{
  "url": "https://openlegislation.uk/eu-regulation-2013-575/article-349",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-575/article-349.json",
  "legislation": "eur/2013/575",
  "legislation_title": "Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2013-575",
  "path": "article/349",
  "kind": "article",
  "number": "349",
  "heading": "General criteria for CIUs",
  "text": "CIUs shall be eligible for the approach set out in Article 350, where all the following conditions are met:\n(a) the CIU's prospectus or equivalent document shall include all of the following:\n(i) the categories of assets in which the CIU is authorised to invest;\n(ii) where investment limits apply, the relative limits and the methodologies to calculate them;\n(iii) where leverage is allowed, the maximum level of leverage;\n(iv) where concluding OTC financial derivatives transactions or repurchase transactions or securities borrowing or lending is allowed, a policy to limit counterparty risk arising from these transactions;\n(b) the business of the CIU shall be reported in half-yearly and annual reports to enable an assessment to be made of the assets and liabilities, income and operations over the reporting period;\n(c) the shares or units of the CIU shall be redeemable in cash, out of the undertaking's assets, on a daily basis at the request of the unit holder;\n(d) investments in the CIU shall be segregated from the assets of the CIU manager;\n(e) there shall be adequate risk assessment of the CIU, by the investing institution;\n(f) CIUs shall be managed by persons supervised in accordance with United Kingdom legislation which implemented Directive 2009/65/EC or equivalent legislation.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Art. 349(f) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 163 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "X",
      "label": "X1",
      "text": "Substituted by Corrigendum to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/575/article/349",
    "retrieved_at": "2026-11-01T14:48:36.198705+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}