CELEX: 31985L0583
Language: en
Date: 1985-12-20 00:00:00
Title: Council Directive 85/583/EEC of 20 December 1985 amending the Directive of 11 May 1960 on the implementation of Article 67 of the Treaty

31 . 12 . 85                                   Official Journal of the European Communities                                     No L 372 /39
                                                           COUNCIL DIRECTIVE
                                                             of 20 December 1985
                    amending the Directive of 11 May 1960 on the implementation of Article 67 of the Treaty
                                                                 ( 85 / 583 /EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES ,                                      uniform safeguards, makes it possible to remove the
                                                                               restrictions on the free movement of the units of such
Having regard to the Treaty establishing the European                          undertakings ; whereas, moreover, retention of those
Economic Community, and in particular Article 69                               restrictions would substantially reduce the effect of those
thereof,                                                                       provisions of that Directive which relate to the marketing
                                                                               of the units of such undertakings ;
Having regard to the proposal from the Commission,                             Whereas, pursuant to the subparagraph of Article 229 of
submitted after consultation of the Monetary                                   the Act of Accession of 1985, the Portuguese Republic
Committee,                                                                     may postpone until 31 December 1990 the liberalization
                                                                               of the transactions set out in List B in Annex I to the
Whereas the Council Directive of 11 May 1960 for the                           Directive of 11 May 1960 concerning the acquisition of
implementation of Article 67 of the Treaty ('), as                             foreign securities by residents ; whereas the Portuguese
amended by Directive 63 /21 /EEC (2), excluded                                 Republic should be able to postpone to the same date the
transactions in the units of unit trusts from the capital                      liberalization pursuant to this Directive of transactions of
movements referred to in Article 2 thereof and set out in
                                                                               the same kind in the units of foreign UCITS carried out
List B of Annex I thereto and included them in the
                                                                               by residents,
capital movements referred to in Article 3 thereof and set
out in List C of Annex I thereto ;
                                                                               HAS ADOPTED THIS DIRECTIVE :
Whereas        Council      Directive       85 /61 1 / EEC   of     20
December 1985 (3) has coordinated the laws, regulations                                                  Article 1
and administrative provisions regarding certain under­                         Annex I to the Directive of 11 May 1960 is hereby
takings for collective investment in transferable securities                   amended as follows :
(UCITS); whereas that coordination, which provides
investors with more effective protection and with more                         1 . The following shall be substituted for List B :
                                                                       ' LIST B
                                            Capital movements referred to in Article 2 of the Directive
                                                                                                                   Items of nomenclature
Operations in securities :
   (a) Securities dealt in on stock exchanges
        Acquisition by non-residents of domestic securities and repatriation of the proceeds of the
        liquidation thereof                                                                                                IV A
        — excluding units of unit trusts not governed by Directive 85 /61 1 /EEC
        Acquisition by residents of foreign securities and use of the proceeds of the liquidation
        thereof                                                                                                             IV B
        — excluding bonds issued on foreign markets and denominated in national currency
        — excluding units of unit trusts not governed by Directive 85/61 1 /EEC
 o OJ No 43 , 12 . 7 . 1960 , p. 921 / 60 .
(2) OJ No 9, 22 . 1 . 1963 , p . 62 /63 .
O OJ No L 375 , 31 . 12 . 1985 .
 ---pagebreak---  No L 372 / 40                              Official Journal of the European Communities                                       31 . 12 . 85
                                                                                                             Items of nomenclature
  (b) Securities not dealt in on stock exchanges
       Acquisition by non-residents of units of domestic undertakings for collective investment in
       transferable securities governed by Directive 85/61 1 /EEC and repatriation of the proceeds
       of the liquidation thereof                                                                                    IV C
       Acquisition by residents of units of foreign undertakings for collective investment in
       transferable securities governed by Directive 85 /61 1 /EEC and use of the proceeds of the
       liquidation thereof                                                                                           IV D
  (c) Physical movements of the securities mentioned in (a) and (b)                                                  IV E
                                                                                                       in conjunction with IV A and
                                                                                                            IV C, IV B and IV D
The use of the proceeds of the liquidation of assets abroad belonging to residents must be permitted at least within the limits of the
obligations as regards liberalization accepted by Member States.'
                    2 . The following shall be substituted for the section on 'Operations in securities' in List C :
                                                                                                                   Items of nomenclature
'Operations in securities :
  (a) Securities dealt in on stock exchanges
       Acquisition by non-residents of units of domestic unit trusts not governed by Directive
       85 /61 1 /EEC and repatriation of the proceeds of the liquidation thereof                                 IV A
       Acquisition by residents of units of foreign unit trusts not governed by Directive
       85 /61 1 /EEC and use of the proceeds of the liquidation thereof                                          IV B
       Acquisition by residents of foreign bonds issued on foreign markets and denominated in
       national currency                                                                                         IV B 3 (i)
  (b) Securities not dealt in on stock exchanges
       Acquisition by non-residents of domestic securities and repatriation of the proceeds of the
       liquidation thereof                                                                                       IV C
       — excluding units of domestic undertakings for collective investment in transferable
           securities governed by Directive 85 /61 1 /EEC
       Acquisition by residents of foreign securities and use of the proceeds of the liquidation
       thereof                                                                                                   IV D
       — excluding units of foreign undertakings for collective investment in transferable
           securities governed by Directive 85/61 1 /EEC
  (c) Physical movements of the securities mentioned in (a) and (b)                                              IV E
                                                                                                       in conjunction with IV A and
                                                                                                           IV C, IV B and IV D'
                              Article 2                                          they raise and which operate on the principle of
                                                                                 risk-spreading, and
The Explanatory Notes in Annex II to the Directive of
11 May 1960 shall be supplemented as follows :                                — the units of which are, at the request of holders,
                                                                                 under the legal, contractual or statutary
                                                                                 conditions governing them, repurchased or
     'Undertakings for collective investment in transferable                     redeemed, directly or indirectly, out of those
    securities ( UCITS)                                                          undertakings' assets. Action taken by a UCITS to
                                                                                 ensure that the stock exchange value of its units
                                                                                 does not significantly vary from their net asset
    Undertakings                                                                 value shall be regarded as equivalent to such
                                                                                 repurchase or redemption.
                                                                              Such undertakings may be constituted according to
    — the sole object of which is the collective                              law either under the law of contract (as common
         investment in transferable securities of the capital                 funds managed by management companies) or trust
 ---pagebreak--- 31 . 12 . 85                           Official Journal of the European Communities                           No L 372/41
     law (as unit trusts) or under statute (as investment         The Portuguese Republic may postpone until 31
     companies).                                                  December 1990 the liberalization of the acquisition by­
                                                                  residents of the units of foreign collective investment
     For the purposes of this Directive "common funds"            undertakings covered by Directive 85/61 1 /EEC.
     shall also include unit trusts .'
                                                                                           Article 4
                                                                  This Directive is addressed to the Member States .
                           Article 3                              Done at Brussels, 20 December 1985 .
The Member States shall bring into force the measures                                                   For the Council
necessary for them to comply with this Directive by 1
October 1989 at the latest and shall forthwith inform the                                                The President
Commission thereof.                                                                                       R. KRIEPS