| Category | HighWire Rule Reference | HighWire Rule | UCITS Directive | UCITS Directive Extract | UK Coll References | Ireland References | Luxembourg References |
|---|---|---|---|---|---|---|---|
| Asset Eligibility | P20001 | P20001: No Ineligible Assets for UCITS | Article 50.1 | The investments of a UCITS shall comprise only one or more of the following: (1)transferable securities; (2) approved money-market instruments (MMI); (3) units in collective investment schemes; (4) derivatives and forward transactions; and (5) deposits. | COLL 5.2.6 A R | Part 8 Section 68.1 | LUX: UCITS 2010 - 41 (1) |
| Asset Eligibility | P20002.1 | P20002.1: Securities must be eligible transferable securities - Equities | Eligible Assets Directive | Eligible Assets Directive & Guidance | COLL 5.2.7 R | Part 8 Section 68.1 | LUX: UCITS 2010 - 41(1) a,b,c,d |
| Asset Eligibility | P20002.2 | P20002.2: Securities must be eligible transferable securities - FI | Eligible Assets Directive | Eligible Assets Directive & Guidance | COLL 5.2.7 R | Part 8 Section 68.1 | LUX: UCITS 2010 - 41(1) a,b,c,d |
| Asset Eligibility | P20002.3 | P20002.3: Securities must be eligible transferable securities - CEF | Eligible Assets Directive | Eligible Assets Directive & Guidance | COLL 5.2.7 R | Part 8 Section 68.1 | LUX: UCITS 2010 - 41(1) a,b,c,d |
| Asset Eligibility | P20002.4 | P20002.4: Securities must be eligible transferable securities - SP | Eligible Assets Directive | Eligible Assets Directive & Guidance | COLL 5.2.7 R | Part 8 Section 68.1 | LUX: UCITS 2010 - 41(1) a,b,c,d |
| Asset Eligibility | P20003 | P20003: Closed end funds must be approved for UCITS (regulated / segregated assets) | Article 55.2 | Eligible Assets Directive & Guidance | COLL 5.2.7C R | ||
| Asset Eligibility | P20004 | P20004: MMI must be approved MMI | Article 50.1(h) | MMI must be: (i) issued or guaranteed by a central, regional or local authority or central bank of a Member State, the European Central Bank, the Community or the European Investment Bank, a non-EU country or by a public international body; (ii) issued by an undertaking any securities of which are dealt in on regulated markets; (iii) issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by Community law, or by an establishment which is subject to and complies with prudential rules considered by the competent authorities to be at least as stringent as those laid down by Community law; or (iv) issued by other bodies belonging to the categories approved by the competent authorities of the UCITS home Member State Eligible Assets Directive & Guidance | COLL 5.2.7F | Part 8 Section 68.1 b | |
| Asset Eligibility | P20004.2 | P20004.2: MMI must have a maturity of less than 397 days | Eligible Assets Directive & Guidance | COLL 5.2.7G | Part 8 Section 68.1 b | ||
| Asset Eligibility | P20005 | P20005: CIS must be UCITS or equivalent non-UCITS CIS | Article 50.1e | Where a UCITS invests into another open ended fund (a CIS), that CIS must either itself be a UCITS or it must be an other open ended scheme which is equivalent to a UCITS. More specifically, a UCITS may invest in to other collective investment schemes provided that such other collective investment schemes: (i) are subject to supervision equivalent to that laid down in Community law, and that cooperation between authorities is sufficiently ensured; (ii) have level of protection for unit-holders equivalent to that provided for unitholders in a UCITS (iii) report in half-yearly and annual reports to enable an assessment to be made of the assets and liabilities, income and operations over the reporting period; (iv) have no more than 10 % of assets invested in aggregate in units of other UCITS or other collective investment undertakings Eligible Assets Directive & Guidance | COLL 5.2.13 R & COLL 5.2.14 R | Part 8 Section 68.1 e | LUX:UCITS 41 1e |
| Asset Eligibility | P20007 | P20007: CIS which invest greater than 10% in other CIS. Prohibited | Article 50.1e(iv) | Where a UCITS invests into another open ended fund (a CIS), that CIS must either itself be a UCITS or it must be an other open ended scheme which is equivalent to a UCITS. More specifically, a UCITS may invest in to other collective investment schemes provided that such other collective investment schemes:... (iv) have no more than 10 % of assets invested in aggregate in units of other UCITS or other collective investment undertakings | COLL 5.2.13 R (3) | Part 8 Section 68.1 e | LUX: UCITS 2010 - 41 (1) e |
| Asset Eligibility | P20008 | Deposits must mature within one year or be repayable upon demand | Article 50.1(f) | Deposits must be repayable on demand and maturing in no more than 12 months | COLL 5.2.26 R (2) | Part 8 Section 68.1 f | LUX: UCITS 2010 -41 (1) f |
| Asset Eligibility | P20009 | P20009: Deposits must be made with acceptable credit institutions | Article 50.1(f) | The credit institution must have its registered office in a Member State. If the credit institution has its registered office in a third country, it must be subject to prudential rules considered by the competent authorities of the UCITS home Member State as equivalent to those laid down in Community law | COLL 5.2.26 R (1) | Part 8 Section 68.1 f | LUX: UCITS2010 - 41 (1) f |
| Asset Eligibility | P20010 | P20010: FDI must have eligible underlyings | Article 50.1(g)(i) | The eligible underlying for derivatives are: (i) Transferable securities (ii) Money market instruments (iii) Deposits (iv) Collective Investment Schemes (v) Financial Derivative Instruments (vi) Financial Indices* (vii) Interest Rates Eligible Assets Directive & Guidance | COLL 5.2.20A | Part 8 Section 68.1 g (i) | LUX: UCITS 2010 - 41 (1) g |
| Asset Eligibility | P20011 | P20011: OTC derivatives must be with acceptable counterparties | Article 50.1(g)(ii) | OTC derivative counterparties must be institutions subject to prudential supervision, and belonging to the categories approved by the competent authorities of the UCITS home Member State | COLL 5.2.23 (1) R | Part 8 Section 68.1 g (ii) | LUX: UCITS 2010 - 41 (1) g |
| Asset Eligibility | P20012 | P20012: OTC derivatives must be capable of reliable valuation | Article 50.1(g)(iii) | OTC derivatives are subject to reliable and verifiable valuation on a daily basis | COLL 5.2.23 (3) R | Part 8 Section 68.1 g (iii) | LUX: UCITS 2010 - 41 (1) g |
| Asset Eligibility | P20012.2 | P20012.2: OTC Derivative must be liquid | COLL 5.2.23 (2) R | ||||
| Approved Markets | P20013 | P20013: 10% max. in Transferable securities and MMI not on eligible market | Article 50.2(a) | A UCITS shall not, (a) invest more than 10 % of its assets in transferable securities or money market instruments other than those referred in paragraph 1 | COLL 5.2.8 R(4) | Part 8 Section 68.2 a | LUX: UCITS 2010 - 41 (2) a |
| Approved Markets | P20014 | P20014: Warning: Where unlisted securities are to be listed within 365 days | Article 50.2(a) | A UCITS shall not, (a) invest more than 10 % of its assets in transferable securities or money market instruments other than those referred in paragraph 1 | COLL 5.2.8 R (3) (e) | Part 8 Section 68.1 d | |
| Asset Eligibility | P20020.1 | P20020.1: No investment in Nil and partly paid securities | COLL 5.2.17 (R) | ||||
| Diversification - TS | P20026 | P20026: UK - Max 10% NAV in Securities & MMI issued by the same Issuer Group | Article 52.2 | A UCITS shall invest no more than 10% of its assets in transferable securities or MMI issued by the same body | COLL 5.2.11 R (5) | Part 8 Section 70.1 a | LUX:UCITS 2010 - 43 (1) 1 |
| Diversification - TS | P20029 | P20029: UK - Max 40% NAV in Securities & MMI where the exposure to the UL issuer Group is greater than 5% NAV | Article 52.2 | The total value of the transferable securities and the MMI held by the UCITS in the issuing bodies in each of which it invests more than 5 % of its assets shall not exceed 40 % of the value of its assets. | COLL 5.2.11 R (4) & COLL 5.2.11 R (5) | Part 8 Section 70.1 a | LUX:UCITS 2010- 43(2) 1 & 2 |
| Diversification - TS | P20030 | P20030: Max 35% NAV in the Securities of any One GOPS Issuer, unless the Issuer is a 100% GOPS Issuer | Article 52.3 | A UCITS shall invest a maximum of 35 % if the transferable securities or MMI are issued or guaranteed by a Member State, by its local authorities, by a third country or by a public international body to which one or more Member States belong. | COLL 5.2.12 R | Part 8 Section 70.4 and Part 8 Section 72.1 | LUX:UCITS 2010 - 43 (3) |
| Diversification - TS | P20031 | P20031: If Issuer is a 100% GOPS Issuer, Max 30% NAV in any One Issue | Article 52.5 & 54.1 | Art 52.5: Investments in transferable securities or MMI issued by the same body or in deposits or derivative instruments made with this body shall not exceed 35 % in total; Art 54.1: Such a UCITS shall hold securities from at least six different issues, but securities from any single issue shall not account for more than 30 % of its total assets. | COLL 5.2.12 R | ||
| Diversification - TS | P20032 | P20032: Max 100% Exposure to any one GOPS Issuer | Article 54.1 | A UCITS may invest in accordance with the principle of risk spreading up to 100 % of their assets in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its local authorities, a third country, or a public international body | COLL 5.2.12 R | Part 8 Section 72.1 | LUX:UCITS 2010 - 45 (1) 3 |
| Diversification - TS | P20034 | P20034: If GOPS Issuer holding is >35%, minimum 6 GOPS issues held of any GOPS Issuer | Article 52.5 & 54.1 | Art 52.5: Investments in transferable securities or MMI issued by the same body or in deposits or derivative instruments made with this body shall not exceed 35 % in total; Art 54.2: UCITS shall make express mention in the fund rules or in the instruments of incorporation of the investment company of the Member States, local authorities, or public international bodies issuing or guaranteeing securities in which they intend to invest more than 35 % of their assets. Such fund rules or instruments of incorporation shall be approved by the competent authorities. | COLL 5.2.12 R | Part 8 Section 72.2 a | LUX:UCITS 2010 - 45 (1) 3 |
| Diversification - TS | P20035 | P20035: Max 25% NAV in Covered Bonds of any one issuer (Bonds Issued by a Credit Institution with Special Public Supervision) | Article 52.4 | A UCITS shall invest a maximum of 25 % in transferable securities or MMI where bonds are issued by a credit institution which has its registered office in a Member State and is subject to special public supervision. | COLL 5.2.11 (5a) | Part 8 Section 70.3 a | LUX:UCITS 2010 - 45 (4) 1 |
| Diversification - TS | P20036 | P20036: Max 80% NAV in Covered Bonds (Bonds Issued by Credit Institutions with Special Public Supervision in which more than 5% is Invested | Article 52.4 | Where a UCITS invests more than 5 % of its assets in covered bonds which are issued by a single issuer, the total value of these investments shall not exceed 80 % | COLL 5.2.11 (5a) | Part 8 Section 70.3 b | LUX:UCITS 2010 - 45 (4) 3 |
| Diversification - Cash and Deposits | P20037 | P20037: Max 20% NAV in Deposits with any one Credit Institution | Article 52.1(b) | A UCITS shall invest no more than: (b) 20 % of its assets in deposits made with the same body | COLL 5.2.11 R (3) | Part 8 Section 70.1 b | LUX:UCITS 2010 - 43 (1) 2 |
| Diversification - Cash and Deposits | P20038 | P20038: Max 10% NAV in Cash and Ancillary Liquid Assets (Industry approach) | Article 50.2 | A UCITS may hold Ancillary Liquid Asset. | Part 8 Section 68.2 a | LUX: UCITS 2010 - 41 (2) 3 | |
| Diversification - CIS | P20040 | P20040: Max 20% NAV in a single CIS | Article 55.1 | A UCITS may acquire 20% in any single CIS | COLL 5.2.11 R (9) | Part 8 Section 73.1 | LUX: UCITS 2010 - 46 (1) |
| Diversification - CIS | P20043 | P20043: Max 30% NAV in aggregate CIS which are not UCITS | Article 55.2 | Investments made in units of CIS other than UCITS shall not in aggregate exceed 30 % | COLL 5.2.13 R | Part 8 Section 73.2 | LUX: UCITS 2010 - 46 (2) |
| Counterparty Exposure | P20044 | P20044: Max 5% NAV OTC Derivatives with Eligible Counterparties | Article 52.1(b) | The risk exposure to a counterparty of the UCITS in an OTC derivative transaction shall not exceed either: (b) 5 % of its assets, in other cases. | COLL 5.2.11 R (7) | Part 8 Section 70.1 c | LUX:UCITS 2010 - 43 (1) 3 |
| Counterparty Exposure | P20045 | P20045: Max 10% NAV OTC Derivatives with Approved Credit Institutions | Article 52.1(a) | The risk exposure to a counterparty of the UCITS in an OTC derivative transaction shall not exceed either: (a) 10 % of its assets when the counterparty is a credit institution | COLL 5.2.11 R (7) | Part 8 Section 70.1 c | |
| Global Exposure | P19001 | P19001 [$_Portfolio ]. UCITS Commitment Leverage. Max 0% NAV | Part 8 Section 69.4 | LUX: UCITS 2010 - 42 (3) | |||
| Global Exposure | P19002 | P19002 [$_Portfolio ]. UCITS Commitment Leverage. Max 100% NAV | COLL 5.3.7R | Part 8 Section 69.4 | LUX: UCITS 2010 - 42 (3) | ||
| Cover | P20048 | P20048: Liquid Assets Cover for Derivative Obligations | COLL 5.2.22 R & COLL 5.2.22 A | Part 11 Section 112 | LUX:CESR 10-788,SEC5 | ||
| Cover | P20049 | P20049: Specific Cover for Derivatives Obligations | COLL 5.2.22 R & COLL 5.2.22 A | Part 11 Section 112 | LUX:CESR 10-788, Sec5 | ||
| Asset Eligibility | P20050 | P20050: No Physical Short Selling UCITS | Article 50.3 | COLL 5.2.222 R & COLL 5.2.22 A G | Part 11 Section 112 | ||
| Borrowing | P20052 | P20052: 10% max. in borrowings (traded basis) (with netting at currency level) | COLL 5.5.5R (1) | Part 11 Section 103.3 | |||
| Borrowing | P20054 | P20054: Borrowings must be temporary - 90 days continuous | COLL 5.5.4 (R) 4 & 5 | ||||
| Borrowing | P20055 | P20055: Borrowings must be temporary - 90 days in 180 | COLL 5.5.4 (R) 4 & 5 | ||||
| Consolidated Exposure | P20059 | P20059: Consolidated Exposure (excl. Covered bonds & GAPS) must be less than 20% NAV | Article 52.2a - c | A UCITS shall not combine, where this would lead to investment of more than 20 % of its assets in a single body, any of the following: (a) investments in transferable securities or money market instruments issued by that body; (b) deposits made with that body; or (c) exposures arising from OTC derivative transactions undertaken with that body. | COLL 5.2.11 R(10) include covered bonds with 20%, but is subject to COLL 5.2.11(5a) which allows covered bonds to be up to 25% with any one issuer. Therefore, exclude covered bonds. | Part 8 Section 70.2 | LUX:UCITS 2010 - 43 (2) 3 |
| Consolidated Exposure | P20060 | P20060: Consolidated Exposure (incl. Covered bonds but excl. GAPS) must be less than 35% NAV | Article 52.5 | Investments in transferable securities or MMI issued by the same body or in deposits or derivative instruments made with this body shall not exceed 35 % in total | UCITS Directive + COLL 5.2.11 (10) but subject to COLL 5.2.11 (5a) | Part 8 Section 70.6 | LUX:UCITS 2010 - 43 (2) 3 |
| Cross-Investment | P20061 | P20061: No Investment in CIS of the Same Umbrella | COLL 5.2.15(2) | Part 8 Section 73.6 | LUX:UCITS 2010 - 48 (2) 3 LUX:UCITS 2010 - 181 (8) |
||
| Cross-Investment | P20062 | P20062: No investment in another sub-fund of the same Manager, unless permitted in prospectus | Article 59.1 | COLL 5.2(15(1) & COLL 5.2.15(2) | |||
| Ownership / Significant Influence | P20070 | P20070: Cover all: max 10% of security issued capital | Part 8 Section 74.2 a | ||||
| Ownership / Significant Influence | P20071 | P20071: Ownership = Manager: Scheme: 20% max. of voting shares per single issuing body | Article 56.1 | An investment company or a management company shall not acquire any shares carrying voting rights which would enable it to exercise significant influence over the management of an issuing body. | COLL 5.2.27 R (2) | ||
| Ownership / Significant Influence | P20073 | P20073: Ownership - Umbrella: 10% max. of non-voting shares issued by single issuing body | Article 56.2(a) | A UCITS may acquire no more than: (a) 10 % of the non-voting shares of a single issuing body; | COLL 5.2.29 (R) (1) | Part 8 Section 74.2 a (i) | LUX: UCITS 2010 - 48 (2) 1 |
| Ownership / Significant Influence | P20075 | P20075: Ownership - Umbrella: 10% max. in Debt Securities issued by a single issuing body | Article 56.2(b) | A UCITS may acquire no more than: (b) 10 % of the debt securities of a single issuing body | COLL 5.2.29 (R) (2) | Part 8 Section 74.2 a (ii) | LUX: UCITS 2010 - 48 (2) 1&4 |
| Ownership / Significant Influence | P20077 | P20077: Umbrella: 10% max. in MMI issued by a single issuing body | Article 56.2(d) | A UCITS may acquire no more than: (d) 10 % of the money market instruments of a single issuing body. | COLL 5.2.29 (R) (4) | LUX: UCITS 2010 - 48 (2) 1&4 | |
| Ownership - CIS | P20078 | P20023: Max 25% of the units issued by any one CIS (portfolio) | Article 56.2c | A UCITS may acquire no more than: (c) 25 % of the units of a single UCITS or other collective investment undertaking | COLL 5.2.29 (R) (3) | Part 8 Section 74.2 a (iii) | LUX: UCITS 2010 - 48 (2) 3 |
