Статья: Evolution of the Legal Framework for UCITS Funds in the European Union (1985-2023)

A major driver of global economic growth since the mid-1950s, investing activities have substantially bestowed to the development of the EU Member States, some of which, e.g., Luxembourg, have even risen to the top of the European economic pyramid. The year 2025 will mark the 40-year anniversary of the legal framework for collective investment funds, which prompts the researcher to turn to the roots of the system and assess the weaknesses and strengths of EU relevant legislation. The first stop of the journey is the Directive 85/611/EEC, which allowed creating the UCITS sub-sector as a part of the single market for financial services. In fact, one can identify four key stages the European regulatory system related to collective investment has so far passed through. With every new stage, the fund industry got a big boost, and regular updates to the legal system resulted in 29 thousand UCITS funds holding more than € 8 trillion in assets in 2022. In recent decades, the regime for UCITS has been conducive to European economic success. This is the strong reason why the 40-year-long evolution of the system should be at the forefront of our attention.