direct ec european parliament council januari amend council direct eec coordin law regul administr provis relat undertak collect invest transfer secur ucit view regul manag compani simplifi prospectus european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion econom social committe act accord procedur laid articl treati council direct eec decemb undertak collect invest transfer secur ucit contribut significantli achiev singl market field lai time financi servic sector principl mutual recognit authoris provis facilit free circul european union unit collect invest undertak unit trust common fund invest compani cover direct direct eec regul great extent compani manag collect invest undertak call quot manag compani quot direct eec lai provis ensur member state equival market access rule oper condit compani direct eec lai provis regul establish branch free provis servic compani member state home member state authoris grant manag compani home member state ensur investor protect solvenc manag compani view contribut stabil financi system approach adopt ensur essenti harmonis suffici secur mutual recognit authoris prudenti supervis system make grant singl authoris valid european union applic home member state supervis protect investor guarante intern overview manag compani mean man manag adequ intern control mechan order ensur manag compani fulfil oblig aris activ ensur stabil initi capit addit amount fund requir account develop pertain capit charg oper risk european union intern fora requir includ guarante review year virtu mutual recognit manag compani authoris home member state permit carri servic receiv authoris european union establish branch freedom provid servic approv fund rule common fund unit trust fall compet manag compani home member state regard collect portfolio manag manag unit trust common fund invest compani authoris grant manag compani authoris home member state permit compani carri host member state activ distribut unit harmonis unit trust common fund manag compani home member state distribut share harmonis invest compani manag compani perform function task includ activ collect portfolio manag manag asset invest compani incorpor member state home member state perform basi mandat behalf manag compani incorpor member state home member state function includ activ collect portfolio manag principl mutual recognit home member state supervis requir member state compet author grant withdraw authoris factor content programm oper geograph distribut activ carri manag compani opt legal system member state purpos evad stricter standard forc member state territori intend carri carri greater part activ purpos direct manag compani authoris member state regist offic accord principl home countri control member state manag compani regist offic consid compet approv fund rule unit trust common fund set compani choic depositari order prevent supervisori arbitrag promot confid effect supervis home member state author requir authoris ucit prevent legal market home member state affect free decis ucit authoris choos member state unit ucit market accord direct direct eec limit scope manag compani sole activ manag unit trust common fund invest compani collect portfolio manag order account recent develop nation legisl member state permit compani achiev import economi scale desir revis restrict desir permit compani carri activ manag portfolio invest client client basi individu portfolio manag includ manag pension fund specif core activ link main busi extens scope activ manag compani prejudg stabil compani specif rule introduc prevent conflict interest manag compani authoris carri busi collect individu portfolio manag activ manag portfolio invest invest servic cover council direct eec invest servic secur field order ensur homogen regulatori framework area desir subject manag compani authoris cover servic oper condit laid direct home member state gener rule establish rule stricter laid direct authoris condit prudenti requir rule report full prospectu desir lai rule defin precondit manag compani deleg basi mandat specif task function parti increas effici conduct busi order ensur correct function principl mutual recognit authoris home countri control member state permit deleg ensur manag compani grant authoris deleg global function parti letter box entiti exist mandat hinder effect supervis manag compani fact manag compani deleg function case affect liabil compani depositari vi vi unit holder compet author safeguard sharehold interest secur level plai field market harmonis collect invest undertak initi capit requir invest compani invest compani design manag compani cover manag compani addit amount fund articl compli authoris invest compani compani directli articl indirectli due fact authoris invest compani choos design manag compani manag compani authoris accord direct oblig compli articl account develop inform techniqu desir revis current inform framework provid direct eec desir introduc addit exist full prospectu type prospectu ucit simplifi prospectu prospectu design investor friendli repres sourc valuabl inform averag investor prospectu give kei inform ucit clear concis easili understand investor inform statement includ simplifi prospectu detail inform contain full prospectu ucit yearli half yearli report obtain free charg request simplifi prospectu offer free charg subscrib conclus contract suffici precondit meet legal oblig direct provid inform subscrib conclus contract ensur level plai field intermediari financi servic area provid servic ensur harmonis minimum degre investor protect harmonis minimum degre harmonis condit take busi oper condit repres essenti precondit achiev intern market oper bind commun direct lai agre minimum standard respect achiev desir object direct effect minimum harmonis requir order achiev object pursu accord paragraph articl treati commiss propos codif due time adopt propos adopt direct articl direct eec amend articl insert quot articl purpos direct depositari institut entrust duti mention articl subject provis laid section iiia iva manag compani compani regular busi manag ucit form unit trust common fund invest compani collect portfolio manag ucit includ function mention annex ii manag compani home member state member state manag compani regist offic situat manag compani host member state member state home member state territori manag compani branch servic ucit home member state regard ucit constitut unit trust common fund member state manag compani regist offic situat regard ucit constitut invest compani member state invest compani regist offic situat ucit host member state member state ucit home member state unit common fund unit trust invest compani market branch place busi part manag compani legal person servic manag compani authoris place busi set member state manag compani headquart member state regard singl branch compet author author member state design articl direct close link situat defin articl direct ec qualifi hold direct indirect hold manag compani repres capit vote right make exercis signific influenc manag manag compani hold subsist purpos definit vote right refer articl direct eec account isd council direct eec invest servic secur field parent undertak parent undertak defin articl direct eec subsidiari subsidiari undertak defin articl direct eec subsidiari subsidiari undertak regard subsidiari parent undertak ultim parent undertak initi capit capit defin item articl direct ec fund fund defin titl chapter section direct ec definit amend circumst annex direct eec quot articl replac quot compet author authoris ucit manag compani invest compani compli precondit laid direct section iii iv compet author authoris ucit director depositari suffici good reput suffici experienc relat type ucit manag end name director depositari person succeed offic commun forthwith compet author director person law instrument incorpor repres depositari effect determin polici depositari compet author grant authoris ucit legal prevent provis fund rule instrument incorpor market unit share home member state quot titl section iii articl replac quot section iii oblig manag compani titl condit take busi articl access busi manag compani subject prior offici authoris grant home member state compet author authoris grant direct manag compani valid member state manag compani engag activ manag ucit authoris direct addit manag collect invest undertak cover direct manag compani subject prudenti supervis market member state direct activ manag unit trust common fund invest compani includ purpos direct function mention annex ii exhaust derog paragraph member state authoris manag compani provid addit manag unit trust common fund invest compani servic manag portfolio invest includ own pension fund accord mandat investor discretionari client client basi portfolio includ instrument list section annex isd core servic invest advic instrument list section annex isd safekeep administr relat unit collect invest undertak manag compani case authoris direct provid servic mention paragraph provid core servic authoris servic refer point articl articl articl isd appli provis servic mention paragraph articl manag compani articl prejudic condit gener applic laid nation law compet author grant authoris manag compani manag compani initi capit eur portfolio manag compani exce eur manag compani requir provid addit amount fund addit amount fund equal amount portfolio manag compani exce eur requir total initi capit addit amount exce eur purpos paragraph portfolio deem portfolio manag compani unit trust common fund manag manag compani includ portfolio deleg manag function exclud portfolio manag deleg ii invest compani manag compani design manag compani iii collect invest undertak manag manag compani includ portfolio deleg manag function exclud portfolio manag deleg irrespect amount requir fund manag compani amount prescrib annex iv direct eec member state authoris manag compani provid addit amount fund refer indent benefit guarante amount credit institut insur undertak credit institut insur undertak regist offic member state member state provid subject prudenti rule consid compet author equival laid commun law februari commiss present report european parliament council applic capit requir accompani propos revis person effect conduct busi manag compani suffici good reput suffici experienc relat type ucit manag manag compani end name person person succeed offic commun forthwith compet author conduct manag compani busi decid person meet condit applic authoris accompani programm activ set inter alia organis structur ofh manag compani head offic regist offic locat member state close link exist manag compani natur legal person compet author grant authoris prevent effect exercis supervisori function compet author refus authoris law regul administr provis member countri govern natur legal person manag compani close link difficulti involv enforc prevent effect exercis supervisori function compet author requir manag compani provid inform requir monitor complianc condit refer paragraph continu basi applic inform month submiss complet applic authoris grant reason authoris refus manag compani start busi authoris grant compet author withdraw authoris issu manag compani subject direct compani make authoris month expressli renounc authoris ceas activ cover direct month previous member state concern provid authoris laps case obtain authoris make fals statement irregular mean longer fulfil condit authoris grant longer compli direct eec authoris cover discretionari portfolio manag servic refer articl direct systemat infring provis adopt pursuant direct fall case nation law withdraw articl compet author grant authoris busi manag compani inform ident sharehold member direct indirect natur legal person qualifi hold amount hold compet author refus authoris take account ensur sound prudent manag manag compani satisfi suitabl aforement sharehold member case branch manag compani regist offic european union start carri busi member state appli provis result treatment favour accord branch manag compani regist offic member state compet author member state involv consult authoris manag compani subsidiari manag compani invest firm credit institut insur undertak authoris member state subsidiari parent undertak manag compani invest firm credit institut insur undertak authoris member state control natur legal person control manag compani invest firm credit institut insur undertak authoris member state titl relat countri articl relat countri regul accord relev rule laid articl isd purpos direct express firm invest firm invest firm contain articl isd constru manag compani manag compani express provid invest servic articl isd constru provid servic member state inform commiss gener difficulti ucit encount market unit countri titl oper condit articl compet author manag compani home member state requir manag compani authoris compli time condit laid articl articl direct fund manag compani fall level articl compet author circumst justifi firm limit period rectifi situat ceas activ prudenti supervis manag compani respons compet author home member state manag compani establish branch servic member state prejudic provis direct give respons author host countri articl qualifi hold manag compani subject rule laid articl isd purpos direct express firm invest firm invest firm contain articl isd constru manag compani manag compani articl home member state draw prudenti rule manag compani regard activ manag ucit authoris direct observ time compet author home member state regard natur ucit manag manag compani requir compani sound administr account procedur control safeguard arrang electron data process adequ intern control mechan includ rule person transact employe hold manag invest financi instrument order invest fund ensur inter alia transact involv fund reconstruct origin parti natur time place effect asset unit trust common fund invest compani manag manag compani invest fund rule instrument incorpor legal provis forc structur organis minimis risk ucit client interest prejud conflict interest compani client client client ucit ucit branch set organis arrang conflict rule conduct laid host member state cover conflict interest manag compani authoris cover discretionari portfolio manag servic mention articl permit invest part investor portfolio unit unit trust common fund invest compani manag receiv prior gener approv client subject regard servic refer articl provis laid direct ec european parliament council march investor compens scheme articl member state permit manag compani deleg parti purpos effici conduct compani busi carri behalf function precondit compli compet author inform manner mandat prevent effect supervis manag compani prevent manag compani act ucit manag interest investor deleg concern invest manag mandat undertak authoris regist purpos asset manag subject prudenti supervis deleg accord invest alloc criteria period laid manag compani mandat concern invest manag countri undertak cooper supervisori author concern ensur mandat regard core function invest manag depositari undertak interest conflict manag compani unit holder measur exist enabl person conduct busi manag compani monitor effect time activ undertak mandat mandat prevent person conduct busi manag compani give time instruct undertak function deleg withdraw mandat effect interest investor regard natur function deleg undertak function deleg qualifi capabl undertak function question ucit prospectus list function manag compani permit deleg case manag compani depositari liabil affect fact manag compani deleg function parti manag compani deleg function extent letter box entiti articl member state draw rule conduct manag compani authoris member state observ time rule implement principl set indent principl ensur manag compani act honestli fairli conduct busi activ interest ucit manag integr market act due skill care dilig interest ucit manag integr market emploi effect resourc procedur proper perform busi activ avoid conflict interest avoid ensur ucit manag fairli treat compli regulatori requir applic conduct busi activ promot interest investor integr market titl establish freedom provid servic articl member state ensur manag compani authoris accord direct compet author member state carri territori activ authoris establish branch freedom provid servic member state make establish branch provis servic subject authoris requir requir provid endow capit measur equival effect articl addit meet condit impos articl manag compani wish establish branch territori member state notifi compet author home member state member state requir manag compani wish establish branch territori member state provid inform document effect notif provid paragraph member state territori manag compani plan establish branch programm oper set activ servic articl envisag organis structur branch address host member state document obtain name respons manag branch compet author home member state reason doubt adequaci administr structur financi situat manag compani take account activ envisag month receiv inform refer paragraph commun inform compet author host member state inform manag compani commun detail compens scheme intend protect investor compet author home member state refus commun inform refer paragraph compet author host member state give reason refus manag compani concern month receiv inform refus failur repli subject appli court home member state branch manag compani start busi compet author host member state month receiv inform refer paragraph prepar supervis manag compani condit includ rule mention articl forc host member state rule conduct respect case provis portfolio manag servic mention articl invest advisori servic custodi interest gener good busi carri host member state receipt commun compet author host member state expiri period provid paragraph receipt commun author branch establish start busi moment manag compani begin distribut unit unit trust common fund invest compani subject direct manag compet author host member state establish reason decis expiri period month commun compet author home member state arrang made market unit compli provis refer articl articl event chang particular commun accord paragraph manag compani give written notic chang compet author home host member state month implement chang compet author home member state decis chang paragraph compet author host member state paragraph event chang particular commun accord subparagraph paragraph author home member state inform author host member state articl manag compani wish carri busi territori member state time freedom provid servic commun inform compet author home member state member state territori manag compani intend oper programm oper state activ servic refer articl envisag compet author home member state month receiv inform refer paragraph forward compet author host member state commun detail applic compens scheme intend protect investor manag compani start busi host member state notwithstand provis articl compet author host member state receipt inform refer paragraph manag compani condit includ rule conduct respect case provis portfolio manag servic mention articl invest advisori servic custodi interest gener good manag compani compli host member state content inform commun accord paragraph amend manag compani give notic amend write compet author home member state host member state implement chang compet author host member state inform compani chang addit made inform commun paragraph manag compani subject notif procedur laid articl case entrust parti market unit host member state articl host member state statist purpos requir manag compani branch territori report period activ host member state compet author host member state discharg respons direct host member state requir branch manag compani provid particular nation manag compani purpos host member state requir manag compani carri busi territori freedom provid servic provid inform monitor complianc standard set host member state appli requir stringent member state impos establish manag compani monitor complianc standard compet author host member state ascertain manag compani branch servic territori breach legal regulatori provis adopt state pursuant provis direct confer power host member state compet author author requir manag compani concern put end irregular situat manag compani concern fail step compet author host member state inform compet author home member state earliest opportun measur ensur manag compani concern put end irregular situat natur measur commun compet author host member state measur home member state measur prove inadequ member state question manag compani persist breach legal regulatori provis refer paragraph forc host member state inform compet author home member state measur prevent penalis irregular prevent manag compani initi transact territori member state ensur territori serv legal document measur manag compani forego provis affect power host member state measur prevent penalis irregular commit territori contrari legal regulatori provis adopt interest gener good includ possibl prevent offend manag compani initi transact territori measur adopt pursuant paragraph involv penalti restrict activ manag compani properli justifi commun manag compani concern measur subject appli court member state adopt procedur laid paragraph compet author host member state emerg precautionari measur protect interest investor servic provid commiss compet author member state concern inform measur earliest opportun consult compet author member state concern commiss decid member state question amend abolish measur event withdraw authoris compet author host member state inform measur prevent manag compani concern initi transact territori safeguard investor interest year commiss submit report case contact committe set articl member state inform commiss number type case refus pursuant articl measur accord paragraph year commiss submit report case contact committe set articl quot insert articl quot section iiia oblig depositari quot titl section iv articl replac quot section iv oblig invest compani titl condit take busi articl access busi invest compani subject prior offici authoris grant home member state compet author member state determin legal form invest compani quot articl insert articl quot articl prejudic condit gener applic laid nation law compet author grant authoris invest compani design manag compani invest compani suffici initi capit eur addit invest compani design manag compani authoris pursuant direct authoris grant applic authoris accompani programm activ set inter alia organis structur invest compani director invest compani suffici good reput suffici experienc relat type busi carri invest compani end name director person succeed offic commun forthwith compet author conduct invest compani busi decid person meet condit director person law instrument incorpor repres invest compani effect determin polici compani close link exist invest compani natur legal person compet author grant authoris prevent effect exercis supervisori function compet author refus authoris law regul administr provis member countri govern natur legal person invest compani close link difficulti involv enforc prevent effect exercis supervisori function compet author requir invest compani provid inform requir applic inform month submiss complet applic authoris grant reason authoris refus invest compani start busi authoris grant compet author withdraw authoris issu invest compani subject direct compani make authoris month expressli renounc authoris ceas activ cover direct month previous member state concern provid authoris laps case obtain authoris make fals statement irregular mean longer fulfil condit authoris grant systemat infring provis adopt pursuant direct fall case nation law withdraw titl oper condit articl articl appli invest compani design manag compani authoris pursuant direct purpos articl manag compani constru invest compani invest compani manag asset portfolio circumst receiv mandat manag asset behalf parti articl home member state draw prudenti rule observ time invest compani design manag compani authoris pursuant direct compet author home member state regard natur invest compani requir compani sound administr account procedur control safeguard arrang electron data process adequ intern control mechan includ rule person transact employe hold manag invest financi instrument order invest initi capit ensur inter alia transact involv compani reconstruct origin parti natur time place effect asset invest compani invest instrument incorpor legal provis forc quot insert articl quot section iva oblig depositari quot articl replac quot invest compani unit trust common fund manag manag compani publish simplifi prospectu full prospectu annual report financi year half yearli report cover month financi year quot articl replac quot articl simplifi full prospectus includ inform investor make inform judgement invest propos risk attach thereto includ independ instrument invest clear easili understand explan fund risk profil full prospectu inform provid schedul annex direct inform fund rule instrument incorpor annex full prospectu accord articl simplifi prospectu summari form kei inform provid schedul annex direct structur written easili understood averag investor member state permit simplifi prospectu attach full prospectu remov part simplifi prospectu market tool design member state alter translat member state requir document addit inform ad full simplifi prospectu incorpor written document durabl medium equival legal statu approv compet author annual report includ balanc sheet statement asset liabil detail incom expenditur account financi year report activ financi year inform provid schedul annex direct signific inform enabl investor make inform judgment develop activ ucit result half yearli report includ inform provid chapter iv schedul annex direct ucit paid propos pai interim dividend figur result tax half year concern interim dividend paid propos quot articl replac quot articl fund rule invest compani instrument incorpor form integr part full prospectu annex thereto document refer paragraph annex full prospectu provid unit holder inform request document appris place member state unit market consult quot articl replac quot articl essenti element simplifi full prospectus date quot articl replac quot articl ucit send simplifi full prospectus amend thereto annual half yearli report compet author quot articl replac quot articl simplifi prospectu offer subscrib free charg conclus contract addit full prospectu latest publish annual half yearli report suppli subscrib free charg request annual half yearli report suppli unit holder free charg request annual half yearli report public place mean approv compet author full simplifi prospectu quot articl replac quot articl public compris invit purchas unit ucit prospectus exist place obtain public public access quot articl replac quot articl ucit propos market unit member state situat inform compet author member state simultan send author attest compet author effect fulfil condit impos direct fund rule instrument incorpor full simplifi prospectus latest annual report subsequ half yearli report detail arrang made market unit member state invest compani manag compani begin market unit member state month commun author member state concern establish reason decis expiri period month arrang made market unit compli provis refer articl articl quot articl replac quot articl ucit market unit member state situat distribut member state accord procedur provid home member state full simplifi prospectus annual half yearli report inform provid articl document provid offici languag host member state languag approv compet author host member state quot articl ad articl quot articl provis servic establish branch manag compani oper host member state compet author member state concern collabor close suppli request inform manag ownership manag compani facilit supervis inform facilit monitor compani author home member state cooper ensur author host member state collect particular refer articl purpos exercis power supervis compet author home member state inform compet author host member state measur host member state pursuant articl involv penalti impos manag compani restrict manag compani activ articl host member state ensur manag compani authoris member state carri busi territori branch compet author manag compani home member state inform compet author host member state intermediari person instruct purpos carri spot verif inform refer articl compet author manag compani home member state compet author manag compani host member state verif carri author receiv request framework power act carri verif allow author request carri allow auditor expert articl affect compet author host member state discharg respons direct carri spot verif branch establish territori quot annex direct eec number annex schedul annex amend column quot inform invest compani quot paragraph ad quot case invest compani invest compart indic compart quot column quot inform invest compani quot paragraph sentenc ad quot case invest compani invest compart inform unit holder pass compart charg applic case quot paragraph ad paragraph quot invest inform histor perform unit trust common fund invest compani applic inform includ attach prospectu profil typic investor unit trust common fund invest compani design econom inform expens fee charg mention paragraph distinguish paid unit holder paid unit trust common fund invest compani asset quot text annex direct ad annex direct eec annex ii direct ad annex ii direct eec transit final provis articl invest firm defin articl direct eec authoris carri servic provid section section annex direct obtain authoris direct manag unit trust common fund invest compani qualifi quot manag compani quot case invest firm give authoris obtain direct eec manag compani authoris februari home member state direct eec manag ucit form unit trust common fund invest compani deem authoris purpos direct law member state provid activ compli condit equival impos articl manag compani authoris februari includ refer paragraph continu activ provid februari pursuant provis home member state obtain authoris continu activ accord provis adopt implement direct grant authoris enabl manag compani qualifi provis direct establish freedom provid servic articl august member state adopt law regul administr provis compli direct forthwith inform commiss thereof appli measur februari member state adopt measur refer direct accompani refer occas offici public method make refer laid member state articl direct enter forc date public offici journal european commun articl direct address member state brussel januari european parliament presid cox council presid aria cañet oj oj oj opinion european parliament februari oj council common posit june oj decis european parliament octob council decis decemb oj direct amend direct ec european parliament council oj oj direct amend direct ec oj oj oj direct amend direct ec oj oj direct amend act access oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj annex quot schedul content simplifi prospectu present ucit unit trust common fund invest compani creat indic member state unit trust common fund invest compani regist incorpor case ucit invest compart indic circumst manag compani applic expect period exist applic depositari auditor financi group bank promot ucit invest inform short definit ucit object unit trust common fund invest compani invest polici assess fund risk profil includ applic inform articl invest compart histor perform unit trust common fund invest compani applic warn indic futur perform inform includ attach prospectu profil typic investor unit trust common fund invest compani design econom inform tax regim entri exit commiss expens fee distinguish paid unit holder paid unit trust common fund invest compani asset commerci inform bui unit sell unit case ucit invest compart pass invest compart charg applic case dividend unit share ucit applic distribut frequenc price publish made addit inform statement request full prospectu annual half yearli report obtain free charg conclus contract compet author indic contact point person depart time addit explan obtain need publish date prospectu quot annex ii quot annex ii function includ activ collect portfolio manag invest manag administr legal fund manag account servic custom inquiri valuat price includ tax return regulatori complianc monitor mainten unit holder regist distribut incom unit issu redempt contract settlement includ certif dispatch record keep market quot