62020CJ0473_SUM
Case C‑473/20
‘Invest Fund Management’ AD
v
Komisia za finansov nadzor
(Request for a preliminary ruling from the Sofiyski rayonen sad)
Judgment of the Court (First Chamber) of 20 October 2022
(Reference for a preliminary ruling – Approximation of laws – Directive 2009/65/EC – Undertakings for collective investment in transferable securities (UCITS) – UCITS management companies – Obligations concerning information to be provided to investors – Article 72 – Obligation to keep the ‘essential elements of the prospectus’ up to date – Scope – Article 69(2) – Information specified in Schedule A of Annex I – Composition of a body of the management company – Article 99a(r) – Transposition into national law – National regulation extending the scope for detection of and imposition of a penalty for an offence relating to the keeping up to date of the prospectus)
Freedom of establishment – Companies – Undertakings for collective investment in transferable securities (UCITS) – Directive 2009/65 – Obligations concerning information to be provided to investors – Keeping up to date the essential elements of the prospectus – Concept of essential elements
(European Parliament and Council Directive 2009/65, as amended by Directive 2014/91, recitals 3, 4, 59 and 61; Arts 69(1) and (2), 72, 78, 82 and Annex I)
(see paragraphs 30-34, 37-45, 47-52, operative part 1)
Freedom of establishment – Companies – Undertakings for collective investment in transferable securities (UCITS) – Directive 2009/65 – Obligations concerning information to be provided to investors – Keeping up to date the essential elements of the prospectus
(European Parliament and Council Directive 2009/65, as amended by Directive 2014/91, recitals 3, 15 and 69, Arts 1(7), 68 to 82, 99(1), first and third subparas, and 99a(r))
(see paragraphs 55-64, operative part 2)
See the text of the decision.