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UCITS Funds

Undertakings for Collective Investment in Transferable Securities (UCITS)

Typically used where the intention is to invest solely in transferable securities such as stocks and bonds, UCITS are regulated and require a licence from the Financial Services Commission.

Scheme Summary

  • Open-ended investment scheme which may be offered to the general public across EU member states.
  • Established in accordance with EU Directive 2009/65/EC, Gibraltar UCITS funds may passport their services within the European union.
  • Governing Gibraltar Legislation is the Financial Services (Collective Investment Schemes) Act 2011.
  • Specialised investment limited to specified liquid securities.
  • Highly regulated to protect the interests of the investor.
  • Gibraltar offers a favourable combination of on-shore status, EU membership, a low-tax regime and an experienced financial centre.
  • Choice of structures: common fund established by trust deed or, as an open ended investment company (“OEIC”).
  • Ability to create UCITS fund within an umbrella scheme with multiple sub-funds within a single structure.

Common features

  • In addition to a full prospectus, a UCITS fund must issue a Key Investor Information Document (“KIID”) summarising the main aspects of the fund which is clear and readily comprehensible.
  • As a result of the European directive, larger fund structures may be created by the merger of cross border UCITS thereby structuring master-feeder funds. This allows investors who have invested in an UCITS in one country investing in a foreign UCITS via their locally domiciled master-feeder fund.
  • The KIID must include a risk analysis and appropriate indicator. In the event of a sub-fund structure, such risk indicators must apply to each in addition to the head fund,
  • Gibraltar UCITS will be taxed according to the local Income Tax Act 2010 at 10% on the ‘accrued and derived’ principle. Due to the nature of investment activities, income into a Gibraltar based UCITS is likely to fall outside of the tax regime.
  • A UCITS management company will pay 10% corporation tax on taxable profits.