Open-end investment companies (SICAV)

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Undertaking for Collective Investment in Transferable Securities (UCITS) which has a legal personality (company) and which issues stocks or bonds, transferable debt securities and other authorised financial instruments either by the regulations or the articles of association of the SICAV. Any person who invests in a SICAV becomes a shareholder and can vote at shareholders' meetings. A SICAV can manage itself or, more often the case, entrust this function to a UCITS management company.


Source: Banque de France