Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities (Text with EEA relevance)

CHAPTER II

SUPERVISORY COOPERATION

SECTION 1

Procedure for on-the-spot verifications and investigations

Article 6

Request for assistance for on-the-spot verifications and investigations

A competent authority intending to carry out an on-the-spot verification or investigation on the territory of another Member State (‘the requesting authority’) shall submit a written request to the competent authority of that other Member State (‘the requested authority’). The request shall contain the following:

(a) the reasons for the request, including the legal provisions applicable in the jurisdiction of the requesting authority on which the request is based;

(b) the scope of the on-the-spot verification or the investigation;

(c) the actions already undertaken by the requesting authority;

(d) any actions to be taken by the requested authority;

(e) the proposed methodology of the on-the-spot verification or investigation and the requesting authority’s reasons for choosing it.

Article 7

Carrying out of the on-the-spot verification and investigation by the requested authority

Article 8

Carrying out of the on-the-spot verification and investigation by the requesting authority

Article 9

Carrying out of the on-the-spot verification and investigation by auditors or experts

Where the requesting authority proposes to appoint auditors or experts, it shall transmit any relevant information on the identity and professional qualifications of such auditors or experts to the requested authority.

The requested authority shall promptly notify the requesting authority whether it accepts the proposed appointment.

Where the requested authority does not accept the proposed appointment or the requesting authority does not propose the appointment of auditors or experts, the requested authority shall have the right to propose auditors or experts.

Article 10

Requests for assistance in interviews with persons situated in another Member State

The request shall contain the following:

(a) the reasons for the request, including the legal provisions applicable in the jurisdiction of the requesting authority on which the request is based;

(b) the scope of the interviews;

(c) the actions already undertaken by the requesting authority;

(d) any actions to be taken by the requested authority;

(e) the proposed methodology to be used in the interviews and the requesting authority’s reasons for choosing it.

Article 11

Specific provisions related to on-the-spot verifications and investigations

SECTION 2

Exchange of information

Article 12

Routine exchange of information

The competent authorities of the UCITS home Member State shall immediately inform the competent authorities of the UCITS host Member States and, where the UCITS is managed by a management company situated in a Member State other than the UCITS home Member State, the competent authorities of the management company’s home Member State of:

(a) any decision to withdraw the authorisation for a UCITS;

(b) any decision imposed upon a UCITS regarding the suspension of the issue, re-purchase or redemption of its units;

(c) any other serious measure taken against a UCITS.

Where a UCITS is managed by a management company situated in a Member State other than the UCITS home Member State, the competent authorities of the UCITS home Member State and the management company’s home Member State shall facilitate the exchange of information required for the purposes of carrying out their duties under Directive 2009/65/EC, including the establishment of appropriate information flows. This shall include the exchange of information necessitated by:

(a) the procedures for the authorisation of a management company to pursue activities within the territory of another Member State pursuant to Articles 17 and 18 of Directive 2009/65/EC;

(b) the procedures for the authorisation of a management company to manage a UCITS authorised in a Member State other than the management company’s home Member State, pursuant to Article 20 of Directive 2009/65/EC;

(c) the on-going supervision of management companies and UCITS.

Article 13

Unsolicited exchange of information

Competent authorities shall communicate all relevant information likely to be of material interest with regard to the discharge of duties under Directive 2009/65/EC to other competent authorities, without prior request and undue delay.

CHAPTER III

FINAL PROVISIONS

Article 14

Entry into force

This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union.

It shall apply from 1 July 2011.

This Regulation shall be binding in its entirety and directly applicable in all Member States.