U

UCITS
Undertakings for Collective Investment in Transferable Securities which are authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003, as amended.

UCITS Manager
An entity which provides management services to collective investment schemes and requires specific authorisation under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 as amended, to carry out such services.

UCITS Self-Managed Investment Company (SMIC)
A Self-Managed Investment Company (SMIC) is a collective investment scheme authorised under the EC (UCITS) Regulations 2003 (as amended) as an investment company, which has not appointed a management company.

Unit Trust Scheme
A unit trust scheme which is authorised by the Financial Regulator under Section 4 of the Unit Trusts Act, 1990.

This glossary of terms in relation to the Irish insurance industry is reproduced with the consent of the Office of the Financial Regulator.