The UCITS (Undertaking for the Collective Investment In Transferable Securities) directives include all the UCITS directives of the European Union, enabling these transferable securities portfolios to circulate freely within the EU.
UCITS I dates from 1985. This directive introduced the notion of “European passport” by virtue of which a fund approved in one country may, after being reported to the authorities of the country of distribution, freely exchange its shares in the other countries of the EU.
It is to this directive and to this notion of “European passport” that reference is made when we speak of a UCITS fund (section I of the law).