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Directive 2009/65/EC - Undertakings for Collective Investment in Transferable Securities IV (recast) (UCITS IV)RecitalsChapter I Subject matter, scope and definitions (arts. 1-4)Article 1Article 2Article 3Article 4Chapter II Authorisation of UCITS (art. 5)Article 5Chapter III Obligations regarding management companies (arts. 6-21)Section 1 Conditions for taking up business (arts. 6-8)Article 6Article 7Article 8Section 2 Relations with third countries (art. 9)Article 9Section 3 Operating conditions (arts. 10-15)Article 10Article 11Article 12Article 13Article 14Article 14aArticle 14bArticle 15Section 4 Freedom of establishment and freedom to provide services (arts. 16-21)Article 16Article 17Article 18Article 18aArticle 19Article 20Draft Article 20aArticle 20aArticle 20bArticle 21Chapter IV Obligations regarding the depositary (arts. 22-26b)Article 22Article 22aArticle 23Article 24Article 25Article 26Article 26aArticle 26bChapter V Obligations regarding investment companies (arts. 27-36)Section 1 Conditions for taking up business (arts. 27-29)Article 27Article 28Article 29Section 2 Operating conditions (arts. 30-31)Article 30Article 31Section 3 Obligations regarding the depositary (arts. 32-36)Article 32Article 33Article 34Article 35Article 36Chapter VI Mergers of UCITS (arts. 37-48)Section 1 Principle, authorisation and approval (arts. 37-40)Article 37Article 38Article 39Article 40Section 2 Third-party control, information of unit-holders and other rights of unit-holders (arts. 41-45)Article 41Article 42Article 43Article 44Article 45Section 3 Costs and entry into effect (arts. 46-48)Article 46Article 47Article 48Chapter VII Obligations concerning the investment policies of UCITS (arts. 49-57)Article 49Article 50Article 50aArticle 51Article 52Article 53Article 54Article 55Article 56Article 57Chapter VIII Master-feeder structures (arts. 58-67)Section 1 Scope and approval (arts. 58-59)Article 58Article 59Section 2 Common provisions for feeder and master UCITS (art. 60)Article 60Section 3 Depositaries and auditors (arts. 61-62)Article 61Article 62Section 4 Compulsory information and marketing communications by the feeder UCITS (art. 63)Article 63Section 5 Conversion of existing UCITS into feeder UCITS and change of master UCITS (art. 64)Article 64Section 6 Obligations and competent authorities (arts. 65-67)Article 65Article 66Article 67Chapter IX Obligations concerning information to be provided to investors (arts. 68-82a)Section 1 Publication of a prospectus and periodical reports (arts. 68-75)Article 68Article 69Article 70Article 71Article 72Article 73Article 74Article 75Section 2 Publication of other information (arts. 76-77)Article 76Article 77Section 3 Key investor information (arts. 78-82a)Article 78Article 79Article 80Article 81Article 82Article 82aSection IV Accessibility of information in the European single access point (art. 82a)Article 82aChapter X General obligations of UCITS (arts. 83-90)Article 83Article 84Article 85Article 86Article 87Article 88Article 89Article 90Chapter XI Special provisions applicable to UCITS which market their units in Member States other than those in which they are established (arts. 91-96)Article 91Article 92Article 93Article 93aArticle 94Article 95Article 96Chapter XII Provisions concerning the authorities responsible for authorisation and supervision (arts. 97-110 and draft art. 110a)Article 97Article 98Article 99Article 99aArticle 99bArticle 99cArticle 99dArticle 99eArticle 100Article 101Article 102Article 103Article 104Article 104aArticle 105Article 106Article 107Article 108Article 109Article 110Article 110aChapter XIII Delegated Acts and Powers of Execution (arts. 111-112b)Article 111Article 112Article 112a Revocation of the delegationArticle 112b Objections to delegated actsChapter XIV Derogations, transitional and final provisions (arts. 113-119)Section 1 Derogations (arts. 113-114)Article 113Article 114Section 2 Transitional and final provisions (arts. 115-119)Article 115Article 116Article 117Article 118Article 119Annex IAnnex IIAnnex IIA Liquidity management tools available to UCITSAnnex IIIAnnex III Part A Repealed Directive with list of its successive amendments (referred to in Article 117)Annex III Part B List of time limits for transposition into national law and application (referred to in Article 117)Annex IV Correlation tableDone at
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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 2011 - onwards
Version 3 of 3

Article 87

A UCITS unit shall not be issued unless the equivalent of the net issue price is paid into the assets of the UCITS within the usual time limits. This shall not preclude the distribution of bonus units.

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