direct ec european parliament council januari amend council direct eec coordin law regul administr provis relat undertak collect invest transfer secur ucit regard invest ucit 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 scope council direct eec confin initi collect invest undertak open end type promot sale unit public commun sole object invest transfer secur ucit envisag preambl direct eec collect invest undertak fall scope subject coordin stage take account market develop desir invest object ucit widen order permit invest financi instrument transfer secur suffici liquid financi instrument elig invest asset portfolio ucit list direct select invest portfolio mean index manag techniqu definit transfer secur includ direct valid direct affect definit nation legisl purpos taxat share secur equival share issu bodi build societi industri provid societi ownership practic transfer issu bodi bui back cover definit monei market instrument cover transfer instrument trade regul market dealt monei market treasuri local author bill certif deposit commerci paper medium term note banker accept ensur concept regul market direct correspond council direct eec invest servic secur field desir permit ucit invest asset unit ucit collect invest undertak open end type invest liquid financi asset mention direct oper principl risk spread ucit collect invest undertak ucit invest subject effect supervis develop opportun ucit invest ucit collect invest undertak facilit essenti ensur invest activ diminish investor protect ow enhanc possibl ucit invest unit ucit collect invest undertak lai rule quantit limit disclosur inform prevent cascad phenomenon market develop account consider complet econom monetari union desir permit ucit invest bank deposit ensur adequ liquid invest deposit deposit repay demand withdrawn deposit made credit institut regist offic locat member state credit institut subject prudenti rule equival laid commun legisl addit case ucit invest bank deposit fund rule instrument incorpor ucit hold ancillari liquid asset bank deposit sight hold ancillari liquid asset justifi case order cover current except payment case sale time reinvest transfer secur monei market instrument financi asset provid direct period time strictli unfavour market condit invest transfer secur monei market instrument financi asset suspend prudenti reason avoid excess concentr ucit invest expos counterparti risk entiti entiti belong group ucit explicitli permit part gener invest polici hedg purpos order reach set financi target risk profil prospectu invest financi deriv instrument order ensur investor protect limit maximum potenti exposur relat deriv instrument exce total net ucit portfolio order ensur constant awar risk commit aris deriv transact check complianc invest limit risk commit measur monitor ongo basi final order ensur investor protect disclosur ucit describ strategi techniqu invest limit govern deriv oper regard counter otc deriv addit requir set term elig counterparti instrument liquid ongo assess posit purpos addit requir ensur adequ level investor protect close obtain acquir deriv dealt regul market oper deriv circumv principl rule set direct regard otc deriv addit risk spread rule appli exposur singl counterparti group counterparti portfolio manag techniqu collect invest undertak invest primarili share debt secur base replic stock indic debt secur indic desir permit ucit replic recognis stock indic debt secur indic introduc flexibl risk spread rule ucit invest share debt secur end collect invest undertak fall scope direct purpos collect invest monei rais public rule laid direct case identifi direct ucit subsidiari carri effect behalf ucit activ defin direct ensur effect supervis ucit establish subsidiari ucit countri permit case condit identifi direct gener oblig act sole interest unit holder object increas cost effici justifi ucit undertak measur hinder compet author exercis effect supervisori function ensur free cross border market unit wider rang collect invest undertak provid uniform minimum level investor protect bind commun direct lai agre minimum standard achiev desir object direct effect minimum harmonis requir order achiev object pursu accord paragraph articl treati measur implement direct adopt accord council decis ec june lai procedur exercis implement power confer commiss commiss propos codif due adopt propos adopt direct articl direct eec amend articl indent replac quot sole object collect invest transfer secur liquid financi asset refer articl capit rais public oper principl risk spread quot articl paragraph ad quot purpos direct transfer secur share compani secur equival share compani share bond form securitis debt debt secur negoti secur carri acquir transfer secur subscript exchang exclud techniqu instrument refer articl purpos direct monei market instrument instrument dealt monei market liquid accur determin time quot articl replac quot transfer secur monei market instrument admit dealt regul market mean articl isd quot articl word quot monei market instrument quot ad word quot transfer secur quot articl term quot quot ad end point point ad quot unit ucit authoris direct collect invest undertak mean indent articl situat member state provid collect invest undertak authoris law provid subject supervis consid ucit compet author equival laid commun law cooper author suffici ensur level protect unit holder collect invest undertak equival provid unit holder ucit rule asset segreg borrow lend uncov sale transfer secur monei market instrument equival requir direct busi collect invest undertak report half yearli annual report enabl assess made asset liabil incom oper report period ucit collect invest undertak asset acquisit contempl fund rule instrument incorpor invest aggreg unit ucit collect invest undertak deposit credit institut repay demand withdrawn matur month provid credit institut regist offic member state regist offic credit institut situat member state provid subject prudenti rule consid ucit compet author equival laid commun law financi deriv instrument includ equival cash settl instrument dealt regul market refer subparagraph financi deriv instrument dealt counter otc deriv provid underli consist instrument cover paragraph financi indic interest rate foreign exchang rate currenc ucit invest invest object state ucit fund rule instrument incorpor counterparti otc deriv transact institut subject prudenti supervis belong categori approv ucit compet author otc deriv subject reliabl verifi valuat daili basi sold liquid close offset transact time fair ucit initi monei market instrument dealt regul market fall articl issu issuer instrument regul purpos protect investor save provid issu guarante central region local author central bank member state european central bank european union european invest bank member state case feder state member make feder public intern bodi member state belong issu undertak secur dealt regul market refer subparagraph issu guarante establish subject prudenti supervis accord criteria defin commun law establish subject compli prudenti rule consid compet author stringent laid commun law issu bodi belong categori approv ucit compet author provid invest instrument subject investor protect equival laid indent provid issuer compani capit reserv amount eur million present publish annual account accord direct eec entiti group compani includ list compani dedic financ group entiti dedic financ securitis vehicl benefit bank liquid line quot articl word quot monei market instrument quot ad word quot transfer secur quot articl delet articl delet articl replac quot articl manag invest compani emploi risk manag process enabl monitor measur time risk posit contribut risk profil portfolio emploi process accur independ assess otc deriv instrument commun compet author regularli accord detail rule defin type deriv instrument underli risk quantit limit method chosen order estim risk transact deriv instrument manag ucit member state authoris ucit emploi techniqu instrument relat transfer secur monei market instrument condit limit lai provid techniqu instrument purpos effici portfolio manag oper concern deriv instrument condit limit conform provis laid direct circumst oper ucit diverg invest object laid ucit fund rule instrument incorpor prospectu ucit ensur global exposur relat deriv instrument exce total net portfolio exposur calcul take account current underli asset counterparti risk futur market movement time liquid posit appli subparagraph ucit invest part invest polici limit laid articl financi deriv instrument provid exposur underli asset exce aggreg invest limit laid articl member state ucit invest index base financi deriv instrument invest combin limit laid articl transfer secur monei market instrument emb deriv account compli requir articl member state send commiss full inform subsequ regul method calcul risk exposur mention paragraph includ risk exposur counterparti otc deriv transact februari commiss forward inform member state inform subject exchang view contact committe accord procedur laid articl quot articl replac quot articl ucit invest asset transfer secur monei market instrument issu bodi ucit invest asset deposit made bodi risk exposur counterparti ucit otc deriv transact exce asset counterpart credit institut refer articl asset case member state rais limit laid sentenc paragraph maximum total transfer secur monei market instrument held ucit issu bodi invest asset exce asset limit appli deposit otc deriv transact made financi institut subject prudenti supervis notwithstand individu limit laid paragraph ucit combin invest transfer secur monei market instrument issu deposit made exposur aris otc deriv transact undertaken singl bodi excess asset member state rais limit laid sentenc paragraph maximum transfer secur monei market instrument issu guarante member state local author member state public intern bodi member state belong member state rais limit laid sentenc 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 asset ucit member state send commiss list aforement categori bond categori issuer authoris accord law supervisori arrang mention subparagraph issu bond compli criteria set notic statu guarante offer attach list commiss immedi forward inform member state comment consid make inform public commun subject exchang view contact committe accord procedur laid articl transfer secur monei market instrument refer paragraph account purpos appli limit refer paragraph limit provid paragraph combin invest transfer secur monei market instrument issu bodi deposit deriv instrument made bodi carri accord paragraph circumst exce total asset ucit compani includ group purpos consolid account defin accord direct eec accord recognis intern account rule regard singl bodi purpos calcul limit contain articl member state cumul invest transfer secur monei market instrument group limit quot articl insert quot articl prejudic limit laid articl member state rais limit laid articl maximum invest share debt secur issu bodi fund rule instrument incorpor aim ucit invest polici replic composit stock debt secur index recognis compet author basi composit suffici diversifi index repres adequ benchmark market refer publish manner member state rais limit laid paragraph maximum prove justifi except market condit regul market transfer secur monei market instrument highli domin invest limit permit singl issuer quot articl word quot monei market instrument quot ad word quot transfer secur quot articl replac quot articl ucit acquir unit ucit collect invest undertak refer articl provid asset invest unit singl ucit collect invest undertak member state rais limit maximum invest made unit collect invest undertak ucit exce aggreg asset ucit member state ucit acquir unit ucit collect invest undertak asset respect ucit collect invest undertak combin purpos limit laid articl ucit invest unit ucit collect invest undertak manag directli deleg manag compani compani manag compani link common manag control substanti direct indirect hold manag compani compani charg subscript redempt fee account ucit invest unit ucit collect invest undertak ucit invest substanti proport asset ucit collect invest undertak disclos prospectu maximum level manag fee charg ucit ucit collect invest undertak intend invest annual report maximum proport manag fee charg ucit ucit collect invest undertak invest quot articl insert quot articl prospectu categori asset ucit authoris invest mention transact financi deriv instrument authoris event includ promin statement indic oper carri purpos hedg aim meet invest goal outcom financi deriv instrument risk profil ucit invest princip categori asset defin articl transfer secur monei market instrument replic stock debt secur index accord articl prospectu promot literatur includ promin statement draw attent invest polici net asset ucit high volatil due portfolio composit portfolio manag techniqu prospectu promot literatur includ promin statement draw attent characterist request investor manag compani provid supplementari inform relat quantit limit appli risk manag ucit method chosen end recent evolut main instrument categori risk yield quot articl indent replac quot unit singl ucit collect invest undertak mean indent articl quot indent ad quot monei market instrument singl issu bodi quot articl sentenc replac quot limit laid fourth indent disregard time acquisit time gross amount debt secur monei market instrument net amount secur issu calcul quot articl word quot monei market instrument quot ad word quot transfer secur quot articl replac quot share held invest compani invest compani capit subsidiari compani carri busi manag advic market countri subsidiari locat regard repurchas unit unit holder request exclus behalf quot articl replac quot ucit compli limit laid section exercis subscript right attach transfer secur monei market instrument form part asset ensur observ principl risk spread member state recent authoris ucit derog articl month date authoris quot articl replac quot paragraph prevent undertak acquir transfer secur monei market instrument financi instrument refer articl fulli paid quot articl replac quot articl invest compani manag compani depositari act behalf unit trust carri uncov sale transfer secur monei market instrument financi instrument refer articl quot articl articl insert quot articl addit function provid articl contact committe meet regulatori committe mean articl decis ec assist commiss regard technic modif made direct area clarif definit order ensur uniform applic direct commun align terminolog frame definit accord subsequ act ucit relat matter refer made paragraph articl decis ec appli regard provis articl thereof period provid articl decis ec set month committe adopt rule procedur quot articl februari commiss forward european parliament council report applic direct eec amend propos amend report analys deepen broaden singl market ucit regard cross border market ucit includ parti fund function passport manag compani function simplifi prospectu inform market tool review scope ancillari activ possibl improv collabor supervisori author respect common interpret applic direct review scope direct term appli type product institut fund real estat fund master feeder fund hedg fund studi focu size market fund regul applic fund member state evalu harmonis fund evalu organis fund includ deleg rule practic relationship fund manag depositari review invest rule ucit deriv instrument techniqu relat secur regul index fund regul monei market instrument deposit regul quot fund fund quot invest invest limit analys competit situat fund manag manag compani quot manag quot invest compani prepar report commiss consult wide industri concern consum group supervisori bodi member state grant ucit exist date entri forc direct period month date order compli nation legisl 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 fourth council direct eec juli base articl treati annual account type compani oj direct amend direct ec oj seventh council direct eec june base articl treati consolid account oj direct amend act access oj