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      Legal environment

      Luxembourg Undertakings for collective investment in transferable securities (UCITS) are regulated by Part 1 of the law of 17 December 2010 on Undertakings for Collective Investment.

      This transposes into law the EU Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities and replaces the law of 20 December 2002 on Undertakings for Collective Investment.