Twenty-five years ago UCITS legislation came into force with
the aim of creating greater harmonisation between different
European Union countries.
Tim Gardner from Signet
The costs and requirements of establishing a UCITS fund can
vary enormously depending on the country, according to
executives and consultants within the industry.
Bill Blackwell, chief operating officer and principal
consultant of London-based consultants Carne Global Financial
Services, says: "Legal and translation costs associated with
passporting tend to be a big issue. These costs and
requirements differ depending on which jurisdiction you are in.
Each regulator closely monitors those entries offering
financial products in their domicile.
"Registration is performed on a country by country basis. It is
then overlaid by local requirements which also vary. The fund
documents often need to be in the language of that jurisdiction
and translation costs are one of the largest costs associated
"Service providers, legal,...