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UCITS Directive

Directive 2009/65/EC on undertakings for collective investment in transferable securities (UCITS)
32009L0065 · official text on EUR-Lex

Articles

Chapter I SUBJECT MATTER, SCOPE AND DEFINITIONS

• Article 1
• Article 2
• Article 3 — The following undertakings are not subject to this Directive:
• Article 4

Chapter II AUTHORISATION OF UCITS

• Article 5

Chapter III OBLIGATIONS REGARDING MANAGEMENT COMPANIES

Section 1 Conditions for taking up business

• Article 6
• Article 7
• Article 8

Section 2 Relations with third countries

• Article 9

Section 3 Operating conditions

• Article 10
• Article 11
• Article 12
• Article 13
• Article 14
• Article 15 — Management companies or, where relevant, investment companies shall take measures in accordance with Article 92 and establish appropriate procedures and arrangements to ensure that they deal properly with investor complaints and that there are no restrictions on investors exercising their rights in the event that the management company is authorised in a Member State other than the UCITS home Member State. Those measures shall allow investors to file complaints in the official language or one of the official languages of their Member State.

Section 4 Freedom of establishment and freedom to provide services

• Article 16
• Article 17
• Article 18
• Article 19
• Article 20
• Article 21

Chapter IV OBLIGATIONS REGARDING THE DEPOSITARY

• Article 22
• Article 23
• Article 24 — A depositary shall, in accordance with the national law of the UCITS home Member State, be liable to the management company and the unit-holders for any loss suffered by them as a result of its unjustifiable failure to perform its obligations or its improper performance of them.
• Article 25
• Article 26

Chapter V OBLIGATIONS REGARDING INVESTMENT COMPANIES

Section 1 Conditions for taking up business

• Article 27 — Access to the business of an investment company shall be subject to prior authorisation to be granted by the competent authorities of the investment company’s home Member State.
• Article 29

Section 2 Operating conditions

• Article 30 — Articles 13 and 14 shall apply mutatis mutandis to investment companies that have not designated a management company authorised pursuant to this Directive.
• Article 31 — Each investment company’s home Member State shall draw up prudential rules which shall be observed at all times by investment companies that have not designated a management company authorised pursuant to this Directive.

Section 3 Obligations regarding the depositary

• Article 32
• Article 33
• Article 34
• Article 35
• Article 36

Chapter VI MERGERS OF UCITS

Section 1 Principle, authorisation and approval

• Article 38
• Article 39
• Article 40

Section 2 Third-party control, information of unit-holders and other rights of unit-holders

• Article 41
• Article 42
• Article 43
• Article 44 — Where the national laws of Member States require approval by the unit-holders of mergers between UCITS, Member States shall ensure that such approval does not require more than 75 % of the votes actually cast by unit-holders present or represented at the general meeting of unit-holders.
• Article 45

Section 3 Costs and entry into effect

• Article 46
• Article 47
• Article 48

Chapter VII OBLIGATIONS CONCERNING THE INVESTMENT POLICIES OF UCITS

• Article 49
• Article 50
• Article 51
• Article 52
• Article 53
• Article 54
• Article 55
• Article 56
• Article 57

Chapter VIII MASTER-FEEDER STRUCTURES

Section 1 Scope and approval

• Article 58
• Article 59

Section 2 Common provisions for feeder and master UCITS

• Article 60

Section 3 Depositaries and auditors

• Article 61
• Article 62

Section 4 Compulsory information and marketing communications by the feeder UCITS

• Article 63

Section 5 Conversion of existing UCITS into feeder UCITS and change of master UCITS

• Article 64

Section 6 Obligations and competent authorities

• Article 65
• Article 66
• Article 67

Chapter IX OBLIGATIONS CONCERNING INFORMATION TO BE PROVIDED TO INVESTORS

Section 1 Publication of a prospectus and periodical reports

• Article 68
• Article 69
• Article 70
• Article 71
• Article 73
• Article 74
• Article 75

Section 2 Publication of other information

• Article 76 — A UCITS shall make public in an appropriate manner the issue, sale, repurchase or redemption price of its units each time it issues, sells, repurchases or redeems them, and at least twice a month.
• Article 77

Section 3 Key investor information

• Article 78
• Article 79
• Article 80
• Article 81
• Article 82

Chapter X GENERAL OBLIGATIONS OF UCITS

• Article 83
• Article 84
• Article 85
• Article 86
• Article 87
• Article 88
• Article 89 — The following shall not carry out uncovered sales of transferable securities, money market instruments or other financial instruments referred to in points (e), (g) and (h) of Article 50(1):
• Article 90 — The law of the UCITS home Member State or the fund rules shall prescribe the remuneration and the expenditure which a management company is empowered to charge to a common fund and the method of calculation of such remuneration.

Chapter XI SPECIAL PROVISIONS APPLICABLE TO UCITS WHICH MARKET THEIR UNITS IN MEMBER STATES OTHER THAN THOSE IN WHICH THEY ARE ESTABLISHED

• Article 91
• Article 92
• Article 93
• Article 94
• Article 95
• Article 96

Chapter XII PROVISIONS CONCERNING THE AUTHORITIES RESPONSIBLE FOR AUTHORISATION AND SUPERVISION

• Article 97
• Article 98
• Article 99
• Article 100
• Article 101
• Article 102
• Article 103
• Article 104
• Article 105 — The Commission may adopt implementing measures relating to the procedures for exchange of information between competent authorities.
• Article 106
• Article 107
• Article 108
• Article 109
• Article 110

Chapter XIII EUROPEAN SECURITIES COMMITTEE

• Article 111 — The Commission may adopt technical amendments to this Directive in the following areas:
• Article 112

Chapter XIV DEROGATIONS, TRANSITIONAL AND FINAL PROVISIONS

Section 1 Derogations

• Article 113
• Article 114

Section 2 Transitional and final provisions

• Article 115
• Article 116
• 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.
• Article 118
• Article 119 — This Directive is addressed to the Member States.