Glossary

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UK Listing Authority
The FSA, acting as the competent authority for listing, is referred to as the UK Listing Authority (UKLA), and maintains the Official List.
Units
Unit trusts are divided into "units" of equal value, therefore an investor buys units in the unit trust. The OEIC equivalent is known as a share.
Unit trust
An open-ended fund in the form of a legal trust, which issue units rather than shares.
Unit linked policies
These are insurance products where you pay a premium which is then invested in a fund holding a range of assets, usually including equities and fixed interest securities. Part of the premium paid pays for life assurance. Unit linked policies are similar to with-profits products but do not invest in as many assets.
Unlisted investments
Investments in companies that have no stock market listing.
Unsecured loan stock (ULS)
A loan stock in which no specific assets have been set aside as a fund out of which the holders could be paid in priority to other creditors in the event of non-payment; may also be a Convertible (CULS).
UCITS
A fund that can be marketed in all countries in the European Union. UCITS stands for 'Undertakings for Collective Investments in Transferable Securities'. Most, but not all, UK authorised funds are 'UCITS'.
UCITS III
The latest version of the UCITS regulations. UCITS III upgrades the list of investments available to private investors to include money market, index tracking and fund of funds products. The legislation also allows approved funds to use derivatives and short selling as part of their investment strategy.