AMENDMENT TO THE PROPOSAL FOR A COUNCIL DIRECTIVE FOR THE COORDINATION OF LAWS, REGULATIONS AND ADMINISTRATIVE PROVISIONS REGARDING COLLECTIVE INVESTMENT UNDERTAKINGS FOR TRANSFERABLE SECURITIES
Date: 1977-06-03
Institutions: DG XV – Internal Market and Financial Services, European Commission
Subjects: approximation of laws, company structure, free movement of capital, investment company, securities

ARCHIVES HISTORIQUES
DE LA COMMISSION

COLLECTION RELIEE DES
DOCUMENTS "COM"

COM (77) 227

Vol. 1977/0085

Disclaimer

Conformément au règlement (CEE, Euratom) n° 354/83 du Conseil du 1er février 1983
concernant l'ouverture au public des archives historiques de la Communauté économique
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983,
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003
(JO L 243 du 27.9.2003, p. 1), ce dossier est ouvert au public. Le cas échéant, les documents
classifiés présents dans ce dossier ont été déclassifiés conformément à l'article 5 dudit
règlement.

In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983
concerning the opening to the public of the historical archives of the European Economic
Community and the European Atomic Energy Community (OJ L 43, 15.2.1983, p. 1), as
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243,
27.9.2003, p. 1), this file is open to the public. Where necessary, classified documents in this
file have been declassified in conformity with Article 5 of the aforementioned regulation.

die

über

1983

In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom 1.
Februar
der Europäischen
Wirtschaftsgemeinschaft und der Europäischen Atomgemeinschaft (ABI. L 43 vom 15.2.1983,
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. September 2003
(ABI. L 243 vom 27.9.2003, S. 1),
ist diese Datei der Öffentlichkeit zugänglich. Soweit
erforderlich, wurden die Verschlusssachen in dieser Datei in Übereinstimmung mit Artikel 5
der genannten Verordnung freigegeben.

historischen Archive

Freigabe

der

\

COMMISSION OF THE EUROPEAN COMMUNITIES

COM(77)227 final

Brussels . 3 June 1977

Altérations

to the

proposal for a Council directive

for the coordination of laws , regulations and
administrative provisions regarding collective
investment undertakings for transferable securities

( submitted to the Council "by the Commission
pursuant to the second paragraph of Article
149 of the ESC Treaty )

CCM(77 ) 227 final

Proposal for a Council directive

for

the coordination of laws , regulations and administrative
provisions regarding collective investment undertakings

for transferable securities

Amendments to the Commission's original proposal under the second para­
graph of Article 149 of the EEC Treaty .

Title of the directive

Add , after the words " for transferable securities", the words " other than
of the closed-end type".

Article 1(2 )

Replace " 55(l )" by " 54(l )".

'

The last part of the paragraph after the words " of this directive" is
amended as follows : ,

....

"Member State 'A * shall not apply any other provisions whatsoever to CIUT3

situated in Member State 'B * which market their units in Member State 'A 1

or to the units issued by such CIUTS".

Article 5(l )

The second sentence is amended as follows :

" Once so authorized , a CIUTS may operate in any Member State without .

.

further authorization".

Article 5(3 )

In the last sentence , the words "unless such notification has already been
given to other authorities of the Member State in which the CIUTS is
situated" are deleted .

Artide 15

The first sentence is amended to read as follows :

" Only the management company and the unitholders may make a claim against
the assets of a "unit trust".

Article 27(2 )

This paragraph is deleted and replaced by the following text :

" Without prejudice to paragraph 1 . the charging of further costs shall

be prohibited in cases where a unit trust invests its assets in the units

of other unit trusts managed by the same management company as its own".

Article 30

Add a paragraph 2 as follows :

" If the total value of the excess at any time amounts to more than 10$
of the value of the assets of the CIUTS , it shall be reduced to 10$ within
six months" .

*

»

»

-

'

*

Article 31 ( 3 )

Add , after the words " two-month period", the following phrase :

" laid down for the publication of the second half-yearly report" .

Article 36.( 1 ) ....

Delete the word "verify** and replace by the words " inspect and check".

/

Article 41(2 )

Subparagraph^ a)
Replace "or for" by "for" and insert after the words " subscription rights"
the words * or for the' acquisition of foreign currency in order to purchase

........

;

foreign securities".

- 3 -

Subparagraph_(b)

The words buildings which are necessary are replaced by the words

" such buildings as are strictly necessary for them".

Article 50

In the first sentence of this Article , insert after the words " shall not "

the words " directly or indirectly".

\

Articles 54 and 55

Article 54 becomes Article 55 , and vice-vcrsa .

%

Articles 58(3 ) and 66(1 )

Replace " 55(1 )" by " 54(1 )".