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UCITS funds today represent a major share of European funds. The European directives started with UCITS I in the mid 1980s, and have been amended up to UCITS IV in 2009, to be followed soon by a UCITS V package. In its first part, this book is summarizing the evolution and features of these successive sets of European regulations. Among others, it covers the UCITS eligible assets, the key parties involved in UCITS funds operations, their reporting and information requirements, taxation and many other useful related subjects, to give a short but useful understanding of the UCITS world. Besides, the UCITS IV directive is entering into the risk management field, which is materialized by the issue of a key document entitled Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS (the famous ref. 10-788 Guidelines of the Committee of the European Securities Regulators CESR). These Guidelines require some technical skills: the second part of this book reproduces the CESR's Guidelines, punctuated with comments and prerequisites of quantitative finance, to help for a better understanding of the content and significance of this UCITS IV objective. After studying law in Paris and London Charles Muller became a Luxembourg barrister. In 1994 he joined Banque Générale du Luxembourg, then, in 2003, the Association of the Luxembourg Fund Industry (ALFI) where he held the position of Deputy Director General. He was also a Board member of the world-wide federation of investment fund associations (IIFA) and a member of the Management Committee of the European Fund and Asset Management Association (EFAMA). Since December 2011, Charles Muller is a partner with KPMG Luxembourg, in charge of the Investment Management arm of the EMEA Financial Services Regulatory Centre of Excellence. Alain Ruttiens, est ingénieur civil (Faculté Polytechnique de Mons, Belgique). Il est actuellement gestionnaire de hedge fund, après plus de quinze ans (à la Banque Indosuez en Belgique, et plus récemment à la CBC Banque, filiale de la KBC Bank) consacrés aux produits dérivés financiers. Il enseigne ces matières entre autres à l'ESCP (Paris), à la Sorbonne (Paris), au Centro di Studi Bancari (Lugano, Suisse), ainsi qu'à l'Ecole Supérieure des Affaires à Beyrouth (Liban). Il est également IAG Fellow de l'Université de Louvain (Belgique) et membre du Decision Sciences Institute (Atlanta, USA).