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BILAG: UDTALELSE FRA DEN RÅDGIVENDE GRUPPE BESTÅENDE AF DE JURIDISKE TJENESTER I EUROPA-PARLAMENTET, RÅDET OG KOMMISSIONEN 155
ANNEX: OPINION OF THE CONSULTATIVE WORKING PARTY OF THE LEGAL SERVICES OF THE EUROPEAN PARLIAMENT, THE COUNCIL AND THE COMMISSION 148
om forslag til Europa-Parlamentets og Rådets direktiv om samordning af love og administrative bestemmelser om visse institutter for kollektiv investering i værdipapirer (investeringsinstitutter) (omarbejdning)
on the proposal for a directive of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast)
(Fælles beslutningsprocedure: (omarbejdning)
(Codecision procedure: recast)
– der henviser til Kommissionens forslag til Europa-Parlamentet og Rådet ( KOM(2008)0458 ),
– having regard to the Commission proposal to the European Parliament and the Council ( COM(2008)0458 ),
– der henviser til EF-traktatens artikel 251, stk. 2, og artikel 47, stk. 2, på grundlag af hvilke Kommissionen har forelagt forslaget ( C6‑0287/2008 ),
– having regard to Article 251(2) and Article 47(2) of the EC Treaty, pursuant to which the Commission submitted the proposal to Parliament ( C6‑0287/2008 ),
– der henviser til den interinstitutionelle aftale af 28. november 2001 om en mere systematisk omarbejdning af retsakter
- having regard to the Interinstitutional Agreement of 28 November 2001 on a more structured use of the recasting technique for legal acts
– der henviser til forretningsordenens artikel 80a og artikel 51,
– having regard to Rules 80 and 51 of its Rules of Procedure,
– der henviser til betænkning fra Økonomi- og Valutaudvalget og udtalelse fra Retsudvalget ( A6–0497/2008 ),
– having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Legal Affairs( A6‑0497/2008 ),
A. der henviser til, at dette forslag ifølge den rådgivende gruppe bestående af de juridiske tjenester i Europa-Parlamentet, Rådet og Kommissionen ikke indebærer andre indholdsmæssige ændringer end dem, der er angivet som sådanne i selve forslaget, og at det, hvad angår de uændrede bestemmelser i de tidligere retsakter sammen med de nævnte ændringer, udelukkende består i en kodifikation af de eksisterende retsakter uden indholdsmæssige ændringer,
A. whereas, according to the Consultative Working Party of the Legal Services of the European Parliament, the Council and the Commission, the proposal in question does not include any substantive amendments other than those identified as such in the proposal and whereas, as regards the codification of the unchanged provisions of the earlier acts together with those amendments, the proposal contains a straightforward codification of the existing texts, without any change in their substance
(5a) Såfremt det i en bestemmelse i dette direktiv kræves, at et investeringsinstitut griber ind, skal denne bestemme lse forstås som en henvisning til administrationsselskabet, h vis investeringsinstituttet er oprett et som en investeringsfond, og hvis denne fond ikke er en juridisk person og ikke har handleevne.
(5a) Where a provision of this Directive requires a UCITS to take action, that provision should be understood to refer to the management company where the UCITS is constituted as a common fund and where such fund has no legal personality and cannot act by itself.
(6a) Formidleres salg af et investeringsinstituts andele er omfattet af direktiv 2004/39/EF.
(6a) The sale of units of UCITS by intermediaries is subject to Directive 2004/39/EC.
(9) I kraft af princippet om hjemlandstilsyn bør administrationsselskaber, der er godkendt i deres hjemland, have lov til at udøve den virksomhed, de er godkendt til, i hele Fællesskabet ved at oprette filialer eller ved fri udveksling af tjenesteydelser.
(9) By virtue of the principle of home Member State supervision, management companies authorised in their home Member States should be permitted to carry on the services for which they have received authorisation throughout the Community by establishing branches or under the freedom to provide services.
Det er administrationsselskabets hjemland, der har beføjelse til at godkende investeringsfondes fondsbestemmelser.
The approval of the fund rules of common funds/unit trusts falls within the competence of the management company's home Member State .
(10) Med hensyn til kollektiv porteføljeforvaltning (administration af investeringsfonde og investeringsselskaber) bør den godkendelse, der gives et administrationsselskab, der er godkendt i sit hjemland, give selskabet mulighed for at udøve følgende virksomhed i værtslandet: salg af andele i de harmoniserede investeringsfonde, som selskabet administrerer i sit hjemland, salg af andele i de harmoniserede investeringsselskaber, et sådant selskab administrerer, udførelse af alle andre funktioner og opgaver, der indgår i kollektiv porteføljeforvaltning, administration af aktiviteterne i investeringsselskaber, der er stiftet i andre medlemsstater end selskabets hjemland, udførelse af de opgaver, der indgår i kollektiv porteføljeforvaltning, på grundlag af mandater og på vegne af administrationsselskaber, der er stiftet i andre medlemsstater end selskabets hjemstat.
(10) With regard to collective portfolio management (management of unit trusts/common funds and investment companies), the authorisation granted to a management company authorised in its home Member State should permit the company to carry on in host Member States the following activities: to distribute the units of the harmonised unit trusts/common funds managed by the company in its home Member State; to distribute the shares of the harmonised investment companies, managed by such a company; to perform all the other functions and tasks included in the activity of collective portfolio management; to manage the assets of investment companies incorporated in Member States other than its home Member State; to perform, on the basis of mandates, on behalf of management companies incorporated in Member States other than its home Member State, the functions included in the activity of collective portfolio management.
(10) Med hensyn til kollektiv porteføljeforvaltning (administration af investeringsfonde og investeringsselskaber) bør den godkendelse, der gives et administrationsselskab, der er godkendt i sit hjemland, give selskabet mulighed for at udøve følgende virksomhed i værtslandet: salg af andele i de harmoniserede investeringsfonde, som selskabet administrerer i sit hjemland, salg af andele i de harmoniserede investeringsselskaber, et sådant selskab administrerer, udførelse af alle andre funktioner og opgaver, der indgår i kollektiv porteføljeforvaltning, udførelse af de opgaver, der indgår i kollektiv porteføljeforvaltning, på grundlag af mandater og på vegne af administrationsselskaber, der er stiftet i andre medlemsstater end selskabets hjemstat.
(10) With regard to collective portfolio management (management of unit trusts/common funds and investment companies), the authorisation granted to a management company authorised in its home Member State should permit the company to carry on in host Member States the following activities: to distribute the units of the harmonised unit trusts/common funds managed by the company in its home Member State; to distribute the shares of the harmonised investment companies, managed by such a company; to perform all the other functions and tasks included in the activity of collective portfolio management; to perform, on the basis of mandates, on behalf of management companies incorporated in Member States other than its home Member State, the functions included in the activity of collective portfolio management.
(11) I henhold til princippet om hjemlandstilsyn bør de kompetente myndigheder enten ikke give eller inddrage en godkendelse, hvis faktorer som f.eks. forretningsprogrammets indhold, den geografiske fordeling eller de aktiviteter, der faktisk udøves, klart viser, at et administrationsselskab har valgt retssystemet i en bestemt medlemsstat for at undgå de strammere regler, der gælder i en anden medlemsstat, hvor det agter at udøve eller allerede udøver størstedelen af sin virksomhed.
(11) The principle of home Member State supervision requires that the competent authorities should not grant or should withdraw authorisation where factors, such as the content of programmes of operations, the geographical distribution or the activities actually carried on indicate clearly that a management company has opted for the legal system of one Member State for the purpose of evading the stricter standards in force in another Member State within the territory of which it intends to carry on or does carry on the greater part of its activities.
I henhold til dette direktiv skal et administrationsselskab være godkendt i den medlemsstat, hvor det har sit hjemsted.
For the purpose of this Directive, a management company should be authorised in the Member State in which it has its registered office.
I overensstemmelse med princippet om hjemlandstilsyn er det kun den medlemsstat, hvor administrationsselskabet har sit hjemsted, der kan anses for at have beføjelse til at godkende fondsbestemmelserne for de investeringsfonde, et sådant selskab har etableret, og valget af depositar.
In accordance with the principle of the home country control , only the Member State in which the management company has its registered office can be considered competent to approve the fund rules of unit trusts/common funds set up by such a company and the choice of the depositary .
For at forebygge tilsynsarbitrage og fremme tilliden til, at hjemlandsmyndighederne varetager deres tilsynsopgaver effektivt, bør det være en forudsætning for et investeringsinstituts godkendelse, at det ikke ad nogen retlig vej hindres i at markedsføre sig i hjemlandet.
In order to prevent supervisory arbitrage and to promote confidence in the effectiveness of supervision by the home Member State authorities, a requirement for authorisation of a UCITS should be that it should not be prevented in any legal way from being marketed in its home Member State.
Dette er ikke til hinder for, at investeringsinstituttet, når det først er godkendt, frit kan vælge den eller de medlemsstater, hvor investeringsinstituttets andele skal markedsføres i overensstemmelse med dette direktiv.
This does not affect the free decision, once the UCITS has been authorised, to choose the Member State(s) where the units of the UCITS are to be marketed in accordance with this Directive.
I overensstemmelse med princippet om hjemlandstilsyn er det kun de kompetent e myndigheder i administrationsselskabets hjemland , der kan anses for at have beføjelse til at føre tilsyn med administrationsselskabets organisation, der skal være underlagt lovgivningen i administrationsselskabets hjemland.
In accordance with the principle of home country supervision , only the competent authorities of the management company’s home Member State can be considered competent to supervise the organisation of the management company, which should be subject to the law of the management company’s home Member State .
(11a) De kompetente myndigheder, der godkender investeringsinstitutter, bør tage højde for investeringsfondens fondsbestemmelser eller investeringsselskabets vedtægter, valget af depositar og administrationsselskabets evne til at administrere investeringsinstituttet.
(11a) The competent authorities that authorise the UCITS should take into account the rules of the common fund or the instruments of incorporation of the investment company, the choice of the depositary and the ability of the management company to manage the UCITS.
Hvis administrationsselskabet er beliggende i en anden medlemsstat, bør de kompetente myndigheder kunne henholde sig til en erklæring fra de kompetente myndigheder i administrationsselskabets hjemland, hvoraf det fremgår hvilken type investeringsinstitut, administrationsselskabet er godkendt til at administrere.
When the management company is located in another Member State, they should be able to rely on an attestation, by the competent authorities of the management company’s home Member State, regarding the type of UCITS that the management company is authorised to manage.
Godkendelsen af en fond bør ikke betinges af et yderligere kapitalkrav til administrationsselskabet, af at administrationsselskabet har sit vedtægtsmæssige hjemsted i investeringsinstituttets hjemland, eller af at administrationsselskabet udfører aktiviteter i investeringsinstituttets hjemland.
The authorisation of a fund should not be condition al on any additional capital requirement at the level of the management company, the location of the management company’s registered office in the UCITS home Member State , or the location of any activities of the management company in the UCITS home Member State .
Betragtning 11 b (ny)
Recital 11b (new)
(11b) De kompetente myndigheder i investeringsinstituttets hjemland bør have beføjelse til at føre tilsyn med overholdelsen af bestemmelserne vedrørende investeringsinstituttets oprettelse og drift, der bør være underlagt lovgivningen i investeringsinstituttets hjemland.
(11b) The competent authorities of the UCITS home Member State should be competent to supervise compliance with the rules regarding the constitution and functioning of the UCITS, which should be subject to the law of the UCITS home Member State.
I denne forbindelse bør de kompetente myndigheder i investeringsinstituttets hjemland kunne indhente oplysninger direkte fra administrationsselskabet.
To this effect, the competent authorities of the UCITS home Member State should be able to obtain information directly from the management company.
Med henblik på afhjælpning af eventuelle overtrædelser af bestemmelserne inden for deres kompetenceområde bør de kompetente myndigheder i investeringsinstituttets hjemland kunne forlade sig på et samarbejde med de kompetente myndigheder i administrationsselskabets hjemland og bør, om nødvendigt, kunne gribe direkte ind over for administrationsselskabet.
To remedy any breach of the rules under their responsibility, the competent authorities of the UCITS home Member State should be able to rely on the cooperation of the competent authorities of the management company’s home Member State and, if necessary, should be able to take action directly against the management company.
Betragtning 11 c (ny)
Recital 11c (new)
(11c) For at forebygge tilsynsarbitrage og fremme tilliden til, at de komp e tente myndigheder i hjemlandet varetager deres tilsynsopgaver effektivt, bør det være en forudsætning for et investeringsinstituts godkendelse, at det ikke ad nogen retlig vej hindres i at markedsføre sig i hjemlandet.
(11c) In order to prevent supervisory arbitrage and to promote confidence in the effectiveness of supervision by competent authorities of the home Member State, a requirement for authorisation of a UCITS should be that it is not prevented in any legal way from being marketed in its home Member State.
Dette er ikke til hinder for, at investeringsinstituttet, når det først er godkendt, frit kan vælge den eller de medlemsstater, hvor dets andele skal markedsføres i overensstemmelse med dette direktiv.
This does not affect the free dom of the UCITS , once authorised, to choose the Member State(s) where its units are to be marketed in accordance with this Directive.
(11d) Hvis investeringsinstituttet administreres af et administrationsselskab, der er godkendt i en anden medlemsstat end investeringsinstituttets hjemland, bør administrationsselskab indføre passende procedurer og ordninger, der er vedtaget af administrationsselskabet for at behandle investorklager, f.eks. via passende bestemmelser i udlodningsordnin g er eller i form af en adresse i investeringsinstituttets hjemland, der ikke behøver at være selve administrationsselskabets adresse.
(11d ) In the event that the UCITS is managed by a management company authorised in a Member S tate other than the UCITS home Member State, that management company should set up appropriate procedures and arrangements adopted by the management company to deal with investor complaints, e.g. through appropriate provisions in distribution arrangements or through an address in the UCITS home Member State, which need not be an address of the management company itself.
Det bør også indføre passende procedurer og ordninger for at gøre oplysninger tilgængelige efter anmodning fra offentligheden og de kompetente myndigheder i investeringsinstituttets hjemland, f.eks. ved at udpege en kontaktperson blandt administrationsselskabets ansatte for at behandle anmodninger om oplysninger.
It should also set up appropriate procedures and arrangements to make information available at the request of the public or the competent authorities of the UCITS home Member State, e.g. through the designation of a contact person, from among the employees of the management company, for dealing with requests for information.
Administr a tionssel s kabet bør imidlertid ikke være forpligtet i henhold til lovgivningen i investeringsinstituttets hjemland til at have en lokal repræsentant i den pågældende medlemsstat for at opfylde deres forpligtelser.
However, such management company should not be obliged by the law of the UCITS home Member State to have a local representative in that Member State in order to fulfil th o se duties.
Betragtning 11 e (ny)
Recital 11 e (new)
Investeringsinstituttets hjemland bør som en sidste udvej have mulighed for at kræve, at administrationsselskaber ophører med at administrere dette investeringsinstitut.
As a last resort, the UCITS home Member State should have the possibility to require the management company to cease managing the UCITS.
Medlemsstaterne bør i dette tilfælde indføre nødvendige bestemmelser for at sikre en behørig administration eller likvidation af et investeringsinstitut.
Member States should provide for the necessary provisions so as to arrange for an orderly management or liquidation of the UCITS in such a case.
(11d) For at sikre lige konkurrencevilkår og passende tilsyn på lang sigt kan Kommissionen undersøge mulighederne for at harmonisere delegeringsordninger på fælle s skabsplan.
(15a) In order to ensure a level playing field and appropriate supervision in the long term, the Commission may examine the possibilities for harmonising delegation arrangements at Community level .
(18) Trods behovet for konsolidering blandt investeringsinstitutter rammes fusioner af investeringsinstitutter af mange lovgivningsmæssige og administrative vanskeligheder i Fællesskabet.
(18) Despite the need for consolidation between UCITS, mergers of UCITS encounter many legislative and administrative difficulties in the Community.
For at forbedre det indre markeds funktionsmåde er det derfor nødvendigt at vedtage fællesskabsbestemmelser, der gør det lettere for investeringsinstitutter (og investeringsafdelinger heraf) at fusionere.
It is therefore necessary, in order to improve the functioning of the Internal Market, to lay down Community provisions facilitating mergers between UCITS (and investment compartments thereof).
Skønt nogle medlemsstater kun har godkendt kontraktfonde, bør fusioner mellem alle former for fonde (aftalebaserede fonde, fonde i selskabsform og investeringsfonde) være tilladt, og de bør være anerkendt af lovgivningen i hver medlemsstat.
Although some Member States have authorised only contractual funds, mergers between all types of funds (contractual, corporate and unit trusts) should be allowed and recognised by the laws of each Member State.
Dette direktiv dækker de mest almindeligt anvendte fusionsteknikker i medlemsstaterne.
This Directive covers those merger techniques which are most commonly used in the Member States.
Det hindrer ikke investeringsinstitutter i at benytte andre teknikker i en indenlandsk eller grænseoverskridende sammenhæng.
It does not prevent UCITS from using other techniques on a domestic or cross-border basis.
De vil dog fortsat skulle overholde de relevante nationale bestemmelser.
These will however remain subject to the relevant provisions of national law.
(18) Trods behovet for konsolidering bland investeringsinstitutter rammes fusioner af investeringsinstitutter af mange lovgivningsmæssige og administrative vanskeligheder i Fællesskabet.
(18) Despite the need for consolidation between UCITS, mergers of UCITS encounter many legislative and administrative difficulties in the Community.
Skønt nogle medlemsstater kun kan godkende kontraktfonde, bør grænseoverskridende fusioner mellem alle former for fonde (aftalebaserede fonde, fonde i selskabsform og investeringsfonde) være tilladt, og de bør være anerkendt i hver medlemsstat.
Although some Member States may authorise only contractual funds, cross - border mergers between all types of funds (contractual, corporate and unit trusts) should be allowed and recognised by each Member State.
Det forpligter ikke medlemsstaterne til at indføre nye juridiske former for investeringsinstitutter i deres nationale ordninger.
This does not require Member states to introduce new legal forms of UCITS into their national re gimes .
(18a) Dette direktiv dækker de mest almindeligt anvendte fusionsteknikker i medlemsstaterne.
(18a) This Directive covers those merger techniques which are most commonly used in Member States.
Det forpligter ikke medlemsstaterne til at indarbejde alle tre teknikker i deres nationale lovgivning, men at alle medlemsstater skal anerkende overførsel af aktiver i forbindelse med anvendelsen af disse fusionsteknikker.
It does not require Member States to introduce all three techniques into their national laws but each Member State should recogni s e a transfer of assets resulting from th o se merger techniques .
Dette direktiv hindrer ikke investeringsinstitutter i at anvende andre teknikker i rent indenlandske situationer, hvor ingen af de investeringsinstitutter, der berøres af fusionen, har anmeldt grænseoverskridende markedsføring af sine andele.
This Directive does not prevent a UCITS from using other techniques on a purely domestic basis, in situations where none of the UCITS concerned by the merger has been notified for cross border marketing of its units .
Disse fusioner bør fortsat skulle overholde de relevante nationale bestemmelser.
Those mergers should remain subject to the relevant provisions of national law.
I reglerne om beslutningsdygtighed bør der ikke forskelsbehandles mellem nationale og grænseoverskridende fusioner, og disse regler bør ej heller være strengere end dem, der er fastlagt for selskabsfusioner.
Quorum rules should not discriminate between national and cross - border mergers, nor should they be more stringent than those laid down for mergers of corporate entities.
(19) For at beskytte investorernes interesser bør medlemsstaterne forlange, at fusioner mellem investeringsinstitutter enten inden for egen jurisdiktion eller på tværs af landegrænser skal godkendes af deres kompetente myndigheder.
(19) In order to safeguard investors' interests, Member States should require proposed mergers between UCITS either within their jurisdiction or on a cross-border basis to be subject to authorisation by their competent authorities.
I forbindelse med grænseoverskridende fusioner bør de kompetente myndigheder i den medlemsstat, hvor det investeringsinstitut, der vil ophøre med at eksistere (det ophørende investeringsinstitut), er hjemmehørende, godkende fusionen for at sikre, at de deltagere, der reelt skifter fonde, beskyttes behørigt.
For cross-border mergers, the competent authorities of the home Member State of the UCITS that will cease to exist ( the merging UCITS ) should approve the merger so as to ensure that the interests of the unit-holders who effectively change funds are duly protected.