2009L0065 - Summary

DIRECTIVE 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)

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🇫🇷 French Version: 2009L0065_FR.0. Open the PDF. Direct link to EUR-LEX.

CHAPTER I - SUBJECT MATTER, SCOPE AND DEFINITIONS

Article 1 - 1.
Article 2 - 1.
Article 3 - The following undertakings are not subject to this Directive:
Article 4 - For the purposes of this Directive, a UCITS shall be deemed to be established in its home Member State.

CHAPTER II - AUTHORISATION OF UCITS

Article 5 - 1.

CHAPTER III - OBLIGATIONS REGARDING MANAGEMENT COMPANIES

SECTION 1 - Conditions for taking up business

Article 6 - 1.
Article 7 - 1.
Article 8 - 1.
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 28 - No investment company may engage in activities other than those referred to in Article 1(2).
Article 29 - 1.

SECTION 2 - Relations with third countries

Article 9 - 1.

SECTION 3 - Operating conditions

Article 10 - 1.
Article 11 - 1.
Article 12 - 1.
Article 13 - 1.
Article 14 - 1.
Article 14a - 1.
Article 14b - 1.
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 - 1.
Article 17 - 1.
Article 18 - 1.
Article 19 - 1.
Article 20 - 1.
Article 21 - 1.

CHAPTER IV - OBLIGATIONS REGARDING THE DEPOSITARY

Article 22 - 1.
Article 22a - 1.
Article 23 - 1.
Article 24 - 1.
Article 25 - 1.
Article 26 - 1.
Article 26a - The depositary shall make available to its competent authorities, on request, all information which it has obtained while performing its duties and that may be necessary for its competent authorities or for the competent authorities of the UCITS or of the management company.
Article 26b - The Commission shall be empowered to adopt delegated acts in accordance with Article 112a specifying:

CHAPTER V - OBLIGATIONS REGARDING INVESTMENT COMPANIES

SECTION 2 - Operating conditions

Article 30 - Articles 13 to 14b shall apply
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.

CHAPTER VI - MERGERS OF UCITS

SECTION 1 - Principle, authorisation and approval

Article 37 - For the purposes of this Chapter, a UCITS shall include investment compartments thereof.
Article 38 - 1.
Article 39 - 1.
Article 40 - 1.

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

Article 41 - Member States shall require that the depositaries of the merging and of the receiving UCITS verify the conformity of the particulars set out in points (a), (f) and (g) of Article 40(1) with the requirements of this Directive and the fund rules or instruments of incorporation of their respective UCITS.
Article 42 - 1.
Article 43 - 1.
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 - 1.

SECTION 3 - Costs and entry into effect

Article 46 - Except in cases where UCITS have not designated a management company, Member States shall ensure that any legal, advisory or administrative costs associated with the preparation and the completion of the merger shall not be charged to the merging or the receiving UCITS, or to any of their unit-holders.
Article 47 - 1.
Article 48 - 1.

CHAPTER VII - OBLIGATIONS CONCERNING THE INVESTMENT POLICIES OF UCITS

Article 49 - Where UCITS comprise more than one investment compartment, each compartment shall be regarded as a separate UCITS for the purposes of this Chapter.
Article 50 - 1.
Article 50a - Where UCITS management companies or internally managed UCITS are exposed to a securitisation that no longer meets the requirements provided for in the Regulation (EU) 2017/2402 of the European Parliament and of the Council (
Article 51 - 1.
Article 52 - 1.
Article 53 - 1.
Article 54 - 1.
Article 55 - 1.
Article 56 - 1.
Article 57 - 1.

CHAPTER VIII - MASTER-FEEDER STRUCTURES

SECTION 4 - Compulsory information and marketing communications by the feeder UCITS

Article 63 - 1.

SECTION 5 - Conversion of existing UCITS into feeder UCITS and change of master UCITS

Article 64 - 1.

SECTION 6 - Obligations and competent authorities

Article 65 - 1.
Article 66 - 1.
Article 67 - 1.

CHAPTER IX - OBLIGATIONS CONCERNING INFORMATION TO BE PROVIDED TO INVESTORS

SECTION 1 - Publication of a prospectus and periodical reports

Article 68 - 1.
Article 69 - 1.
Article 70 - 1.
Article 71 - 1.
Article 72 - The essential elements of the prospectus shall be kept up to date.
Article 73 - The accounting information given in the annual report shall be audited by one or more persons empowered by law to audit accounts in accordance with Directive 2006/43/EC. The auditor’s report, including any qualifications, shall be reproduced in full in the annual report.
Article 74 - UCITS shall send their prospectus and any amendments thereto, as well as their annual and half-yearly reports, to the competent authorities of the UCITS home Member State. UCITS shall provide that documentation to the competent authorities of the management company’s home Member State on request.
Article 75 - 1.

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.

SECTION 3 - Key investor information

Article 78 - 1.
Article 79 - 1.
Article 80 - 1.
Article 81 - 1.
Article 82 - 1.
Article 82a - 1.

SECTION 4 - Accessibility of information on the european single access point

Article 82B -

CHAPTER X - GENERAL OBLIGATIONS OF UCITS

Article 83 - 1.
Article 84 - 1.
Article 85 - The rules for the valuation of assets and the rules for calculating the sale or issue price and the repurchase or redemption price of the units of a UCITS shall be laid down in the applicable national law, in the fund rules or in the instruments of incorporation of the investment company.
Article 86 - The distribution or reinvestment of the income of a UCITS shall be effected in accordance with the law and with the fund rules or the instruments of incorporation of the investment company.
Article 87 - A UCITS unit shall not be issued unless the equivalent of the net issue price is paid into the assets of the UCITS within the usual time limits. This shall not preclude the distribution of bonus units.
Article 88 - 1.
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 - 1.
Article 92 - 1.
Article 93 - 1.
Article 93a - 1.
Article 94 - 1.
Article 95 - 1.
Article 96 - For the purpose of pursuing its activities, a UCITS may use the same reference to its legal form (such as investment company or common fund) in its designation in a UCITS host Member State as it uses in its home Member State.

CHAPTER XII - PROVISIONS CONCERNING THE AUTHORITIES RESPONSIBLE FOR AUTHORISATION AND SUPERVISION

Article 97 - 1.
Article 98 - 1.
Article 99 - 1.
Article 99a - Member States shall ensure that their laws, regulations or administrative provisions transposing this Directive provide for penalties, in particular when:
Article 99b - 1.
Article 99c - 1.
Article 99d - 1.
Article 99e - 1.
Article 100 - 1.
Article 101 - 1.
Article 102 - 1.
Article 103 - 1.
Article 104 - 1.
Article 104a - 1.
Article 105 - In order to ensure uniform conditions of application of the provisions in this Directive concerning the exchange of information, ESMA may develop draft implementing technical standards to determine the conditions of application with regard to the procedures for exchange of information between competent authorities and between the competent authorities and ESMA.
Article 106 - 1.
Article 107 - 1.
Article 108 - 1.
Article 109 - 1.
Article 110 - 1.

CHAPTER XIII - DELEGATED ACTS AND POWERS OF EXECUTION

Article 111 - The Commission may adopt technical amendments to this Directive in the following areas:
Article 112 - The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (
Article 112a - 1.

CHAPTER XIV - DEROGATIONS, TRANSITIONAL AND FINAL PROVISIONS

SECTION 1 - Derogations

Article 113 - 1.
Article 114 - 1.

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 - 1.
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 - 1.
Article 119 - This Directive is addressed to the Member States.

Annex I - Statement of assets and liabilities:
Annex II - Functions included in the activity of collective portfolio management:
Annex III
Annex IIII - Correlation table

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2009L0065_EN.0