UCITS IV Article 50(1): Regulated, Operates Regularly, Recognised and Open to the Public
Directive 2009/65/EC, Article 50(1) provides that investments of a UCITS shall comprise only one or more of the following: Transferable securities and money market instruments admitted to or dealt in on a regulated market as defined in Article 4(1)(14) of Directive 2004/39/EC; Transferable securities and money market instruments dealt in on another regulated market in a Member State, which operates regularly and is recognised and open to the public; Transferable securities and money market instruments admitted to official listing on a stock exchange in a third country or dealt in on another regulated market in a third country which operates regularly and is recognised and open to the public provided that the choice of stock exchange or market has been approved by the competent authorities or is provided for in law or the fund rules or the instruments of incorporation of the investment company; Below we focus on a key aspect of Article 50 and the requirement for market to be “regulated”, “operate regularly”, “recognised” and “open to the public”:
