Undertaking for Collective Investment in Transferable Securities (UCITS)
Term that encompasses open-end investment companies (SICAV) and mutual funds (FCP).
These entities manage portfolios of financial instruments (or securities) and issue units or shares which may be subscribed for by individuals or companies. UCITS are authorised by the AMF (or a European regulator) and must comply with management and investment rules. UCITS offer the possibility, particularly for individuals, to access a portfolio of diversified financial instruments managed by a professional.
Also called collectively managed savings products.
Source: Banque de France