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Investment fund regime

Funds are generally either covered by the AIFMD Directive or UCITS Directive.

AIF

Alternative investment funds. The Alternative Investment Fund Managers (AIFM) Directive is a European directive that lays down harmonised rules with which managers of alternative investment funds must comply.

UCITS

Undertakings for collective investment in transferable securities (UCITSs) are investment funds that comply with the European UCITS Directive of 20 December 1985 (85/611), which lays down various requirements, including with regard to fund structure, investment policy and risk spreading, and disclosure. Investment fund managers meeting these requirements hold what is known as a European passport. This allows UCITS to offer units of participation throughout the European Union.