# C_2020433EN.01003201.xml

| 14.12.2020 | EN | Official Journal of the European Union | C 433/32 |
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14.12.2020

EN

Official Journal of the European Union

C 433/32

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Request for a preliminary ruling from the Sofiyski rayonen sad (Bulgaria) lodged on 30 September 2020 — ‘INVEST FUND MANAGEMENT’ AD v Komisiya za finansov nadzor

(Case C-473/20)

(2020/C 433/40)

Language of the case: Bulgarian

Referring court

Sofiyski rayonen sad

Parties to the main proceedings

Applicant:‘INVEST FUND MANAGEMENT’ AD

Defendant: Komisiya za finansov nadzor

Questions referred

| 1. | What meaning did the European legislature intend to give to the term ‘essential elements’ of the prospectus within the meaning of Article 72 of 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 (1)? |
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1.

What meaning did the European legislature intend to give to the term ‘essential elements’ of the prospectus within the meaning of Article 72 of 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 (1)?

| 2. | Is Article 69(2) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 to be interpreted as meaning that any change to the minimum information in prospectuses provided for in Schedule A of Annex I is always covered by the term ‘essential elements’ within the meaning of Article 72 of the Directive, so that these must be updated in due time? |
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2.

Is Article 69(2) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 to be interpreted as meaning that any change to the minimum information in prospectuses provided for in Schedule A of Annex I is always covered by the term ‘essential elements’ within the meaning of Article 72 of the Directive, so that these must be updated in due time?

| 3. | If Question 2 is answered in the negative, is it to be assumed that information about a change in the composition of the board of directors of a particular management company that concerns non-executive members who are not assigned any management functions is included in the term ‘essential elements’ within the meaning of Article 72 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009? |
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3.

If Question 2 is answered in the negative, is it to be assumed that information about a change in the composition of the board of directors of a particular management company that concerns non-executive members who are not assigned any management functions is included in the term ‘essential elements’ within the meaning of Article 72 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009?

| 4. | Is Article 99а(r) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 to be interpreted as meaning that it is only permissible to impose a penalty on a management company (for each of the investment funds managed by it) in the event of repeated non-compliance with obligations concerning information to be provided to investors imposed in accordance with the national provisions transposing Articles 68 to 82 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009? |
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4.

Is Article 99а(r) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 to be interpreted as meaning that it is only permissible to impose a penalty on a management company (for each of the investment funds managed by it) in the event of repeated non-compliance with obligations concerning information to be provided to investors imposed in accordance with the national provisions transposing Articles 68 to 82 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009?

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(1)  OJ 2009 L 302, p. 32.

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