The GEI (General Entity Identifier) is a LEI (Legal Entity Identifier). It is a unique identifier for all companies and funds that are subject to mandatory reporting requirements. Along with this identifier, information on the company (name, legal form, legal domicile, and so on) is recorded.

Currently, GEIs are mandatory in the context of transaction reporting pursuant to EMIR and the Dodd-Frank Act. In addition, the GEI is already referenced in other regulations such as the AIFMD (Alternative Investment Fund Managers Directive) Technical Standards, MIFID II (Markets in Financial Instruments Directive II), or MIFIR (Markets in Financial Instruments Regulation).

Investment funds are specially constituted investment vehicles, created with the sole purpose of gathering assets from investors, and investing those assets in a diversified pool of assets. By investment in investment funds, small investors can buy exposure to a professionally-managed and diversified basket of financial or other assets. Overheads are spread over the pool of investors, reducing average cost for the investor.

A UCITS fund is an investment fund regulated at European level. UCITS funds were first introduced in 1985. Since then the UCITS Directive has offered European investors a wide range of high quality and safe investment products. The subsequent reforms of the Directive (2001 and 2009) have built upon the high level of investor protection and prudential supervision ensured by the Directive.

The standards introduced in the UCITS rules have also contributed to the success of the UCITS brand in third countries (notably in Asia and Latin America) where UCITS funds domiciled in the EU enjoy a significant investor base. The requirements relating to depositaries that act on behalf of undertakings for collective investment in transferable securities (UCITS) are one of the key building blocks within the UCITS framework and aim primarily to ensure a high level of investor protection.

In AIFMD, there is a de-minimis rule. AIFM managing smaller AIF, that is to say, AIFM managing AIF which are not leveraged and without redemption rights for a period of 5 years and with aggregate as-sets under management below 500 million Euros and AIFM managing AIF whose assets under management, including any assets acquired through the use of leverage do not exceed 100 million euros can benefit from a light regime (registration and reporting requirements).

In accordance with Article 82 of the UCITS Directive a UCITS is required to keep the essential elements of key investor information up-to-date. In accordance with Article 23 of Commission Regulation (EU) No 583/2010, a KIID with duly revised presentation of past performance of the UCITS shall be made available no later than 35 business days after 31 December each year. Notwithstanding that a UCITS is no longer marketed to the public, an up-to-date version of the KIID should be available to the existing investors.