UCITS

UCITS

This Overview provides a guide to the Financial Services content within the Undertakings for Collective Investments in Transferable Securities (UCITS) subtopic, with links to appropriate materials.

The UCITS directive timeline

The original UCITS Directive 85/611/EEC (the Original UCITS Directive) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) was adopted in 1985. Since then the UCITS regime has undergone several changes under UCITS III, Directive 2009/65/EC (the UCITS Directive or UCITS IV) which repealed the Original UCITS Directive in 2011, and Directive 2014/91/EU (UCITS V) (see Practice Note: UCITS V [Archived] for further information). The changes introduced under UCITS V aimed to align the UCITS framework with the depositary rules, remuneration rules and sanctions procedures under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). Further proposals were being considered for a UCITS VI [Archived], but it was decided that the issues raised would be addressed via various separate measures for example, the Money Market Funds Regulation (for further information, see Practice Note: MMF Regulation—essentials) and the European Long-Term Investment Funds Regulation (for further information, see Practice Note:

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Latest Financial Services News

CMA grants exception to company under Retail Banking Investigation Order 2017

The Competition and Markets Authority (CMA) has published a notice pursuant to Article 5.11 of the Retail Banking Market Investigation Order 2017 (the Order). It states that on 4 February 2025, Santander UK plc submitted a complete application to the CMA on behalf of Cater Allen Limited, seeking exceptions to the application of the Order under Article 5. The CMA determined that Cater Allen Limited, a brand provided by Santander UK plc, offers Business Current Accounts (BCAs) independently from other products provided by Santander. This determination was made after considering the factors listed in Article 5.4 of the Order. Consequently, the CMA granted an exception to the application of the Order for Cater Allen Limited under Article 5.2, subject to Article 5.3. This exception is effective from 3 March 2025.

European Commission adopts MiCA delegated regulation regarding RTS specifying records to be kept of all cryptoasset services, activities, orders and transactions undertaken

The European Commission has adopted a delegated regulation supplementing the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) with regard to regulatory technical standards (RTS) specifying records to be kept of all cryptoasset services, activities, orders and transactions undertaken.

FCA secures first criminal sentence for unregistered crypto ATM operations

The Financial Conduct Authority (FCA) has announced that Olumide Osunkoya, who pleaded guilty on 30 September 2024 to a number of charges, was sentenced to four years in prison on 28 February 2025 for illegally operating a network of crypto ATMs in the UK without the required registration from the FCA and associated offences. Osunkoya pleaded guilty to operating crypto ATMs at 28 locations through his company, GidiPlus Ltd, after being refused FCA registration. He continued operations under a false identity, involving forgery and the use of false identity documents. His activities facilitated money laundering. The FCA has initiated confiscation proceedings under the Proceeds of Crime Act 2002 to recover the proceeds from his criminal activities.

European Commission adopts MiCA delegated regulation regarding RTS specifying the requirements for policies and procedures on conflicts of interest for CASPs and the details and methodology for the content of disclosures on conflicts of interest

The European Commission has adopted a delegated regulation supplementing the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) with regard to regulatory technical standards (RTS) specifying the requirements for policies and procedures on conflicts of interest for cryptoasset service providers (CASPs) and the details and methodology for the content of disclosures on conflicts of interest.

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