Article 83

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 (UCITS) (recast) (Text with EEA relevance) · European Union

The following shall not borrow: an investment company; a management company or depositary acting on behalf of a common fund. A UCITS may, however, acquire foreign currency by means of a ‘back-to-back’ loan. By way of derogation from paragraph 1, a Member State may authorise a UCITS to borrow provided that such borrowing is: on a temporary basis and represents: in the case of an investment company, no more than 10 % of its assets, or in the case of a common fund, no more than 10 % of the value of the fund; or to enable the acquisition of immovable property essential for the direct pursuit of its business and represents, in the case of an investment company, no more than 10 % of its assets. Where a UCITS is authorised to borrow under points (a) and (b), such borrowing shall not exceed 15 % of its assets in total.

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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.