Public funds (UCITS) (Undertakings for Collective Investment in Transferable Securities)

These are licensed funds which are allowed to sell smaller amounts of shares to the general public. The licensing procedure is more rigorous than other funds and there is a need to have a physical office and trained staff in Gibraltar.

It is possible to structure these funds as umbrella funds, hedge funds, feeder funds, funds of funds and mutual funds

The Financial Services Commission is responsible for the regulation of investment funds in Gibraltar under the Financial Services Ordinance and the Financial Services (Collective Investment Schemes)Act 1991in compliance with the EU UCITS Directive (85/611/EU).

UCITS (Undertakings for Collective Investment in Transferable Securities) funds in Gibraltar are usually formed under a trust deed either as unit trust or mutual fund, or under the Companies Ordinance as private or public companies.

Under EU rules, UCITS's can be marketed throughout the EU under the Single European Passport provisions, if open-ended and if they satisfy listing criteria.

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