Legal Structures Unlocked

From legal structures to regulation and taxes: A breakdown of the nitty gritty.

  • Fund Regulation

    How are ETFs being regulated? How do I know if an ETP is "safe"? The guiding regulation for most European ETFs is the region’s “UCITS” fund framework. UCITS (“Undertakings for Collective Investment in Transferable Securities”) refers to a series of European Union directives passed since 1985.

  • ETP Legal Structures

    There’s a distinction in legal structure between two different types of exchange-traded products: exchange-traded funds (ETFs) and nonfund ETPs. Before highlighting the differences between the two legal structures, let’s remember the similarities...

  • SPVs/Secured Note Structures

    How and why are special purpose vehicles used by ETPs?

  • ICVCs

    Do you know your OEIC from your SICAV, your FCP from your KAG?

    All these structures are forms of European collective investment vehicles (funds) and all can be compliant with the region’s UCITS rules. UCITS sets common standards for retail funds across Europe, and a UCITS-compliant fund domiciled in one European country can be sold freely in another (in theory, at least—UCITS may have to go through a registration process to be “passported” elsewhere).

  • ETPs and ISA, SIPP Eligibility

    Individual savings accounts (ISAs) and self-invested pension plans (SIPPs) are tax shelters, enabling investors to “roll up” income without being taxed, and to avoid capital gains taxes. How do ETPs fit into the picture?