The Undertaking for Collective Investment in Transferable Securities Directive (UCITS) originally dates back to the 1980s but was updated in 2009.
The aim of the original legislation was to make authorisation of funds in one member state applicable in all others. The EU hoped that enabling this would be a step towards the bigger goal of creating a single market for financial services in Europe.
Since the legislation didn’t work in practice as had been intended, there have been successive updates to the original legislation.
