Which Legal Forms May Take a UCITS fund? - #310-299*

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An undertaking for collective investment in transferable securities (“UCITS”) can take the form of either: 

  • a common contractual fund (fonds commun de placement - “FCP”); or

  • an investment company with variable capital (société d’investissement à capital variable - “SICAV”) or fixed capital (société d’investissement à capital fixe - “SICAF”).

A SICAV / SICAF would typically be set up as a public limited liability company (société anonyme) or as a corporate partnership limited by shares (société en commandite par actions).

An FCP or a SICAV / SICAF could be set up as an umbrella fund with multiple compartments or as a single fund. The single fund or the umbrella fund may have an unlimited number of shares / unit classes (issued against the fund or a dedicated compartment of an umbrella fund) - depending on the needs of the investor to whom it is distributed.

References: the amended law of 17 December 2010 relating to undertakings for collective investment; What Is the Legal Framework for a UCITS fund? October 22, 2020, Bertrand Mariaux; How to Set up a UCITS Fund, Luxembourg for Finance, January 2019.

*Podcast #310:

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*YouTube Video 299|: 

Contributor: Cédric Buisine, Avocat

Editor: Hannah Seulgee Jung

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)