council direct march amend invest polici ucit direct eec coordin law regul administr provis relat undertak collect invest transfer secur ucit eec council european commun regard treati establish european econom commun sentenc articl thereof regard propos commiss cooper european parliament regard opinion econom social committe articl direct eec limit invest ucit asset transfer secur issuer limit requir increas limit pose special problem ucit establish denmark case invest appreci proport asset domest bond market market domin mortgag credit bond number institut issu bond small mortgag credit bond subject denmark special rule supervis design protect holder treat danish legisl equival bond issu guarante state articl direct eec derog paragraph articl case bond issu guarante member state author ucit invest asset bond similar derog limit extent justifi regard privat sector bond absenc state guarante offer special guarante investor specif rule applic thereto extend derog total bond fulfil jointli fix criteria leav member state draw list bond intend grant derog provid procedur inform member state ident provid articl direct eec adopt direct articl articl direct eec paragraph ad member state rais limit laid paragraph maximum case bond issu credit institut regist offic member state subject law special public supervis design protect bond holder sum deriv issu bond invest conform law asset period valid bond capabl cover claim attach bond event failur issuer prioriti basi reimburs princip payment accru interest ucit invest asset bond refer subparagraph issu issuer total invest exce assert ucit laid articl member state send commiss list aforement categori bond categori issuer author accord law supervisori arrang mention subparagraph issu bond compli criteria set notic statu guarante offer attach list procedur laid articl appli transfer secur refer paragraph account purpos appli limit refer paragraph limit provid paragraph combin invest transfer secur issu bodi carri accord paragraph circumst exce total asset ucit articl member state bring forc measur compli direct date provid direct eec forthwith inform commiss thereof articl direct address member state brussel march council presid bangemann oj opinion publish oj decis februari publish offici journal oj oj