Relative VaR (UCITS) Relative VaR is defined as the VaR of the UCITS divided by the VaR of a benchmark or a reference portfolio (i.e. a similar portfolio with no derivatives). This can be an actual benchmark portfolio (such as an index) or a fictitious benchmark...
MiFID The Markets in Financial Instruments Directive (MiFID) replaced the Investment Services Directive (ISD). MiFID makes changes to the regulatory framework to reflect developments in financial services and markets since the ISD was implemented. In particular,...
Master Feeder structures In a master-feeder structure, the feeder is the ‘collection fund’ in the target distribution country in which retail and/or institutional investors may be allowed to invest. The feeder invests the cash received from its own...
Management Company Passport The Management Company Passport allows the management company to perform the activities for which it has been authorized by its home member state, including the management of UCITS, in other EU member states (host member state). Where the...
KIID In an attempt to create a structure for the provision of easily understandable fund disclosures, Directive 2009/65/EC on UCITS IV and Commission Regulation 583/2010 has replaced the simplified prospectus with the Key Investor Information Document (“KIID”). The...
