UCITS. The UCITS was approved by the FMA on 18 June 2012 and registered in the Liechtenstein public register on 18 June 2012. The Unit Trust Agreement was first approved by the FMA on 11 June 2012. The UCITS has been established in accordance with the laws of Liechtenstein for an indefinite period of time without any limitations as to its capital. The UCITS has the legal form of a collective trusteeship. A collective trusteeship is the formation of an identically structured trust in terms of content with a number of investors for the purpose of asset investment and management for the account of investors, whereby the individual investors participate on the basis of their share in the trust and are, subject to violations of the Unit Trust Agreement, only personally liable up to the amount invested. The UCITS is structured as an umbrella fund that may comprise one or several Sub-Funds, which allocate invested capital in accordance with their respective investment policies set out in Annex A. Each of the Sub-Funds comprises one or more Classes to which different terms may apply, as set out in Annex A. By purchasing Units, a Unitholder accepts and agrees, without restrictions, to the provisions of the UCITS Documentation (including Sub-Fund-specific information in Annex A).
UCITS. The UCITS was approved by the FMA on 10 October 2006 and registered in the Liechtenstein commercial register on 17 October 2006. The UCITS has been established in accordance with the laws of Liechtenstein for an indefinite period of time without any limitations as to its capital. The UCITS has the legal form of a collective trusteeship. A collective trusteeship is the formation of an identically structured trust in terms of content with a number of investors for the purpose of asset investment and management for the account of investors, whereby the individual investors participate on the basis of their share in the trust and are, subject to violations of the Unit Trust Agreement, only personally liable up to the amount invested. The UCITS is structured as an umbrella fund that may comprise one or several Sub-Funds, which allocate invested capital in accordance with their respective investment policies set out in Annex A. Each of the Sub-Funds comprises one or more Classes to which different terms may apply, as set out in Annex A. By purchasing Units, a Unitholder accepts and agrees, without restrictions, to the provisions of the UCITS Documentation (including Sub-Fund-specific information in Annex A).
UCITS. With regard to UCITS, since these are not traded on the stock exchange, none of the above provisions are applicable to them. In fact, subscription and redemption orders shall be transmitted to the management company, whether or not the UCITS are listed on a regulated market. The Holder does not therefore have the possibility of choosing the intermediary or the desired place of execution.
UCITS. A fund issuing unit share certificates which can be redeemed at the request of their owners. The fund has been approved by the Financial Supervisory Authority and authorised for marketing in the European Economic Area.
UCITS. Seller shall cause the Company Group to use its commercially reasonable efforts to obtain, as promptly as practicable following the date of this Agreement, the approval of the Financial Regulator of Ireland to the continued management of each Public Fund that is a UCIT by the RIA following the Closing. The parties hereto agree that each such Public Fund shall be deemed to have consented for all purposes under this Agreement to the transactions contemplated hereby and the continued management of such Public Fund by the RIA following the Closing if continued management of such Public Fund by the RIA following the Closing has been approved in accordance with the immediately preceding sentence, unless at any time prior to the Closing such Public Fund notifies the RIA in writing that such Public Fund has terminated its Advisory Agreement prior to or following the Closing (and such notice is not withdrawn).
UCITS. The Company shall use its reasonable best efforts to obtain, as promptly as practicable following the later of (x) the date of this Agreement and (y) the launch of any UCITS, any approvals in respect of a UCITS for the continuation of its Management Contract in connection with the transactions contemplated hereby if and to the extent required by the terms of such Management Contract and/or applicable Law. The parties hereto agree that a UCITS shall be deemed to have consented for all purposes under this Agreement to the transactions contemplated hereby and the continued management of such UCITS by the Company or the applicable Subsidiary following the Closing if continued management of such UCITS by such person following the Closing has been approved in accordance with the immediately preceding sentence.
UCITS. The Company shall, and shall cause each Company Advisor to, as soon as reasonably practicable following the date hereof, if required by Applicable Law or such Company Client’s Advisory Agreement, use its reasonable best efforts to obtain any approvals in respect of a Sponsored UCITS for the continuation of its Advisory Agreement in connection with the Transactions on its current terms. The Parties agree that a Sponsored UCITS shall be deemed to have consented for all purposes under this Agreement to the Transactions and the continued management of such UCITS by the applicable Acquired Company following the Closing if continued management of such Sponsored UCITS by the applicable Acquired Company following the Closing has been approved in accordance with the immediately preceding sentence.
UCITS. Since the Global Financial Crisis, international work in relation to shadow banking, coordinated by the Financial Stability Board, identified certain areas of investment funds that required closer scrutiny.360 In particular, “the money-market fund reform… has drawn the UCITS sector into the shadow banking reform agenda”.361 UCITS and their use of collateral transactions was flagged as potentially problematic due to raised concerns in relation to hidden leverage, runs and therefore systemic risk.362 UCITS is a European harmonised regulated fund product that can be sold on a cross-border basis within the European Economic Area based on its authorisation in one EU Member State.363 This means that funds authorised in one EU Member State can be marketed in another EU Member State via a passport mechanism.364 Underpinning UCITS is a comprehensive legal frame- work for the regulation of harmonised investment funds within the EU. Origin- ally introduced in 1985, the UCITS rules have been revised several times, most 358 Managed Funds Association, “MFA Comments on Second FSB/IOSCO Consultation Document – Methodologies for Identifying Non-Bank Non-Insurer Globally Systemically Important Financial Institutions” (29 May, 2015) 1 at 7, available at: xxxxx://xxx.xxxxx.xxx/ library/pubdocs/479/pdf/Managed%20Funds%20Association%20(MFA).pdf. 359 President’s Working Group, Hedge Funds, leverage and Lessons of Long-Term Capital Manage- ment (1999), available at: xxxxx://xxx.xxxxxxxx.xxx/press-center/press-releases/Pages/ report3097.aspx. See also, X X Xxxxxx, The Global Financial Crisis: From US subprime mortgages to European sovereign debt (2016) 210; X Xxxxxx, Booms and Busts: An Encyclopedia of Economic History from the First Shock (2015) 72 – 74. 360 European Commission, “Consultation Document: Undertaking for Collective Investment in Transferable Securities” (26 July 2012) 1 at 2, available at: xxxxx://xx.xxxxxx.xx/finance/ consultations/2012/ucits/docs/ucits_consultation_en.pdf. See also, Finance Watch, “Answer to the public consultation from the European Commission on UCITS” (18 October 2012), available at: xxxxx://xxx.xxxxxxx-xxxxx.xxx/wp-content/uploads/2018/08/121018_ Answer_to_EC_Consult_UCITS.pdf. 361 Xxxxxxx (n 350) 260. 362 European Commission, “Green Paper on Shadow Banking” (2012) COM/2012/0102final at paragraphs 4, 6.3 and 7.2, available at: xxxxx://xxx-xxx.xxxxxx.xx/legal-content/en/ALL/? uri=CELEX%3A52012DC0102. See also, European Commission (n 360) 1 at 2-...
UCITS. Yet the host Member State also has a role to play in supervision and enforcement of UCITS. If the infringement falls within the scope of Articles 92 and 94 of UCITS, then it would be a host Member State issue.383 It is indeed necessary for host Member States to be responsible for certain forms of super- vision and enforcement given that the conduct of the regulated entity will likely affect the nationals of the host Member State. For example, host Member States may be able to supervise and enforce against a hosted UCITS in respect of issues dealing with dissemination of information such as the key investor information document, prospectuses and payments to unit holders upon redemption.384 An important aspect of the prospectus is to “inform investors of the collat- eral policy of the UCITS. This should include permitted types of collateral, level of collateral required and haircut policy”.385 As noted by ESMA, “any collateral received other than cash should be highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing in order that it can be sold quickly”.386 Article 46 of the ESMA guidelines requires UCITS to have a clear haircut policy. The parameters that influence the haircut policy are decided per transaction and include factors such as counterparty risk, maturity of the security, its liquidity and potential volatility.387
