UCITS

A fund or directive that can be marketed in all countries in the European Union. UCITS stands for ‘Undertakings for Collective Investments in Transferable Securities’ and is a European Directive which has been adopted in the UK. UK based UCITS funds are OEICs, with unit trusts abiding by the non-UCITS Retail Schemes (NURS) rules due to trust law being unrecognisable by other European Member States.