Classification of Collective investment undertakings in France

Collective investment undertakings are a wide range of investment products:
1. Undertakings in collective investments in transferable securities, referred to as “UCITS”, are collective investment undertakings subject to UCITS directive.
2. Alternative Investment Funds or “AIFs” (subject to AIFM directive), which can be AIFs “by nature” or other AIFs:
– raise capital from a number of investors, with a view to investing it for the benefit of those investors in accordance with an investment policy that the AIFs or their management companies define; and
– are not UCITS.
3. Collective investments that are neither UCITS nor AIFs are “other collective investments”.

  • UCITS ( Undertakings in collective Investments in Transferable Securities) are investment vehicles, which can have the form of a common fund (FCP) or an open-ended investment company (SICAV).
  • French UCITS complying with UCITS Directive may be marketed in the other territories of the European Union or in another State that is a party to the European Economic Area (EEA) agreement under the passport procedure defined by this Directive. Likewise, foreign (European Union or EEA) UCITS complying with the same Directive may also be marketed in France under the same conditions.