From UCITS I to UCITS VI : a historical and evolutionary account of the undertakings for collective investments in transferable securities directives and their legal Implications under Maltese law

Abstract

The overarching aim of this thesis is to provide the reader with a detailed overview of the evolution that the UCITS framework has undergone since its inception. It analyses the landmark changes pioneered by every UCITS Directive that has come into force since and examines their impact both broadly, on a European scale, as well as more specifically on a local level. Apart from staging the performance and development of the UCITS brand from a historical aspect, it encapsulates an examination of the present state of affairs and potential future direction of UCITS. From UCITS I to UCITS VI, this thesis evaluates the UCITS Directives in chronological order, on a chapter-by-chapter basis, with the exception of Chapter 1 (the ‘Introduction’) which is explicitly intended to summarily introduce the reader to the general workings of Collective Investment Schemes and the Maltese regulatory fund framework they operate within. In the process, with European fund legislation being the source par-excellence of local investment laws and regulations, this Chapter also attempts to elicit the reader’s awareness on this symbiotic relationship between Malta’s retail fund framework and the EU’s UCITS regime. The remaining Chapters, including the ‘Conclusion’, produce a detailed study of the most salient provisions introduced by all UCITS Directives and their development, in conjunction with an examination of the impact generated by the many studies, guidelines and proposals undertaken by industry associations such as EFAMA over time. Most importantly however, this thesis seeks to display the gradual transposition of UCITS rules into Maltese law, drawing on the past, present and future impact of their implementation, all the while concisely reflecting the broad effects on the local UCITS industry.