8.2.6 Conclusion

The main question in this dissertation is whether the UCITS Directive provides adequate and uniform protection for unitholders in a UCITS. Despite the ever-expanding UCITS rulebook, I do not think it can be currently concluded that the UCITS Directive provides adequate protection for unitholders. There are simply too many open areas in the regulations, as outlined in the paragraphs described above. UCITS investors would be wise to not rely solely on the UCITS authorization but also acquire some knowledge of the national provisions applicable to the UCITS in question. In addition to the UCITS Directive, the UCITS regulations now include three Implementing Directives, three Regulations and numerous ESMA guidelines. This regulatory framework, which is very detailed in some re­spects, creates uniformity in the areas that are covered by it. To the extent that member states implement the requirements correctly obviously.