LegalizeDirective 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (Text with EEA relevance)
Management companies already authorised before 13 February 2004 in their home Member State under Directive 85/611/EEC to manage UCITS shall be deemed to be authorised for the purposes of this Article if the laws of that Member State provide that to take up such activity they must comply with conditions equivalent to those imposed in Articles 7 and 8.
SECTION 2 Transitional and final provisions
Article 115
By 1 July 2013, the Commission shall submit to the European Parliament and to the Council a report on the application of this Directive.
Article 116
Member States shall adopt and publish by 30 June 2011, the laws, regulations and administrative provisions necessary to comply with the second subparagraph of Article 1(2), Article 1(3)(b), points (e), (m), (p), (q) and (r) of Article 2(1), Article 2(5), Article 4, Article 5(1) to (4), (6) and (7), Article 6(1), Article 12(1), the introductory phase of Article 13(1), Article 13(1)(a) and (i), Article 15, Article 16(1), Article 16(3), Article 17(1), Article 17(2)(b), the first and third subparagraphs of Article 17(3), Article 17(4) to (7), the second subparagraph of Article 17(9), the introductory part of Article 18(1), Article 18(1)(b), the third and fourth subparagraphs of Article 18(2), Article 18(3) and (4), Articles 19 and 20, Article 21(2) to (6), (8) and (9), Article 22(1), points (a), (d) and (e) of Article 22(3), Article 23(1), (2), (4), and (5), the third paragraph of Article 27, Article 29(2), Article 33(2), (4), and (5), Articles 37 to 42, Article 43(1) to (5), Articles 44 to 49, the introductory phrase of Article 50(1), Article 50(3), the third subparagraph of Article 51(1), Article 54(3), Article 56(1), the introductory phrase of the first subparagraph of Article 56(2), Articles 58 and 59, Article 60(1) to (5), Article 61(1) and (2), Article 62(1), (2) and (3), Article 63, Article 64(1), (2) and (3), Articles 65, 66 and 67, the introductory phrase and Article 68(1)(a), Article 69(1) and (2), Article 70(2) and (3), Articles 71, 72 and 74, Article 75(1), (2) and (3), Articles 77 to 82, Article 83(1)(b), the second indent of Article 83(2)(a), Article 86, Article 88(1)(b), Article 89(b), Articles 90 to 94, Articles 96 to 100, Article 101(1) to (8), the second subparagraph of Article 102(2), Article 102(5), Articles 107 and 108, Article 109(2), (3) and (4), Article 110 and Annex I. They shall forthwith inform the Commission thereof.
They shall apply those measures from 1 July 2011.
When Member States adopt those measures, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. They shall also include a statement that references in existing laws, regulations and administrative provisions to Directive 85/611/EEC shall be construed as references to this Directive. Member States shall determine how such reference is to be made and how that statement is to be formulated.
Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
Article 117
Directive 85/611/EEC, as amended by the Directives listed in Annex III, Part A, is repealed with effect from 1 July 2011, without prejudice to the obligations of the Member States relating to the time limits for transposition into national law and application of the Directives set out in Annex III, Part B.
References to the repealed Directive shall be construed as references to this Directive and shall be read in accordance with the correlation table in Annex IV.
References to the simplified prospectus shall be construed as references to the key investor information referred to in Article 78.
Article 118
This Directive shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
Article 1 (1), the first subparagraph of Article 1(2), Article 1(3)(a), Article 1(4) to (7), points (a) to (d), (f) to (l), (n) and (o) of Article 2(1), Article 2(2), (3) and (4), Article 2(6) and (7), Article 3, Article 5(5), Article 6(2), (3) and (4), Articles 7 to 11, Article 12(2), Article 13(1)(b) to (h), Article 13(2), Article 14(1), Article 16(2), points (a), (c) and (d) of Article 17(2), the second subparagraph of Article 17(3), Article 17(8), the first subparagraph of Article 17(9), Article 18(1) except the introductory phrase and point (a), the first and second subparagraphs of Article 18(2), Article 21(1)and (7), Article 22(2), Article 22(3)(b) and (c), Article 23(3), Article 24, Articles 25 and 26, the first and second paragraphs of Article 27, Article 28, Article 29(1), (3), and (4), Articles 30, 31 and 32, Article 33(1) and (3), Articles 34, 35 and 36, Article 50(1)(a) to (h), Article 50(2), the first and second subparagraphs of Article 51(1), Article 51(2) and (3), Articles 52 and 53, Article 54(1) and (2), Article 55, the first subparagraph of Article 56(2), the second subparagraph of Article 56(2), Article 56(3), Article 57, Article 68(2), Article 69(3) and (4), Article 70(1) and (4), Articles 73 and 76, Article 83(1) except point (b), Article 83(2)(a) except the second indent, Articles 84, 85 and 87, Article 88(1) except point (b), Article 88(2), Article 89 except point (b), Article 102(1), the first subparagraph of Article 102(2), Article 102(3) and (4), Articles 103 to 106, Article 109(1), Articles 111, 112, 113, and 117 and Annexes II, III and IV shall apply from 1 July 2011.
Member States shall ensure that UCITS replace their simplified prospectus drawn up in accordance with the provisions of Directive 85/611/EEC with key investor information drawn up in accordance with Article 78 as soon as possible and in any event no later than 12 months after the deadline for implementing, in national law, all the implementing measures referred to in Article 78(7) has expired. During that period, the competent authorities of the UCITS host Member States shall continue to accept the simplified prospectus for UCITS marketed on the territory of those Member States.
Article 119
This Directive is addressed to the Member States.
ANNEX I
SCHEDULE A
| 1. Information concerning the common fund | 1. Information concerning the management company including an indication whether the management company is established in a Member State other than the UCITS home Member State | 1. Information concerning the investment company |
| 1.1. Name | 1.1. Name or style, form in law, registered office and head office if different from the registered office. | 1.1. Name or style, form in law, registered office and head office if different from the registered office. |
| 1.2. Date of establishment of the common fund. Indication of duration, if limited. | 1.2. Date of incorporation of the company. Indication of duration, if limited. | 1.2. Date of incorporation of the company. Indication of duration, if limited. |
| 1.3. If the company manages other common funds, indication of those other funds. | 1.3. In the case of investment companies having different investment compartments, the indication of the compartments. | |
| 1.4. Statement of the place where the fund rules, if they are not annexed, and periodic reports may be obtained. | 1.4. Statement of the place where the instruments of incorporation, if they are not annexed, and periodical reports may be obtained. | |
| 1.5. Brief indications relevant to unit-holders of the tax system applicable to the common fund. Details of whether deductions are made at source from the income and capital gains paid by the common fund to unit-holders. | 1.5. Brief indications relevant to unit-holders of the tax system applicable to the company. Details of whether deductions are made at source from the income and capital gains paid by the company to unit-holders. | |
| 1.6. Accounting and distribution dates | 1.6. Accounting and distribution dates. | |
| 1.7. Names of the persons responsible for auditing the accounting information referred to in Article 73. | 1.7. Names of the persons responsible for auditing the accounting information referred to in Article 73. | |
| 1.8. Names and positions in the company of the members of the administrative, management and supervisory bodies. Details of their main activities outside the company where these are of significance with respect to that company. | 1.8. Names and positions in the company of the members of the administrative, management and supervisory bodies. Details of their main activities outside the company where these are of significance with respect to that company. | |
| 1.9. Amount of the subscribed capital with an indication of the capital paid-up | 1.9. Capital | |
| 1.10. Details of the types and main characteristics of the units and in particular: — the nature of the right (real, personal or other) represented by the unit, — characteristics of the units: registered or bearer. Indication of any denominations which may be provided for, — original securities or certificates providing evidence of title; entry in a register or in an account, — indication of unit-holders' voting rights if these exist, — circumstances in which winding-up of the common fund can be decided on and winding-up procedure, in particular as regards the rights of unit-holders. | 1.10. Details of the types and main characteristics of the units and in particular: — original securities or certificates providing evidence of title; entry in a register or in an account, — characteristics of the units: registered or bearer. Indication of any denominations which may be provided for, — indication of unit-holders' voting rights, — circumstances in which winding-up of the investment company can be decided on and winding-up procedure, in particular as regards the rights of unit-holders. | |
| 1.11. Where applicable, indication of stock exchanges or markets where the units are listed or dealt in. | 1.11. Where applicable, indication of stock exchanges or markets where the units are listed or dealt in. | |
| 1.12. Procedures and conditions of issue and sale of units. | 1.12. Procedures and conditions of issue and sale of units. | |
| 1.13. Procedures and conditions for repurchase and redemption of units, and circumstances in which subscription, repurchase and redemption may be suspended or other liquidity management tools may be activated. | 1.13. Procedures and conditions for repurchase and redemption of units, and circumstances in which subscription, repurchase and redemption may be suspended or other liquidity management tools may be activated. In the case of investment companies having different investment compartments, information on how a unitholder may pass from one compartment into another and the charges applicable in such cases. | |
| 1.14. Description of rules for determining and applying income. | 1.14. Description of rules for determining and applying income. | |
| 1.15. Description of the common fund's investment objectives, including its financial objectives (e.g. capital growth or income), investment policy (e.g. specialisation in geographical or industrial sectors), any limitations on that investment policy and an indication of any techniques and instruments or borrowing powers which may be used in the management of the common fund. | 1.15. Description of the company's investment objectives, including its financial objectives (e.g. capital growth or income), investment policy (e.g. specialisation in geographical or industrial sectors), any limitations on that investment policy and an indication of any techniques and instruments or borrowing powers which may be used in the management of the company. | |
| 1.16. Rules for the valuation of assets. | 1.16. Rules for the valuation of assets. | |
| 1.17. Determination of the sale or issue price and the repurchase or redemption price of units, in particular: — the method and frequency of the calculation of those prices, — information concerning the charges relating to the sale or issue and the repurchase or redemption of units, — the means, places and frequency of the publication of those prices. | 1.17. Determination of the sale or issue price and the repurchase or redemption price of units, in particular: — the method and frequency of the calculation of those prices, — information concerning the charges relating to the sale or issue and the repurchase or redemption of units, — the means, places and frequency of the publication of those prices [^E0034]. | |
| 1.18. Information concerning the manner, amount and calculation of remuneration payable by the common fund to the management company, the depositary or third parties, and reimbursement of costs by the common fund to the management company, to the depositary or to third parties. | 1.18. Information concerning the manner, amount and calculation of remuneration payable by the company to its directors, and members of the administrative, management and supervisory bodies, to the depositary, or to third parties, and reimbursement of costs by the company to its directors, to the depositary or to third parties. |
Investment companies within the meaning of Article 32(5) of this Directive shall also indicate:
— the method and frequency of calculation of the net asset value of units, — the means, place and frequency of the publication of that value, — the stock exchange in the country of marketing the price on which determines the price of transactions effected outwith stock exchanges in that country.
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- Information concerning the depositary:
- 2.1. the identity of the depositary of the UCITS and a description of its duties and of conflicts of interest that may arise;
- 2.2. a description of any safekeeping functions delegated by the depositary, the list of delegates and sub-delegates and any conflicts of interest that may arise from such a delegation;
- 2.3. a statement to the effect that up-to-date information regarding points 2.1 and 2.2 will be made available to investors on request.
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- Information concerning the advisory firms or external investment advisers who give advice under contract which is paid for out of the assets of the UCITS:
- 3.1. Name or style of the firm or name of the adviser;
- 3.2. Material provisions of the contract with the management company or the investment company which may be relevant to the unit-holders, excluding those relating to remuneration;
- 3.3. Other significant activities.
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- Information concerning the arrangements for making payments to unit-holders, repurchasing or redeeming units and making available information concerning the UCITS. Such information must in any case be given in the Member State in which the UCITS is established. In addition, where units are marketed in another Member State, such information shall be given in respect of that Member State in the prospectus published there.
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- Other investment information:
- 5.1. Historical performance of the UCITS (where applicable) — such information may be either included in or attached to the prospectus;
- 5.2. Profile of the typical investor for whom the UCITS is designed.
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- Economic information:
- 6.1. Possible expenses or fees, other than the charges mentioned in point 1.17, distinguishing between those to be paid by the unit-holder and those to be paid out of the assets of the UCITS.
SCHEDULE B
Information to be included in the periodic reports
I. Statement of assets and liabilities:
- — transferable securities,
- — bank balances,
- — other assets,
- — total assets,
- — liabilities,
- — net asset value.
- II. Number of units in circulation
- III. Net asset value per unit
- IV. Portfolio, distinguishing between:
- (a) transferable securities admitted to official stock exchange listing;
- (b) transferable securities dealt in on another regulated market;
- (c) recently issued transferable securities of the type referred to in Article 50(1)(d);
- (d) other transferable securities of the type referred to in Article 50(2)(a);
and analysed in accordance with the most appropriate criteria in the light of the investment policy of the UCITS (e.g. in accordance with economic, geographical or currency criteria) as a percentage of net assets; for each of the above investments the proportion it represents of the total assets of the UCITS.
Statement of changes in the composition of the portfolio during the reference period.
- V. Statement of the developments concerning the assets of the UCITS during the reference period including the following:
- — income from investments,
- — other income,
- — management charges,
- — depositary’s charges,
- — other charges and taxes,
- — net income,
- — distributions and income reinvested,
- — changes in capital account,
- — appreciation or depreciation of investments,
- — any other changes affecting the assets and liabilities of the UCITS,
- — transaction costs, which are costs incurred by a UCITS in connection with transactions on its portfolio.
- VI. A comparative table covering the last three financial years and including, for each financial year, at the end of the financial year:
- — the total net asset value,
- — the net asset value per unit.
- VII. Details, by category of transaction within the meaning of Article 51 carried out by the UCITS during the reference period, of the resulting amount of commitments.
ANNEX II
Functions included in the activity of collective portfolio management:
- — Investment management.
- — Administration: (a) legal and fund management accounting services; (b) customer inquiries; (c) valuation and pricing (including tax returns); (d) regulatory compliance monitoring; (e) maintenance of unit-holder register; (f) distribution of income; (g) unit issues and redemptions; (h) contract settlements (including certificate dispatch); (i) record keeping.
- — Marketing.
ANNEX IIA
LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO UCITS
- 1.Suspension of subscriptions, repurchases and redemptions: suspension of subscriptions, repurchases and redemptions means temporarily disallowing the subscription, repurchase and redemption of the fund’s units or shares.
- 2.Redemption gate: a redemption gate means a temporary and partial restriction of the right of unit-holders or shareholders to redeem their units or shares, so that investors can only redeem a certain portion of their units or shares.
- 3.Extension of notice periods: the extension of notice periods means extending the period of notice that unit-holders or shareholders must give to fund managers, beyond a minimum period which is appropriate to the fund, when redeeming their units or shares.
- 4.Redemption fee: redemption fee means a fee, within a predetermined range that takes account of the cost of liquidity, that is paid to the fund by unit-holders or shareholders when redeeming units or shares, and that ensures that unit-holders or shareholders who remain in the fund are not unfairly disadvantaged.
- 5.Swing pricing: swing pricing means a pre-determined mechanism by which the net asset value of the units or shares of an investment fund is adjusted by the application of a factor (‘swing factor’) that reflects the cost of liquidity.
- 6.Dual pricing: dual pricing means a pre-determined mechanism by which the subscription, repurchase and redemption prices of the units or shares of an investment fund are set by adjusting the net asset value per unit or share by a factor that reflects the cost of liquidity.
- 7.Anti-dilution levy: anti-dilution levy means a fee that is paid to the fund by a unit-holder or shareholder at the time of a subscription, repurchase or redemption of units or shares, that compensates the fund for the cost of liquidity incurred because of the size of that transaction, and that ensures that other unit-holders or shareholders are not unfairly disadvantaged.
- 8.Redemption in kind: redemption in kind means transferring assets held by the fund, instead of cash, to meet redemption requests of unit-holders or shareholders.
- 9.Side pockets: side pockets means separating certain assets, whose economic or legal features have changed significantly or become uncertain due to exceptional circumstances, from the other assets of the fund.
ANNEX III
PART A
Repealed Directive with list of its successive amendments
(referred to in Article 117)
| | |
| --- | --- | | Council Directive 85/611/EEC (OJ L 375, 31.12.1985, p. 3) | | | Council Directive 88/220/EEC (OJ L 100, 19.4.1988, p. 31) | | | Directive 95/26/EC of the European Parliament and of the Council (OJ L 168, 18.7.1995, p. 7) | Article 1, fourth indent, Article 4(7) and Article 5, fifth indent only | | Directive 2000/64/EC of the European Parliament and of the Council (OJ L 290, 17.11.2000, p. 27) | Article 1 only | | Directive 2001/107/EC of the European Parliament and of the Council (OJ L 41, 13.2.2002, p. 20) | | | Directive 2001/108/EC of the European Parliament and of the Council (OJ L 41, 13.2.2002, p. 35) | | | Directive 2004/39/EC of the European Parliament and of the Council (OJ L 145, 30.4.2004, p. 1) | Article 66 only | | Directive 2005/1/EC of the European Parliament and of the Council (OJ L 79, 24.3.2005, p. 9) | Article 9 only | | Directive 2008/18/EC of the European Parliament and of the Council (OJ L 76, 19.3.2008, p. 42) | |
PART B
List of time limits for transposition into national law and application
(referred to in Article 117)
| Directive | Time limit for transposition | Date of application |
| --- | --- | --- | | 85/611/EEC | 1 October 1989 | — | | 88/220/EEC | 1 October 1989 | — | | 95/26/EC | 18 July 1996 | — | | 2000/64/EC | 17 November 2002 | — | | 2001/107/EC | 13 August 2003 | 13 February 2004 | | 2001/108/EC | 13 August 2003 | 13 February 2004 | | 2004/39/EC | — | 30 April 2006 | | 2005/1/EC | 13 May 2005 | — |
ANNEX IV
Correlation table
| Directive 85/611/EEC | This Directive |
|---|---|
| Article 1(1) | Article 1(1) |
| Article 1(2), introductory phrase | Article 1(2), introductory phrase |
| Article 1(2), first and second indent | Article 1(2)(a) and (b) |
| — | Article 1(2), second subparagraph |
| Article 1(3), first subparagraph | Article 1(3), first subparagraph |
| Article 1(3), second subparagraph | Article 1(3), second subparagraph, point (a) |
| — | Article 1(3), second subparagraph, point (b) |
| Article 1(4) to (7) | Article 1(4) to (7) |
| Article 1(8), introductory phrase | Article 2(1)(n), introductory phrase |
| Article 1(8), first, second and third indent | Article 2(1)(n), points (i), (ii) and (iii) |
| Article 1(8), final phrase | Article 2(7) |
| Article 1(9) | Article 2(1)(o) |
| Article 1a, introductory phrase | Article 2(1), introductory phrase |
| Article 1a, point (1) | Article 2(1)(a) |
| Article 1a, point (2), first part of the phrase | Article 2(1)(b) |
| Article 1a, point (2), second part of the phrase | Article 2(2) |
| Article 1a, points (3) to (5) | Article 2(1)(c) to (e) |
| Article 1a, point (6) | Article 2(1)(f) |
| Article 1a, point (7), first part of the phrase | Article 2(1)(g) |
| Article 1a, point (7), second part of the phrase | Article 2(3) |
| Article 1a, points (8) to (9) | Article 2(1)(h) to (i) |
| Article 1a, point (10), first subparagraph | Article 2(1)(j) |
| Article 1a, point (10), second subparagraph | Article 2(5) |
| Article 1a, point (11) | — |
| Article 1a, points (12) and (13), first phrase | Article 2(1)(i)(ii) |
| Article 1a, point (13), second phrase | Article 2(4)(a) |
| Article 1a, points (14) and (15), first phrase | Article 2(1)(k) and (l) |
| Article 1a, point (15), second phrase | Article 2(6) |
| — | Article 2(1)(m) |
| Article 2(1), introductory phrase | Article 3, introductory phrase |
| Article 2(1), first, second, third and fourth indent | Article 3(a), (b), (c) and (d) |
| Article 2(2) | — |
| Article 3 | Article 4 |
| Article 4(1) and (2) | Article 5(1) and (2) |
| — | Article 5(3) |
| Article 4(3), first subparagraph | Article 5(4), first subparagraph, points (a) and (b) |
| — | Article 5(4), second subparagraph |
| Article 4(3), second subparagraph | Article 5(4), third subparagraph |
| Article 4(3), third subparagraph | Article 5(4), fourth subparagraph |
| Article 4(3a) | Article 5(5) |
| Article 4(4) | Article 5(6) |
| — | Article 5(7) |
| Article 5(1) and (2) | Article 6(1) and (2) |
| Article 5(3), first subparagraph, introductory phrase | Article 6(3), first subparagraph, introductory phrase |
| Article 5(3), first subparagraph, point (a) | Article 6(3), first subparagraph, point (a) |
| Article 5(3), first subparagraph, point (b), introductory phrase | Article 6(3), first subparagraph, point (b), introductory phrase |
| Article 5(3), first subparagraph, point (b), first and second indent | Article 6(3), first subparagraph, point (b)(i) and (ii) |
| Article 5(3), second subparagraph | Article 6(3), second subparagraph |
| Article 5(4) | Article 6(4) |
| Article 5a(1), introductory phrase | Article 7(1), introductory phrase |
| Article 5a(1)(a), introductory phrase | Article 7(1)(a), introductory phrase |
| Article 5a(1)(a), first indent | Article 7(1)(a)(i) |
| Article 5a(1)(a), second indent, introductory phrase | Article 7(1)(a)(ii), introductory phrase |
| Article 5a(1)(a), second indent, points (i), (ii) and (iii) | Article 7(1)(a)(ii), first, second and third indent |
| Article 5a(1)(a), third and fourth indent | Article 7(1)(a)(iii) |
| Article 5a(1)(a), fifth indent | — |
| Article 5a(1)(b) to (d) | Article 7(1)(b) to (d) |
| Article 5a(2) to (5) | Article 7(2) to (5) |
| Article 5b | Article 8 |
| Article 5c | Article 9 |
| Article 5d | Article 10 |
| Article 5e | Article 11 |
| Article 5f(1), first subparagraph | Article 12(1), first subparagraph |
| Article 5f(1), second subparagraph, point (a) | Article 12(1), second subparagraph, point (a) |
| Article 5f(1), second subparagraph, point (b) first sentence | Article 12(1), second subparagraph, point (b) |
| Article 5f(1), second subparagraph, point (b), last sentence | — |
| Article 5f(2), introductory phrase | Article 12(2), introductory phrase |
| Article 5f(2), first and second indent | Article 12(2)(a) and (b) |
| — | Article 12(3) |
| Article 5g | Article 13 |
| Article 5h | Article 14(1) |
| — | Article 14(2) |
| — | Article 15 |
| Article 6(1) | Article 16(1), first subparagraph |
| — | Article 16(1), second subparagraph |
| Article 6(2) | Article 16(2) |
| — | Article 16(3) |
| Article 6a(1) | Article 17(1) |
| Article 6a(2) | Article 17(2) |
| Article 6a(3) | Article 17(3), first and second subparagraph |
| — | Article 17(3), third subparagraph |
| — | Article 17(4) to (5) |
| Article 6a(4) to (6) | Article 17(6) to 8 |
| Article 6a(7) | Article 17(9), first subparagraph |
| — | Article 17(9), second subparagraph |
| Article 6b(1) | Article 18(1) |
| Article 6b(2) | Article 18(2), first and second subparagraph |
| — | Article 18(2), third subparagraph |
| Article 6b(3), first subparagraph | Article 18(2), fourth subparagraph |
| Article 6b(3), second subparagraph | — |
| — | Article 18(3) |
| Article 6b(4) | Article 18(4) |
| Article 6b(5) | — |
| — | Article 19 to 20 |
| Article 6c(1) | Article 21(1) |
| Article 6c(2), first subparagraph | — |
| Article 6c(2), second subparagraph | Article 21(2), first and second subparagraph |
| — | Article 21(2), third subparagraph |
| Article 6c(3) to (5) | Article 21(3) to (5) |
| Article 6c(6) | — |
| Article 6c(7) to 10 | Article 21(6) to (9) |
| Article 7 | Article 22 |
| Article 8 | Article 23(1) to (3) |
| — | Article 23(4) to (6) |
| Article 9 | Article 24 |
| Article 10 | Article 25 |
| Article 11 | Article 26 |
| Article 12 | Article 27, first and second subparagraph |
| — | Article 27, third subparagraph |
| Article 13 | Article 28 |
| Article 13a(1), first subparagraph | Article 29(1), first subparagraph |
| Article 13a(1), second subparagraph, introductory phrase | Article 29(1), second subparagraph, introductory phrase |
| Article 13a(1), second subparagraph, first, second and third indent | Article 29(1), second subparagraph, points (a), (b) and (c) |
| Article 13a(1), third and fourth subparagraph | Article 29(1), third and fourth subparagraph |
| Article 13a(2), (3) and (4) | Article 29(2), (3) and (4) |
| Article 13b | Article 30 |
| Article 13c | Article 31 |
| Article 14 | Article 32 |
| Article 15 | Article 33(1) to (3) |
| — | Article 33(4) to (6) |
| Article 16 | Article 34 |
| Article 17 | Article 35 |
| Article 18 | Article 36 |
| — | Article 37 to 49 |
| Article 19(1), introductory phrase | Article 50(1), introductory phrase |
| Article 19(1)(a) to (c) | Article 50(1)(a) to (c) |
| Article 19(1)(d), introductory phrase | Article 50(1)(d), introductory phrase |
| Article 19(1)(d), first and second indent | Article 50(1)(d)(i) and (ii) |
| Article 19(1)(e), introductory phrase | Article 50(1)(e), introductory phrase |
| Article 19(1)(e), first, second, third and fourth indent | Article 50(1)(e)(i), (ii), (iii) and (iv) |
| Article 19(1)(f) | Article 50(1)(f) |
| Article 19(1)(g), introductory phrase | Article 50(1)(g), introductory phrase |
| Article 19(1)(g), first, second and third indent | Article 50(1)(g)(i), (ii) and (iii) |
| Article 19(1)(h), introductory phrase | Article 50(1)(h), introductory phrase |
| Article 19(1)(h), first, second, third and fourth indent | Article 50(1)(h)(i), (ii), (iii) and (iv) |
| Article 19(2), introductory word | Article 50(2), introductory phrase |
| Article 19(2)(a) | Article 50(2)(a) |
| Article 19(2)(c) | Article 50(2)(b) |
| Article 19(2)(d) | Article 50(2), second subparagraph |
| Article 19(4) | Article 50(3) |
| Article 21(1) to (3) | Article 51(1) to (3) |
| Article 21(4) | — |
| — | Article 51(4) |
| Article 22(1), first subparagraph | Article 52(1), first subparagraph |
| Article 22(1), second subparagraph, introductory phrase | Article 52(1), second subparagraph, introductory phrase |
| Article 22(1), second subparagraph, first and second indent | Article 52(1), second subparagraph, points (a) and (b) |
| Article 22(2), first subparagraph, | Article 52(2), first subparagraph |
| Article 22(2), second subparagraph, introductory phrase | Article 52(2), second subparagraph, introductory phrase |
| Article 22(2), second subparagraph, first second and third indent | Article 52(2), second subparagraph, points (a), (b) and (c) |
| Article 22(3) to (5) | Article 52(3) to (5) |
| Article 22a(1), introductory phrase | Article 53(1), introductory phrase |
| Article 22a(1), first, second and third indent | Article 53(1)(a), (b) and (c) |
| Article 22a(2) | Article 53(2) |
| Article 23 | Article 54 |
| Article 24 | Article 55 |
| Article 24a | Article 70 |
| Article 25(1) | Article 56(1) |
| Article 25(2), first subparagraph, introductory phrase | Article 56(2), first subparagraph, introductory phrase |
| Article 25(2), first subparagraph, first, second, third and fourth indent | Article 56(2), first subparagraph, points (a), (b), (c) and (d) |
| Article 25(2), second subparagraph | Article 56(2), second subparagraph |
| Article 25(3) | Article 56(3) |
| Article 26 | Article 57 |
| — | Article 58 to 67 |
| Article 27(1), introductory phrase | Article 68(1), introductory phrase |
| Article 27(1), first indent | — |
| Article 27(1), second, third and fourth indent | Article 68(1)(a), (b), (c) |
| Article 27(2), introductory phrase | Article 68(2), introductory phrase |
| Article 27(2), first and second indent | Article 68(2)(a) and (b) |
| Article 28(1) and (2) | Article 69(1) and 2 |
| Article 28(3) and (4) | — |
| Article 28(5) and (6) | Article 69(3) and (4) |
| Article 29 | Article 71 |
| Article 30 | Article 72 |
| Article 31 | Article 73 |
| Article 32 | Article 74 |
| Article 33(1), first subparagraph | — |
| Article 33(1), second subparagraph | Article 75(1) |
| Article 33(2) | Article 75(1) |
| Article 33(3) | Article 75(3) |
| — | Article 75(4) |
| Article 34 | Article 76 |
| Article 35 | Article 77 |
| — | Articles 78 to 82 |
| Article 36(1), first subparagraph, introductory word | Article 83(1), first subparagraph, introductory phrase |
| Article 36(1), first subparagraph, first and second indent | Article 83(1) first subparagraph, points (a) and (b) |
| Article 36(1), first subparagraph, final words | Article 83(1), first subparagraph, introductory phrase |
| Article 36(1), second subparagraph | Article 83(1), second subparagraph |
| Article 36(2) | Article 83(2) |
| Article 37 | Article 84 |
| Article 38 | Article 85 |
| Article 39 | Article 86 |
| Article 40 | Article 87 |
| Article 41(1), introductory phrase | Article 88(1), introductory phrase |
| Article 41(1), first and second indent | Article 88(1)(a) and (b) |
| Article 41(1), final phrase | Article 88(1), introductory phrase |
| Article 41(2) | Article 88(2) |
| Article 42, introductory word | Article 89, introductory phrase |
| Article 42, first and second indent | Article 89, points (a) and (b) |
| Article 42, final phrase | Article 89, introductory phrase |
| Article 43 | Article 90 |
| Article 44(1) to (3) | — |
| — | Article 91(1) to (4) |
| Article 45 | Article 92 |
| Article 46, first paragraph, introductory phrase | Article 93(1), first subparagraph |
| — | Article 93(1), second subparagraph |
| Article 46, first paragraph, first indent | — |
| Article 46, first paragraph second, third and fourth indent, | Article 93(2)(a) |
| Article 46, first paragraph, fifth indent | — |
| Article 46, second paragraph | — |
| — | Article 93(2)(b) |
| — | Article 93(3) to (8) |
| Article 47 | Article 94 |
| — | Article 95 |
| Article 48 | Article 96 |
| Article 49(1) to (3) | Article 97(1) to (3) |
| Article 49(4) | — |
| — | Articles 98 to 100 |
| Article 50(1) | Article 101(1) |
| — | Article 101(2) to (9) |
| Article 50(2) to (4) | Article 102(1) to (3) |
| Article 50(5), introductory phrase | Article 102(4), introductory phrase |
| Article 50(5), first, second, third and fourth indent | Article 102(4)(a), (b), (c) and (d) |
| Article 50(6) introductory phrase and (a) and (b), | Article 102(5), first subparagraph, introductory phrase |
| Article 50(6)(b), first, second and third indent | Article 102(5), first subparagraph, points (a), (b) and (c) |
| Article 50(6)(b), final phrase | Article 102(5), second and third subparagraph |
| Article 50(7), first subparagraph, introductory phrase | Article 103(1), introductory phrase |
| Article 50(7), first subparagraph, first and second indent | Article 103(1)(a) and (b) |
| Article 50(7), second subparagraph, introductory phrase | Article 103(2), introductory phrase |
| Article 50(7), second subparagraph, first, second and third indent | Article 103(2)(a), (b) and (c) |
| Article 50(7), third subparagraph | Article 103(3) |
| Article 50(8), first subparagraph | Article 103(4) |
| Article 50(8), second subparagraph, introductory phrase | Article 103(5), first subparagraph, introductory phrase |
| Article 50(8), second subparagraph, first, second and third indent | Article 103(5), first subparagraph, points (a), (b) and (c) |
| Article 50(8), third subparagraph | Article 103(6) |
| Article 50(8), fourth subparagraph | Article 103(5), second subparagraph |
| Article 50(8), fifth subparagraph | Article 103(7) |
| Article 50(8), sixth subparagraph | — |
| Article 50(9) to (11) | Article 104(1) to (3) |
| — | Article 105 |
| Article 50a(1), introductory phrase | Article 106(1), first subparagraph, introductory phrase |
| Article 50a(1)(a), introductory phrase | Article 106(1), first subparagraph, introductory phrase |
| Article 50a(1)(a), first, second and third indent | Article 106(1), first subparagraph, points (a), (b) and (c) |
| Article 50a(1)(b) | Article 106(1), second subparagraph |
| Article 50a(2) | Article 106(2) |
| Article 51(1) and (2) | Article 107(1) and (2) |
| — | Article 107(3) |
| Article 52(1) | Article 108(1), first subparagraph |
| Article 52(2) | Article 108(1), second subparagraph |
| Article 52(3) | Article 108(2) |
| — | Article 108(3) to (6) |
| Article 52a | Article 109(1) and (2) |
| — | Article 109(3) and (4) |
| Article 52b(1) | Article 110(1) |
| Article 52b(2) | — |
| Article 52b(3) | Article 110(2) |
| Article 53a | Article 111 |
| Article 53b(1) | Article 112(1) |
| Article 53b(2) | Article 112(2) |
| — | Article 112(3) |
| Article 54 | Article 113(1) |
| Article 55 | Article 113(2) |
| Article 56(1) | Article 113(3) |
| Article 56(2) | — |
| Article 57 | — |
| — | Article 114 |
| Article 58 | Article 116(2) |
| — | Article 115 |
| — | Article 116(1) |
| — | Articles 117 and 118 |
| Article 59 | Article 119 |
| Annex I, schedule A and B | Annex I, schedule A and B |
| Annex I, schedule C | — |
| Annex II | Annex II |
| — | Annex III |
| — | Annex IV |
[^E0001]: OJ L 193, 18.7.1983, p. 1.
[^E0002]: Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
[^E0003]: Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).
[^E0004]: Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).
[^E0005]: OJ L 390, 31.12.2004, p. 38.
[^E0006]: OJ L 331, 15.12.2010, p. 84.
[^E0007]: Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).
[^E0008]: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1).
[^E0009]: Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L333, 27.12.2022, p.1).
[^E0010]: OJ L 84, 26.3.1997, p. 22.
[^E0011]: Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (OJ L 26, 2.2.2016, p. 19).
[^E0012]: Commission Recommendation 2009/384/EC of 30 April 2009 on remuneration policies in the financial services sector (OJ L 120, 15.5.2009, p. 22).
[^E0013]: Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).
[^E0014]: Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).
[^E0015]: Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
[^E0016]: Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (OJ L 169, 30.6.2017, p. 8).
[^E0017]: Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 241, 2.9.2006, p. 26).
[^E0018]: Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No648/2012 (OJ L 176, 27.6.2013, p. 1).
[^E0019]: OJ L 157, 9.6.2006, p. 87.
[^E0020]: OJ L 222, 14.8.1978, p. 11.
[^E0021]: Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).
[^E0022]: OJ L 302, 17.11.2009, p. 1.
[^E0023]: OJ L 331, 15.12.2010, p. 1.
[^E0024]: Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).
[^E0025]: Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1).
[^E0026]: Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OL L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj).
[^E0027]: Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (OJ L 188, 12.7.2019, p. 55).
[^E0028]: Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).
[^E0029]: Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data (OJ L 281, 23.11.1995, p. 31).
[^E0030]: OJ L 331, 15.12.2010, p. 12.
[^E0031]: OJ L 331, 15.12.2010, p. 48.
[^E0032]: Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data (OJ L 8, 12.1.2001, p. 1).
[^E0033]: Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities Committee (OJ L 191, 13.7.2001, p. 45)
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