(a)
an investment company;
(b)
a management company or depositary acting on behalf of a common fund.
Home› Capital Markets & Securities› UCITS Directive
Chapter X · GENERAL OBLIGATIONS OF UCITS › 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):
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