The framework for regulated collective investment schemes is set out at an EU level in two Directives –
• Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities
• Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers
These Directives establish uniform rules on eligible assets, diversification, risk management, investor protections and disclosure obligations for Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).
The regulatory framework that is applied to such investment vehicles is a framework that has been agreed at EU level.