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In one of the biggest shake-ups of the European investment fund market for almost 20 years, the long-awaited updating of the 1985 Undertaking for Collective Investments in transferable Securities (UCITS) Directive (UCITS I) became effective on 13 February, 2002. On that date, European Directives 2001/107/EC (Management Company Directive) and 2001/108/EC (Product Directive), collectively known as UCITS III, came into force.

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