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Towards a European market for the undertakings for collective investment in transferable securities

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164 pages
Banks, insurance
Financial integration - free movement of capital
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TOWARDS A EUROPEAN MARKET
FOR THE UNDERTAKINGS
FOR COLLECTIVE INVESTMENT
IN TRANSFERABLE SECURITIES
Commentary on the provisions
of Council Directive 85/611/EEC
of 20 December 1985
ΤΕΓΓΡΑΦΟΟ0
^
.
COMMISSION
OF THE EUROPEAN
COMMUNITIES This document has been prepared for use within the Commission. It does not
necessarily represent the Commission's official position.
This publication is also available in the following languages:
DE ISBN 92-825-8719-3
FR ISBN 92-825-8721-5
Cataloguing data can be found at the end of this publication.
Luxembourg: Office for Official Publications of the European Communities, 1988
ISBN 92-825-8720-7
Catalogue number: CB-53-88-205-EN-C
© ECSC-EEC-EAEC, Brussels · Luxembourg, 1988
Reproduction is authorized, except for commercial purposes, provided the source is
acknowledged.
Printed in Belgium Commission of the European Communities
TOWARD AN EUROPEAN HARKET
FOR THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT
IN TRANSFERABLE SECURITIES
Commentary on the provisions of Council Directive 85/611/EEC
of 20 December 1985.
Document This document has been prepared for use within the Commission. It does not
necessarily represent the Commission's official position.
Copyright ECSC-EEC-EAEC, Brussels - Luxembourg, 1988
Reproduction is authorized, except for commercial purposes, provided the
source is acknowledged. Since its creation in 1973, Mr. Vandamme was Head of the "Stock Exchanges
and Securities Markets" division in the Directorate General for Financial
Institutions and Company Law in the Commission of the European Communities.
He occupied that post until his retirement in July, 1986.
From the very outset, Mr. Vandamme tackled the problem of undertakings for
collective investment in transferable securities (UCITS) and after long and
difficult negotiations the Directive was adopted by the Council of
Ministers on 31 December 1985, a few months prior to his retirement. Having
followed discussions on the Directive from start to finish, Mr. Vandamme is
uniquely qualified to give an interpretation of the finished text and an
account of the preparations that led up to it. I am grateful to Mr Vandamme
for having drawn up a commentary on the Directive's text, which was a major
landmark in his years in the stock exchange and securities field.
The ideas expressed in the present study are the author's own and do not
necessarily represent the Commission's view. They are, however,
considerably clear and well thought out and bear witness to Mr. Vandamme's
long professional experience and his love of work well done.
I am convinced that this work will be a rich source of interest not only to
professionals but also to all those who follow the Community's progress
towards the realisation, of the Internal Market in 1992.
G.E. FITCHEW
Director-General Contents
Page
Introduction
The "coordination" Directive
The "liberalization"e
Section I 1
General provisions and scope
of the Directive
(Articles 1, 2, and 3)
Section II 18
Authorization of UCITS by the
competent authorities (Article 4)
Section III 21
Obligations regarding the structure
of unit trusts
(Articles 5, 6 and 56, 7 and 55,
8, 9, 10 and 11) Section IV 31
Obligations regarding the structure
of investment companies and their
depositaries (Article 12, 13, 14
and 55, 15, 16, 17 and 18)
Section V 40
Obligations concerning the investment
policies of UCITS (Articles 19, 20,
21 and 54, 23, 24, 25 and 26)
Section VI °7
Obligations concerning information
to be supplied to unit-holders
(Articles 27, 28, 29, 30, 31, 32,
33, 34 and 35)
Section VII 77
General obligations of UCITS
(Articles 36, 37, 38, 39, 40,
41, 42 and 43) Section VIII 87
Provisions applicable to UCITS which market
their units in Member States other than those
in which they are situated (Articles 44, 45, 46,
47 and 48)
Section IX 104
Provisions concerning the authorities
responsible for authorization and
supervision of UCITS (Articles 49, 50, 51
and 52)
Section X 113
Contact Committee (Article 53)
Section XI5
Final provisions (Articles 57 and 58)
Conclusions
Annex
The Directive of 20 December 1985 and
Schedules A and Β annexed thereto