NEW YORK - Days before the European Union celebrated the 10th anniversary of the Euro last week, Dechert LLP held a widely popular seminar here on the how-to's of Undertakings for Collective Investment Trusts, or UCITS, which have been growing at a rapid pace not only on the Continent, but also in Latin America, Asia and the Middle East.

UCITS essentially afford an investment firm a "passport" to register and market a UCIT, an investment vehicle structured much like a mutual fund, throughout the EU. Once registered in one sponsor state, other participants must honor the stamp of approval of that original nation, making it easier for investment firms to open shop throughout the region. That doesn't mean that regulators aren't strict about investment mandates, thresholds, limitations, boards and consumer protections, warned Dechert partners, who hailed from New York, Luxembourg, London and Munich.

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