The uses and abuses of Ucits

When Ucits III was introduced it changed the investment funds landscape. The range of funds considered compliant with the Directive has since expanded and as Ucits IV approaches, some are questioning whether the label is being misapplied. Clare Dickinson speaks to key industry figures about their take on the regime

Emma Davidson, Citi

With the European Commission's Undertakings for Collective Investments in Transferable Securities (Ucits) Directive due to be updated from version III to IV this year, there is ongoing debate in the industry about potential misuse of the Ucits label.

Critics of the way the Directive is currently implemented say some of the funds that are deemed to be Ucits-compliant are too complex - structured funds have come under fire, for example - while the Ucits label is seen as a comfort blanket that can