european parliament council direct ec june amend direct eec eec field credit institut direct eec eec field life insur direct eec eec field life assur direct eec field invest firm direct eec field undertak collect invest transfer secur ucit view reinforc prudenti supervis european parliament council european union regard treati establish european commun sentenc articl thereof regard propos commiss regard opinion econom social committe act accord procedur laid articl treati light joint text approv concili committe event shown amend respect council direct gener framework credit institut insur undertak invest firm undertak invest transfer secur ucit carri busi direct eec eec direct eec eec direct eec eec direct eec direct eec view reinforc prudenti supervis desir adopt similar measur financi servic sector direct lai inter alia condit fulfil compet author grant author take busi compet author author continu author financi undertak liabl prevent effect exercis supervisori function close link undertak natur legal person financi undertak author satisfi compet author respect definit close link direct lai minimum criteria prevent member state appli situat envisag definit sole fact acquir signific proport compani capit constitut particip purpos direct hold acquir sole temporari invest make exercis influenc structur financi polici undertak refer supervisori author effect exercis supervisori function cover supervis consolid basi exercis financi undertak provis commun law provid case author appli author identifi author compet exercis supervis consolid basi financi undertak principl mutual recognit home member state supervis requir member state compet author grant withdraw author factor content programm oper geograph distribut activ carri financi undertak opt legal system member state purpos evad stricter standard forc member state territori carri intend carri greater part activ financi undertak legal person author member state regist offic financi undertak legal person head offic member state author addit member state requir financi undertak head offic situat home member state oper provid possibl exchang inform compet author author bodi virtu function strengthen stabil financi system order preserv confidenti natur inform forward list addresse remain strict limit behaviour fraud insid offens liabl affect stabil includ integr financi system involv undertak financi condit exchang inform author stipul inform disclos express agreement compet author make agreement subject complianc strict condit exchang inform hand compet author central bank bodi similar function capac monetari author public author respons supervis payment system author oblig profession secreci author respons author supervis ucit undertak part activ possibl exchang inform grant author respons author supervis credit institut invest firm insur undertak includ direct eec direct coordin provis govern inform exchang author entir financi sector provid direct eec purpos strengthen prudenti supervis financi undertak protect client financi undertak stipul auditor duti report promptli compet author provid direct awar carri task fact liabl effect financi situat administr account organ financi undertak regard aim view desir member state provid duti appli circumst fact discov auditor perform task undertak close link financi undertak duti auditor commun compet author fact decis financi undertak discov perform task financi undertak chang natur task undertak manner perform task undertak adopt direct mean achiev object view reinforc power compet author direct restrict minimum requir achiev object purpos adopt direct articl term financi undertak direct replac credit institut direct amend direct eec eec insur undertak direct amend direct eec eec life assur undertak direct amend direct eec eec invest firm direct amend direct eec undertak collect invest transfer secur ucit undertak contribut busi activ direct amend direct eec articl articl direct eec indent articl direct eec point articl direct eec point articl direct eec point ad definit quot close link quot situat natur legal person link quot particip quot ownership direct control vote right capit undertak quot control quot relationship parent undertak subsidiari case refer articl direct eec similar relationship natur legal person undertak subsidiari undertak subsidiari undertak consid subsidiari parent undertak head undertak situat natur legal person perman link person control relationship regard constitut close link person oj direct amend direct eec oj subparagraph ad end articl direct eec articl direct eec articl direct eec articl direct eec close link exist financi undertak natur legal person compet author grant author link prevent effect exercis supervisori function compet author refus author law regul administr provis member countri govern natur legal person undertak close link difficulti involv enforc prevent effect exercis supervisori function compet author requir financi undertak provid inform requir monitor complianc condit refer paragraph continu basi articl paragraph insert articl direct eec articl direct eec member state requir head offic insur undertak situat member state regist offic paragraph insert articl direct eec member state requir credit institut legal person nation law regist offic head offic member state regist offic credit institut head offic member state issu author carri busi articl articl direct eec articl direct eec paragraph insert notwithstand paragraph member state author exchang inform compet author author respons overse bodi involv liquid bankruptci financi undertak similar procedur author respons overse person charg carri statutori audit account insur undertak credit institut invest firm financi institut independ actuari insur undertak carri legal supervis undertak bodi respons overse actuari member state recours option provid subparagraph requir condit met inform purpos carri overse legal supervis refer subparagraph inform receiv context subject condit profession secreci impos paragraph inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement member state commun commiss member state name author person bodi receiv inform pursuant paragraph articl direct eec articl direct eec paragraph insert notwithstand paragraph member state author exchang inform compet author author respons overse bodi involv liquid bankruptci financi undertak similar procedur author respons overse person charg carri statutori audit account insur undertak credit institut invest firm financi institut member state recours option provid subparagraph requir condit met inform purpos perform task overse refer subparagraph inform receiv context subject condit profession secreci impos paragraph inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement member state commun commiss member state name author receiv inform pursuant paragraph articl direct eec articl direct eec articl direct eec articl direct eec paragraph insert notwithstand paragraph member state aim strengthen stabil includ integr financi system author exchang inform compet author author bodi respons law detect investig breach compani law member state recours option provid subparagraph requir conditon met inform purpos perform task refer subparagraph inform receiv context subject condit profession secreci impos paragraph inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement member state author bodi refer subparagraph perform task detect investig aid view specif compet person appoint purpos emploi public sector possibl exchang inform provid subparagraph extend person condit stipul subparagraph order implement final indent subparagraph author bodi refer subparagraph commun compet author disclos inform name precis respons person member state commun commiss member state name author bodi receiv inform pursuant paragraph decemb commiss draw report applic provis paragraph articl direct eec articl direct eec paragraph replac articl prevent compet author transmit central bank bodi similar function capac monetari author public author respons overse payment system inform intend perform task prevent author bodi commun compet author inform purpos paragraph inform receiv context subject condit profession secreci impos articl articl direct eec articl direct eec insert member state author compet author transmit central bank bodi similar function capac monetari author public author respons overse payment system inform intend perform task author author bodi commun compet author inform purpos paragraph inform receiv context subject condit professoni secreci impos articl paragraph ad articl direct eec articl prevent compet author commun inform refer paragraph clear hous similar bodi recogn nation law provis clear settlement servic member state market commun inform order ensur proper function bodi relat default potenti default market particip inform receiv context subject condit profession secreci refer paragraph member state ensur inform receiv paragraph disclos circumst refer paragraph express consent compet author disclos articl direct eec paragraph replac member state provid person work work compet author auditor expert instruct compet author bound oblig profession secreci secreci impli confidenti inform receiv duti divulg person author whatsoev save summari aggreg form ucit manag compani depositari hereinaft refer undertak contribut busi activ individu identifi prejudic case cover crimin law ucit undertak contribut busi activ declar bankrupt compulsorili wound confidenti inform concern parti involv rescu attempt divulg civil commerci proceed paragraph prevent compet author member state exchang inform accord direct direct applic ucit undertak contribut busi activ inform subject condit profession secreci impos paragraph member state conclud cooper agreement provid exchang inform compet author countri inform commun cover guarante profession secreci equival provid articl compet author receiv confidenti inform paragraph duti check condit govern take busi ucit undertak contribut busi activ met facilit monitor conduct busi administr account procedur intern control mechan impos sanction administr appeal decis compet author court proceed initi articl paragraph preclud exchang inform member state compet author member state member state compet author author public respons supervis credit institut invest undertak insur undertak financi organ author respons supervis financi market bodi involv liquid bankruptci ucit similar procedur undertak contribut busi activ person respons carri statutori audit account insur undertak credit institut invest undertak financi institut perform supervisori function disclosur bodi administ compens scheme inform perform function inform subject condit profession secreci impos paragraph notwithstand paragraph member state author exchang inform compet author author respons overse bodi involv liquid bankruptci financi undertak similar procedur author respons overse person charg carri statutori audit account insur undertak credit institut invest firm financi institut member state recours option provid subparagraph requir condit met inform purpos perform task overse refer subparagraph inform receiv context subject condit profession secreci impos paragraph inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement member state commun commiss member state name author receiv inform pursuant paragraph notwithstand paragraph member state aim strengthen stabil includ integr financi system author exchang inform compet author author bodi respons law detect investig breach compani law member state recours option provid subparagraph requir conditon met inform purpos perform task refer subparagraph inform receiv context subject condit profession secreci impos paragraph inform origin member state disclos express agreement compet author disclos sole purpos author gave agreement member state author bodi refer subparagraph perform task detect investig aid view specif compet person appoint purpos emploi public sector possibl exchang inform provid subparagraph extend person condit stipul subparagraph order implement final indent subparagraph author bodi refer subparagraph commun compet author disclos inform name precis respons person member state commun commiss member state name author bodi receiv inform pursuant paragraph decemb commiss draw report applic paragraph articl prevent compet author transmit central bank bodi similar function capac monetari author inform intend perform task prevent author bodi commun compet author inform purpos paragraph inform receiv context subject condit profession secreci impos articl articl prevent compet author commun inform refer paragraph clear hous similar bodi recogn nation law provis clear settlement servic member state market commun inform order ensur proper function bodi relat default potenti default market particip inform receiv context subject condit profession secreci impos paragraph member state ensur inform receiv paragraph disclos circumst refer paragraph express consent compet author disclos addit notwithstand provis refer paragraph member state virtu provis laid law author disclosur inform depart central govern administr respons legisl supervis ucit undertak contribut busi activ credit institut financi institut invest undertak insur undertak inspector instruct depart disclosur made reason prudenti control member state provid inform receiv paragraph disclos circumst refer paragraph express agreement compet author disclos inform articl incorpor direct eec articl direct eec articl direct eec articl direct eec articl direct eec articl read member state provid person author mean direct eec perform financi undertak task articl direct eec articl direct eec articl direct eec statutori task duti report promptli compet author fact decis undertak awar carri task liabl constitut materi breach law regul administr provis lai condit govern author specif govern pursuit activ financi undertak affect continu function financi undertak lead refus certifi account express reserv person likewis duti report fact decis awar carri task undertak close link result control relationship financi undertak carri abovement task disclosur good faith compet author person author mean direct eec fact decis refer paragraph constitut breach restrict disclosur inform impos contract legisl regulatori administr provis involc person liabil kind oj oj direct amend direct eec oj articl member state bring forc law regul administr provis compli direct juli forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state commun commiss text main provis nation law adopt field govern direct articl direct address member state brussel june european parliament presid haensch council presid barnier oj oj opinion european parliament march oj council common posit june oj european parliament decis octob oj oj direct amend direct eec oj oj direct amend direct eec oj oj direct amend direct eec oj oj oj direct amend direct eec oj