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Everything About UCITS

A Collective Investment in Transferable Securities (UCITS) is a financial institution that collects savings of economic agents, regardless of the amount, to invest in the financial market as a well-defined investment policy. The savings thus collected by the Fund may be invested in all types of securities and other financial products (equities, bonds, negotiable debt securities, etc.).

The activity of UCITS therefore belongs to the collective asset management, which distinguishes both:

  • The management for proper account: the fund invested funds collected from third parties (management for third parties) and not its own funds (proper account management).
  • - The discretionary management: UCITS collective investment funds belonging to multiple third parties and not to a single third party (private management).


There are two main families of mutual funds: SICAV (Investment Company with Variable Capital Investment) and FCP (mutual funds). Their legal nature helps to distinguish them.

  • SICAV (Investment Companies with Variable Capital)

A SICAV is a company with variable capital corporation that issues shares as subscription applications. Any investor who buys stocks becomes a shareholder and can be expressed on the management of the company at general meetings. The status of shareholder gives the holder certain rights such as the right to vote at general meetings, the right to information, the right to dividend payment....

  • The FCP (mutual fund)

A Fund is a joint ownership of transferable securities devoid of legal personality contrary to the Fund, which issues units. A Unitholder does not have any rights to shareholders. FCP is managed by a management company acting on behalf of unitholders and in their sole interest.


  • The Agreement

The constitution of a UCITS first requires the filing of an application file to the CREPMF.
The contents of the application file consist of:
-  the draft statutes (for the Fund) and the draft regulation (for FCP);
-  information concerning the leaders of the UCITS;
-  the organization and the resources allocated to the management of the UCITS;
-  The information materials destined to the public.

  • The Actors

The actors in the management of the fund must act for the exclusive benefit of the subscribers.
We can distinguish the main actors and external actors.

The main actors

Ils sont au nombre de trois :

1. The promoter:
He takes responsibility for the creation of the Fund, can the spin off in a management company. In the case of a commercial fund sponsor can provide either directly or indirectly marketing:
-  Through its branch network, the mail or asset managers, etc.
-  Indirectly through wealth management firms, introducing brokers, correspondents, networks of independent advisors...

2. The Manager:
It is the management company for the Fund and the Board of Directors for the Fund. It must be approved by the CREPMF. The fund manager is responsible for making investment choices and take positions in the markets in order to grow the assets entrusted to it. He is responsible for the entire financial life, accounting, legal and regulatory of the UCITS.

3. The custodian :
Chosen from SGI (management company and intermediation), the depositary of a UCITS is invested in two major functions: active conservation function and the control function of the regularity of the decisions of the UCITS.

Incidentally, the depositary can provide, but it is not always the case, liability management of the fund.

The external actors

1. The Auditor:
This is a prerequisite for the creation of a fund. He must primarily monitor and certify the managed assets. He is necessarily a member of the order and the appointment must be approved by the CREPMF.

2. The CREPMF :
They grant the authorization for the constitution or transformation of the fund, ensures the implementation of safety rules for the protection of public savings, seeks information materials for subscribers (periodic and ongoing information brochures, constitution of assets, asset value, etc.) and has the power to sanctions vis-à-vis the leaders of the UCITS. It provides periodic control missions of the Fund’s activities, the manager, the depositary and the auditor.

An investment in UCITS offers:
-  High liquidity through the ability to buy and sell at any time;
-  Access, through the portfolio invested in a wide variety of securities; This ensures investment diversification;
-  A management by professionals;
-  Precise investment rules diversifying risk;
-  An investment direction contained in the product information document (prospectus);
-  Legal and regulatory framework for securing subscribers, thanks to the control mechanisms set up by the manager, the depositary and the CREPMF.
-  An available and transparent information because all the documentation of our fund is public: Circular, regulation, management reports, NAV

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