UCITS are governed by Directive 2009/65/EC, as indicated in article L214-1 of the Code monétaire et financier. This directive establishes the rules for undertakings for collective investment in transferable securities, ensuring harmonization at the European level.

Under UCITS IV, the timeframe for cross-border marketing of a UCITS is reduced to ten business days after simple notification to the competent authorities.

AIFs can invest in a much broader range of assets, including real estate, private equity, receivables, infrastructure, and commodities, unlike UCITS, which are limited to liquid assets as defined by the UCITS directive.

UCITS are strictly limited to liquid assets as defined by the UCITS directive, with a 10% limit for unlisted assets. This excludes investments such as real estate or private equity, unlike AIFs.

This statement is true. UCITS offer daily liquidity with a right of redemption at any time based on the net asset value, which is a key distinguishing characteristic from AIFs, which may have lock-up periods.

The diversification rule for UCITS is the '5/10/40' rule. This means that a UCITS may not invest more than 5% in a single issuer, unless the total of investments above 5% does not exceed 40% of total assets.

UCITS are characterized by their European standardization and daily liquidity, while AIFs stand out for their national flexibility and potential for investment in illiquid assets.

This statement is false. AIFs have an AIFM passport limited to professional investors. Access for retail investors remains subject to each member state's national regime, which complicates cross-border distribution to retail investors.