council direct decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit eec council european commun regard treati establish european econom commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe law member state relat collect invest undertak differ appreci state oblig control impos undertak differ distort condit competit undertak ensur equival protect unit holder nation law govern collect invest undertak coordin view approxim condit competit undertak commun level time ensur effect uniform protect unit holder coordin make easier collect invest undertak situat member state market unit member state attain object facilit remov restrict free circul unit collect invest undertak commun coordin bring european capit market regard object desir common basic rule establish author supervis structur activ collect invest undertak situat member state inform publish applic common rule suffici guarante permit collect invest undertak situat member state subject applic provis relat capit movement market unit member state member state subject undertak unit provis whatsoev provis state fall field cover direct collect invest undertak situat member state market unit member state step ensur unit holder member state exercis financi right eas provid inform coordin law member state confin initi collect invest undertak close end type promot sale unit public commun sole object invest transfer secur essenti transfer secur offici list stock exchang similar regul market regul collect invest undertak cover direct pose varieti problem dealt mean provis undertak subject coordin stage pend coordin member state inter alia prescrib categori undertak collect invest transfer secur ucit exclud direct scope account invest borrow polici lai specif rule ucit subject carri busi territori free market unit issu ucit author invest asset transfer secur issu bodi state local author direct indirect effect disturb function capit market financ member state creat econom situat similar articl treati seek prevent account special situat hellen republ portugues republ financi market allow countri addit period implement direct adopt direct section gener provis scope articl member state appli direct undertak collect invest transfer secur hereinaft refer ucit situat territori purpos direct subject articl ucit undertak sole object collect invest transfer secur capit rais public oper principl risk spread unit request holder purchas redeem directli indirectli undertak asset action ucit ensur stock exchang unit significantli vari net asset regard equival purchas redempt undertak constitut law law contract common fund manag manag compani trust law unit trust statut invest compani purpos direct common fund includ unit trust invest compani asset invest intermediari subsidiari compani transfer secur subject direct member state prohibit ucit subject direct transform collect invest undertak cover direct subject provis govern capit movement articl member state appli provis whatsoev field cover direct ucit situat member state unit issu ucit market unit territori prejudic paragraph member state appli ucit situat territori requir stricter addit laid articl seq direct provid gener applic conflict provis direct articl ucit subject direct ucit close end type ucit rais capit promot sale unit public commun part ucit unit fund rule invest compani instrument incorpor sold public member countri categori ucit prescrib regul member state ucit situat rule laid section articl inappropri view invest borrow polici year implement direct commiss submit council report implement paragraph fourth indent propos suitabl measur extend scope articl purpos direct ucit deem situat member state invest compani manag compani unit trust regist offic member state requir head offic situat member state regist offic section ii author ucit articl ucit carri activ author compet author member state situat hereinaft refer compet author author valid member state unit trust author compet author approv manag compani fund rule choic depositari invest compani author compet author approv instrument incorpor choic depositari compet author author ucit director manag compani invest compani depositari suffici good reput lack experi requir perform duti end name director manag compani invest compani depositari person succeed offic commun forthwith compet author director person law instrument incorpor repres manag compani invest compani depositari effect determin polici manag compani invest compani depositari manag compani depositari replac fund rule invest compani instrument incorpor amend approv compet author section iii oblig structur unit trust articl manag compani suffici financi resourc dispos enabl conduct busi effect meet liabil articl manag compani engag activ manag unit trust invest compani articl unit trust asset entrust depositari safe keep depositari liabil refer articl affect fact entrust parti asset safe keep depositari ensur sale issu purchas redempt cancel unit effect behalf unit trust manag compani carri accord law fund rule ensur unit calcul accord law fund rule carri instruct manag compani conflict law fund rule ensur transact involv unit trust asset consider remit usual time limit ensur unit trust incom appli accord law fund rule articl depositari regist offic member state manag compani establish member state regist offic member state depositari institut subject public control furnish suffici financi profession guarante effect pursu busi depositari meet commit inher function member state determin categori institut refer paragraph elig depositari articl depositari accord nation law state manag compani regist offic situat liabl manag compani unit holder loss suffer result unjustifi failur perform oblig improp perform liabil unit holder invok directli indirectli manag compani depend legal natur relationship depositari manag compani unit holder articl singl compani act manag compani depositari context respect role manag compani depositari act independ sole interest unit holder articl law fund rule lai condit replac manag compani depositari rule ensur protect unit holder event replac section iv oblig structur invest compani depositari articl member state determin legal form invest compani suffici paid capit enabl conduct busi effect meet liabil articl invest compani engag activ refer articl articl invest compani asset entrust depositari safe keep depositari liabil refer articl affect fact entrust parti asset safe keep depositari ensur sale issu purchas redempt cancel unti effect behalf compani carri accord law compani instrument incorpor ensur transact involv compani asset consider remit usual time limit ensur compani incom appli accord law instrument incorpor member state decid invest compani situat territori market unit exclus stock exchang unit admit offici list requir depositari mean direct articl appli compani rule valuat compani asset state law instrument incorpor member state decid invest compani situat territori market unit stock exchang design instrument incorpor requir depositari mean direct provid unit admit offici list stock exchang member state territori unit market transact compani effect outwith stock exchang effect stock exchang price compani instrument incorpor stock exchang countri market price determin price compani effect transact outwith stock exchang countri member state avail option provid preced subparagraph consid unithold protect equival unit holder ucit depositari mean direct compani compani refer paragraph absenc provis law state instrument incorpor method calcul net asset valu unit interven market prevent stock exchang valu unit deviat net asset valu establish net asset valu unit commun compet author week publish month month independ auditor ensur calcul unit effect accord law compani instrument incorpor occas auditor make compani asset invest accord rule laid law compani instrument incorpor member state inform commiss ident compani benefit derog provid paragraph commiss report contact committe applic paragraph year implement direct obtain contact committe opinion commiss propos measur articl depositari regist offic member state invest compani establish member state regist offic member state depositari institut subject public control furnish suffici financi profession guarante effect pursu busi depositari meet commit inher function member state determin categori institut refer paragraph elig depositari articl depositari accord nation law state invest compani regist offic situat liabl invest compani unit holder loss suffer result unjustifi failur perform oblig improp perform articl singl compani act invest compani depositari carri role depositari depositari act sole interest unit holder articl law invest compani instrument incorpor lai condit replac depositari rule ensur protect unit holder event replac section oblig invest polici ucit articl invest unit trust invest compani consist sole transfer secur admit offici list stock exchang member state transfer secur dealt regul market member state oper regularli recogn open public transfer secur admit offici list stock exchang member state dealt regul market member state oper regularli recogn open public provid choic stock exchang market approv compet author provid law fund rule invest compani instrument incorpor recent issu transfer secur provid term issu includ undertak applic made admiss offici list stock exchang regul market oper regularli recogn open public provid choic stock exchang market approv compet author provid law fund rule invest compani instrument incorpor admiss secur year issu ucit invest asset transfer secur refer paragraph member state provid ucit invest asset debt instrument purpos direct treat characterist equival transfer secur inter alia transfer liquid accur determin time frequenc stipul articl invest compani acquir movabl immov properti essenti direct pursuit busi ucit acquir preciou metal certif repres total invest refer paragraph circumst amount asset ucit unit trust invest compani hold ancillari liquid asset articl member state send commiss date implement direct list debt instrument accord articl plan treat equival transfer secur state characterist instrument reason detail amend contempl make list instrument refer instrument contempl treat equival transfer secur reason commiss immedi forward inform member state comment consid commun subject exchang view contact committe accord procedur laid articl articl member state author ucit emploi techniqu instrument relat transfer secur condit limit lai provid techniqu instrument purpos effici portfolio manag member state author ucit emploi techniqu instrument intend provid protect exchang risk context manag asset liabil articl ucit invest asset transfer secur issu bodi member state rais limit laid paragraph maximum total transfer secur held ucit issu bodi invest asset exce asset member state rais limit laid paragraph maximum transfer secur issu guarante member state local author member state public intern bodi member state member articl derog articl prejudic articl treati member state author ucit invest accord principl risk spread asset transfer secur issu guarante member state local author member state public intern bodi member state member compet author grant derog unit holder ucit protect equival unit holder ucit compli limit laid articl ucit hold secur issu secur issu account total asset ucit refer paragraph make express mention fund rule invest compani instrument incorpor state local author public intern bodi issu guarante secur intend invest asset fund rule instrument incorpor approv compet author addit ucit refer paragraph includ promin statement prospectu promot literatur draw attent author indic state local author public intern bodi secur intend invest invest asset articl ucit acquir unit collect invest undertak open end type collect invest undertak mean indent articl ucit invest asset unit collect invest undertak invest unit unit trust manag manag compani compani manag compani link common manag control substanti direct indirect hold permit case trust accord rule special invest specif geograph area econom sector provid invest author compet author author grant trust announc intent make option option expressli state rule manag compani charg fee cost account transact relat unit trust unit unit trust asset invest unit unit trust manag manag compani compani manag compani link common manag control substanti direct indirect hold paragraph appli invest compani acquir unit invest compani link mean paragraph paragraph appli invest compani acquir unit unit trust link unit trust acquir unit invest compani link articl invest compani manag compani act connect unit trust manag fall scope direct acquir share carri vote right enabl exercis signific influenc manag issu bodi pend coordin member state account exist rule defin principl state subparagraph member state legisl invest compani unit trust acquir vote share singl issu bodi debt secur singl issu bodi unit singl collect invest undertak mean indent articl limit laid indent disregard time acquisit time gross amount debt secur net amount secur issu calcul member state waiv applic paragraph transfer secur issu guarante member state local author transfer secur issu guarante member state transfer secur issu public intern bodi member state member share held ucit capit compani incorpor member state invest asset secur issu bodi regist offic state legisl state hold repres ucit invest secur issu bodi state derog appli invest polici compani member state compli limit laid articl limit set articl exceed articl appli mutati mutandi share held invest compani capit subsidiari compani carri busi manag advic market exclus behalf articl ucit compli limit laid section exercis subscript right attach transfer secur form part asset ensur observ principl risk spread member state recent author ucit derog articl month date author limit refer paragraph exceed reason control ucit result exercis subscript right ucit adopt prioriti object sale transact remedi situat take due account interest unit holder section vi oblig inform suppli unit holder public prospectu period report articl invest compani trust manag manag compani publish prospectu annual report financi year half yearli report cover month financi year annual half yearli report publish time limit effect end period relat month case annual report month case half yearli report articl prospectu includ inform investor make inform judgement invest propos inform provid schedul annex direct inform document annex prospectu accord articl 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 judgement 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 articl fund rule invest compani instrument incorpor form integr part prospectu annex thereto document refer paragraph annex prospectu provid unit holder inform request document appris place member state unit market consult articl essenti element prospectu date articl account inform annual report audit person empow law audit account accord council direct eec april base articl eec treati approv person respons carri statutori audit account document auditor report includ qualif reproduc full annual report articl ucit send prospectu amend thereto annual half yearli report compet author articl prospectu latest annual report subsequ half yearli report publish offer subscrib free charg conclus contract addit annual half yearli report public place prospectu annual half yearli report suppli unit holder free charg request public inform articl ucit make public manner issu sale purchas redempt price unit time issu sell purchas redeem month compet author permit ucit reduc frequenc month condit derog prejudic interest unit holder articl public compris invit purchas unit ucit prospectu exist place obtain public section vii gener oblig ucit articl invest compani manag compani depositari act behalf unit trust borrow ucti acquir foreign currenc mean back back loan derog paragraph member state author ucit borrow asset case invest compani fund case unit trust provid borrow temporari basi asset case invest compani provid borrow make acquisit immov properti essenti direct pursuit busi case borrow refer subparagraph case total exce borrow asset articl ucit purchas redeem unit request unit holder derog paragraph ucit case procedur provid law fund rule invest compani instrument incorpor temporarili suspend purchas redempt unit suspens provid except case circumst requir suspens justifi regard interest unit holder member state compet author requir suspens purchas redempt unit interest unit holder public case mention paragraph ucit delai commun decis compet author author member state market unit articl rule valuat asset rule calcul sale issu price purchas redempt price unit ucit laid law fund rule invest compani instrument incorpor articl distribut reinvest incom unit trust invest compani effect accord law fund rule invest compani instrument incorpor articl ucit unit issu equival net issu price paid asset ucit usual time limit provis preclud distribut bonu unit articl prejudic applic articl invest compani manag compani depositari act behalf unit trust grant loan act guarantor behalf parti paragraph prevent undertak acquir transfer secur fulli paid articl invest compani manag compani depositori act behalf unit trust carri uncov sale transfer secur articl law fund rule prescrib remuner expenditur manag compani empow charg unit trust method calcul remuner law invest compani instrument incorpor prescrib natur cost born compani section viii special provis applic ucit market unit member state situat articl ucit market unit member state compli law regul administr provis forc state fall field govern direct ucit advertis unit member state market compli provis govern advertis state provis refer paragraph appli discrimin articl case refer articl ucit inter alia accord law regul administr provis forc member state market measur ensur facil state make payment unit holder purchas redeem unit make inform ucit oblig provid articl ucit propos market unit member state situat inform compet author author member state simultan send author attest compet author effect fulfil condit impos direct fund rule instrument incorpor prospectu latest annual report subsequ half yearli report detail arrang made market unit member state ucit 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 ucit market unit member state situat distribut member state member state offici languag document inform publish member state situat accord procedur provid state articl purpos carri activ ucit gener invest compani unit trust commun member state situat event danger confus host member state purpos clarif requir accompani explanatori particular section ix provis author respons author supervis articl member state design author carri duti provid direct inform commiss thereof indic divis duti author refer paragraph public author bodi appoint public author author state ucit situat compet supervis ucit author state ucit market unit accord articl compet supervis complianc section viii author concern grant power carri task articl author member state refer articl collabor close order carri task purpos commun inform requir member state provid person emploi emploi author refer articl bound profession secreci mean confidenti inform receiv duti divulg person author virtu provis laid law paragraph preclud commun author member state refer articl provid direct inform exchang cover oblig profession secreci person emploi emploi author receiv inform prejudic case cover crimin law author type refer articl receiv inform perform duti context administr appeal legal proceed relat perform articl author refer articl give reason decis refus author neg decis implement gener measur adopt applic direct commun applic member state provid decis respect ucit pursuant law regul administr provis adopt accord direct subject appli court appli decis month submiss author applic made ucit includ inform requir provis forc articl author member state ucit situat power action infring law regul administr provis regul laid fund rule invest compani instrument incorpor author member state unit ucit market action infring provis refer section viii decis withdraw author measur ucit suspens purchas redempt impos commun delai author member state ucit question situat author member state unit market section contact committe articl contact committe hereinaft refer committe set alongsid commiss function facilit prejudic articl treati harmon implement direct regular consult practic problem aris applic exchang view deem facilit consult member state rigor addit requir adopt accord articl provis adopt accord articl advis commiss addit amend made direct function committe apprais merit decis individu case author refer articl committe compos person appoint member state repres commiss chairman repres commiss secretari servic provid commiss meet committe conven chairman initi request member state deleg committe draw rule procedur section xi transit provis derog final provis articl sole purpos danish ucit pantebrev issu denmark treat equival transfer secur refer articl articl derog articl compet author author ucit date adopt direct depositari accord nation law maintain number depositari author guarante function perform articl perform practic articl derog articl member state author manag compani issu bearer certif repres regist secur compani member state author manag compani date adopt direct carri activ provid articl continu activ year date articl member state bring forc octob measur compli direct forthwith inform commiss thereof member state grant ucit exist date implement direct period month date order compli nation legisl hellen republ portugues republ author postpon implement direct april latest year date commiss report council progress implement direct difficulti hellen republ portugues republ encount implement direct date refer subparagraph commiss propos council extend postpon year articl member state ensur commiss inform text main law regul administr provison adopt field cover direct articl direct address member state brussel decemb councilth presidentr kriep oj oj oj oj annex gt tabl gt schedul inform includ period report statement asset liabil transfer secur debt instrument type refer articl bank balanc asset total asset liabil net asset ii number unit circul iii net asset unit iv portfolio distinguish transfer secur admit offici stock exchang list transfer secur dealt regul market recent issu transfer secur type refer articl transfer secur type refer articl debt instrument treat equival accord articl analyz accord criteria light invest polici ucit accord econom geograph currenc criteria percentag net asset invest proport repres total asset ucit state statement composit portfolio refer period statement develop asset ucit refer period includ incom invest incom manag charg depositari charg charg tax net incom distribut incom reinvest capit account appreci depreci invest affect asset liabil ucit vi compar tabl cover financi year includ financi year end financi year total net asset net asset unit vii detail categori transact mean articl carri ucit refer period result amount commit