of Directives adopted in December 2001 which amended UCITS I. UCITS III consists of two directives, a "Product Directive" and a "Management Directive".

1) Product Directive: Product Directive removes barriers to the cross border marketing of units of collective investment funds by allowing funds to invest in a wider range of financial instruments including derivatives.
2) Management Directive: Management Directive gives management companies a "European Passport" to operate throughout the EU, which widens the range of activities management companies are allowed to take and also assists the cross-border marketing.
UCITS III is currently in force.

Investing Essentials


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

Term of the Day

Discounting the news

An adjustment of a stock's price as speculators bid the price up or down in anticipation of news about the company, whether good or bad.

Subscribe to the Term of the Day via email Get the Term of the Day in your inbox!


Create your free portfolio