2.

For the purposes of this Directive, and subject to Article 2, UCITS shall be undertakings: -the sole object of which is the collective investment in transferable securities of capital raised from the public and which operate on the principle of risk-spreading, and -the units of which are, at the request of holders, re-purchased or redeemed, directly or indirectly, out of those undertakings' assets. Action taken by a UCITS to ensure that the stock exchange value of its units does not significantly vary from their net asset value shall be regarded as equivalent to such re-purchase or redemption.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.