Regulated Funds and UCITS

We act for a substantial number of investment fund and financial product providers, including stand-alone fund management houses and the investment arms of integrated houses. We also advise depositaries, custodians and administrators.

We work on all types of regulated funds, (UCITS, Non-UCITS and Qualified Investor Schemes) as well as Property Authorised Investment Funds (PAIFs), Funds of Alternative Investment Funds (FAIFs) and Charity Authorised Investment Funds (CAIFs).

We support clients with:

  • the formation of new regulated funds (unit trusts, OEICs and ACSs);
  • product design, including firms both in the traditional long only area and in alternatives to explore the potential of "liquid alternative" funds;
  • on-going changes to fund ranges including mergers, changes to investment policies, changes to service providers and terminations;
  • the migration and amalgamation of funds between different jurisdictions;
  • marketing and distribution advice including cross-border registration of UCITS funds both into the UK and other Member States of the EEA, AIFMD notifications and reviewing distribution and platform agreements;
  • preparing and negotiating fund management agreements;
  • reviewing and negotiating service provider agreements such as depositary and custody agreements, administration agreements, and hosting or sponsorship agreements;
  • amending fund documentation in preparation for regulatory changes such as MiFID II; and
  • all related regulatory matters such as conduct of business rules, CASS, regulatory capital, RDR, UCITS V and VI, AIFMD, remuneration, PRIIPs, conduct risk, client and product documentation, general commercial / contractual matters (including GDPR) and outsourcing.

What people are saying


"As far as retail fund regulation is concerned, I haven’t found a better team of lawyers."

The UK Legal 500 2023

"They are commercial and pragmatic in their advice and adopt a solutions-based approach to complex legal and regulatory issues. Macfarlanes are consistently at the forefront of emerging legal issues and developments in the legal and regulatory landscape."

The UK Legal 500 2023

"They are pragmatic and commercial as they have taken time to understand our business, our concerns and our client’s concerns, so working with them feels much like a collaboration."

The UK Legal 500 2022

"Macfarlanes has a genuinely collaborative approach, communication between teams is very good and everyone is pulling in the same direction."

The UK Legal 500 2022

"The depth of knowledge of the team is without equal, in our opinion. However, importantly, it is the manner in which the advice is delivered which is another key aspect for us. The team are great people to work with."

The UK Legal 500 2021

"The team are approachable, responsive and offer commercial advice. They take a proactive approach and will personally reach out to clients to ensure that they are informed of all relevant legal and regulatory developments."

The UK Legal 500 2021