3.
The undertakings referred to in paragraph 2 may be constituted in accordance with contract law (as common funds managed by management companies), trust law (as unit trusts), or statute (as investment companies). For the purposes of this Directive: ‘common funds’ shall also include unit trusts; ‘units’ of UCITS shall also include shares of UCITS.
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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.