Open-end investment companies (SICAV)

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Undertaking for Collective Investment in Transferable Securities (UCITS) which has a legal personality (company) and issues stocks or bonds, negotiable debt securities and other financial instruments authorised either by regulations or by the SICAV's Articles of Association. 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