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Directive 2009/65/EC of the European Parliament and of the CouncilShow full title
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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- Revised 07/01/20201.05 MB
- Revised 01/01/20190.89 MB
- Revised 17/09/20140.92 MB
- Revised 20/06/20130.57 MB
- Revised 21/07/20110.56 MB
- Revised 04/01/20110.55 MB
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Article 16
1.Member States shall ensure that a management company, authorised by its home Member State, may pursue within their territories the activity for which it has been authorised, either by the establishment of a branch or under the freedom to provide services.
Where a management company so authorised proposes, without establishing a branch, only to market the units of the UCITS it manages as provided for in Annex II in a Member State other than the UCITS home Member State, without proposing to pursue any other activities or services, such marketing shall be subject only to the requirements of Chapter XI.
2.Member States shall not make the establishment of a branch or the provision of the services subject to any authorisation requirement, to any requirement to provide endowment capital or to any other measure having equivalent effect.
3.Subject to the conditions set out in this Article, a UCITS shall be free to designate, or to be managed by a management company authorised in a Member State other than the UCITS home Member State in accordance with the relevant provisions of this Directive, provided that such a management company complies with the provisions of:
(a)Article 17 or Article 18; and
(b)Articles 19 and 20.
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