The UCITS IV Directive (2009/65/EU) (UCITS IV or UCITS 4) recast and replaced the UCITS Directive (85/611/EEC). It sets out how the UCITS regime operates, including provisions on authorisation, management companies, depositaries, mergers, investment policies, master-feeder structures and investor disclosure.

The European Commission published its legislative proposal for UCITS IV in July 2008. The Directive was published in the Offficial Journal of the EU (OJ) on 17 November 2009.

This note considers the background to the Commission's proposals for UCITS IV. It also considers the legislative history of UCITS IV and the stages of the process that led to its adoption by the European Parliament and the Council of the EU.