An undertaking for collective investment in transferable securities (“UCITS” - in French: organismes de placement collectif en valeurs mobilières - OPCVM) fund is primarily governed by the amended law of 17 December 2010 relating to undertakings for collective investment (the “UCI Law”) which was amended by the law of 10 May 2016 transposing European Directive 2014/91/EU (UCITS V).

If UCITS funds invest in short-term assets and have distinct objectives offering returns in accordance with money market rates, or where UCITS funds intend to preserve the value of the investment, they must comply with the EU Regulation 2017/1131 on money market funds.

UCITS funds shall also comply with applicable national regulation(s), as well as with EU regulations (on anti-money laundering, the amended markets in financial instruments Directive (“MIFID II”), derivatives, securities and general corporate law).

References: the amended law of 17 December 2010 relating to undertakings for collective investment; the law of 10 May 2016 transposing European Directive 2014/91/EU; Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS as regards depositary functions, remuneration policies and sanctions; Undertaking for Collective Investment in Transferable Securities (UCITS), October 20, 2020, Bertrand Mariaux; How to Set up a UCITS Fund, Luxembourg for Finance, January 2019.

Editor: Hannah Seulgee Jung

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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)