Investment Funds

"Investment funds" (IFs) are collective investment undertakings that: (i) invest in financial and non-financial assets, within the meaning of the European system of national and regional accounts in the Community (ESA 95), to the extent that the objective is to invest capital raised from the public; and (ii) are constituted pursuant to Community or national law.

Included within the definition of IFs are: (a) undertakings whose units or shares are, at the request of the holders, repurchased or redeemed directly or indirectly out of the undertaking’s assets; and (b) undertakings which have a fixed number of issued shares and whose shareholders have to buy or sell existing shares when entering or leaving the fund.

Not included in the definition of IFs are: (a) pension funds; and (b) money market funds (which come under the MFIs).

The legal framework for lists of investment funds and their assets and liabilities statistics is in Regulation (EC) No 958/2007 of the ECB of 27 July 2007 and in Guideline ECB/2007/9 of 1 August 2007.

The ECB releases a quarterly update on the list of IFs (nine weeks after the end of the quarter to which the list refers).

Investment Funds list