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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.

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

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