Article 2

Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) · European Union

1. The following shall not be UCITS subject to this Directive: -UCITS of the closed-ended type; -UCITS which raise capital without promoting the sale of their units to the public within the Community or any part of it; -UCITS the units of which, under the fund rules or the investment company's instruments of incorporation, may be sold only to the public in non-member countries; -categories of UCITS prescribed by the regulations of the Member States in which such UCITS are situated, for which the rules laid down in Section V and Article 36 are inappropriate in view of their investment and borrowing policies. 2. Five years after the implementation of this Directive the Commission shall submit to the Council a report on the implementation of paragraph 1 and, in particular, of its fourth indent. If necessary, it shall propose suitable measures to extend the scope.

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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.