UCITS Investing in Unregulated Collective Investment Schemes, Nov 2012


On 20 November 2012, the European Securities and Markets Authority (“ESMA”) issued an opinion in relation to a UCITS’ ability to invest 10% of its assets in unregulated collective investment schemes. Article 50(2)(a) of the UCITS Directive1 permits a UCITS to invest no more than 10% of its assets in transferable securities and money market instruments other than those referred to in Article 50(1) of the UCITS Directive. This is commonly known as the “10% unlisted bucket”.

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