Undertakings for Collective Investment in Transferable Securities
Directive 2009/65/EC, as amended · Engine v1.0.0
UCITS is not “AIFMD light.” UCITS and AIFMD form institutionally distinct fund regimes with different authorization, investment, safekeeping and information duties. That justifies two separate Gate identities.
It does not independently create, grant, deny or modify an Execution Right.
Gate verdict semantics: PASS indicates that the encoded Domain Condition is satisfied. It does not constitute Execution Permission.
Evidence demonstrates the deterministic execution of the encoded Rule State. It does not prove that the legal interpretation is universally binding on every authority or court.