CELEX ID: 32010L0044

--- ENGLISH ---

Document:
10.7.2010
EN
Official Journal of the European Union
L 176/28
COMMISSION DIRECTIVE 2010/42/EU
of 1 July 2010
implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to 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 (UCITS) 
(
1
)
, and in particular Article 43(5), Article 60(6)(a) and (c), Articles 61(3) and 62(4), Article 64(4)(a) and Article 95(1) thereof,
Whereas:
(1)
The information to be provided to unit-holders pursuant to Article 43(1) of Directive 2009/65/EC in the case of a merger should reflect the different needs of the unit-holders of the merging and receiving UCITS and assist their understanding.
(2)
The merging UCITS or the receiving UCITS should not be required to include information other than that referred to in Article 43(3) of Directive 2009/65/EC and Articles 3 to 5 of this Directive in the information document. The merging UCITS or the receiving UCITS may however add other information of relevance in the context of the proposed merger.
(3)
Where the information document pursuant to Article 43(1) of Directive 2009/65/EC is supplemented by a summary, it should not relieve the UCITS of the obligation to avoid the use of long or technical explanations in the rest of the information document.
(4)
The information to be provided to the unit-holders of the receiving UCITS pursuant to Article 43(1) of Directive 2009/65/EC should assume that those unit-holders are already reasonably familiar with the features of the receiving UCITS, the rights they enjoy in relation to it, and the manner of its operation. It should therefore focus on the operation of the merger and its potential impact on the receiving UCITS.
(5)
The way the information pursuant to Articles 43 and 64 of Directive 2009/65/EC is provided to unit-holders should be harmonised. That information aims to enable unit-holders to make an informed judgement about whether they want to continue investing or request redemption, where a UCITS is either part of a merger, converts into a feeder UCITS or changes the master UCITS. Unit-holders should be aware of the aforementioned major change the UCITS is undergoing and be in a position to read the information. For that reason the information should be personally addressed to unit-holders either on paper or in another durable medium such as electronic mail (e-mail). The use of electronic means should allow UCITS to provide the information in a cost-efficient way. This Directive should not require UCITS to directly inform their unit-holders, but should take due account of the specificities in certain Member States in which UCITS or their management companies, for legal or practical reasons, are unable to directly contact unit-holders. UCITS should also be able to provide the information by passing it on to the depositary or to intermediaries provided that it is ensured that all unit-holders receive the information in due course. This Directive should only harmonise the manner in which the information pursuant to Articles 43 and 64 of Directive 2009/65/EC is provided to unit-holders. Member States may regulate the provision of other types of information to unit-holders by national rules.
(6)
The agreement between the master UCITS and the feeder UCITS should take account of the specific needs of the feeder UCITS, which invests at least 85 % of its assets in the master UCITS, while at the same time remaining subject to all obligations as a UCITS. The agreement should therefore ensure that the master UCITS provides the feeder UCITS with all necessary information in due course to allow the feeder UCITS to comply with its own obligations. It should also stipulate the other rights and duties of both parties.
(7)
Member States should not require the agreement between master and feeder UCITS pursuant to the first subparagraph of Article 60(1) to cover elements other than those referred to in Chapter VIII of Directive 2009/65/EC and Articles 8 to 14 of this Directive. The agreement may however cover other elements, if the master UCITS and the feeder UCITS so stipulate.
(8)
Where the dealing arrangements between master UCITS and feeder UCITS do not differ from those applying to all non-feeder unit-holders of the master UCITS and where those arrangements are laid down in the prospectus of the master UCITS, the agreement between master UCITS and feeder UCITS should not have to replicate those standard dealing arrangements, but may cross-refer to the relevant parts of the prospectus of the master UCITS in order to help industry to save costs and reduce the administrative burden.
(9)
The agreement between master UCITS and feeder UCITS should include appropriate procedures for the handling of enquiries and complaints from unit-holders with a view to dealing with correspondence which has mistakenly been sent to the master UCITS instead of the feeder UCITS or vice versa.
(10)
In order to save transaction costs and to avoid negative tax implications, the master UCITS and the feeder UCITS may wish to agree on a transfer of assets in kind, unless this is prohibited under national law or incompatible with the fund rules or instruments of incorporation of either the master UCITS or the feeder UCITS. The possibility of transferring assets in kind to the master UCITS should in particular help those feeder UCITS which have already been carrying on activities as a UCITS, including a feeder UCITS of a different master UCITS, to avoid transaction costs arising from the sale of assets which both the feeder UCITS and the master UCITS have invested in. The feeder UCITS should also be able to receive, if it so wishes, assets in kind from the master UCITS, since this may help to reduce transaction costs and to avoid negative tax implications. A transfer of assets in kind to the feeder UCITS should not be limited to the cases of a liquidation, merger or division of the master UCITS, but should also be available under other circumstances.
(11)
In order to preserve the necessary flexibility, while at the same time taking account of the best interests of investors, a feeder UCITS which has received assets through a transfer of assets in kind should be able to either transfer some or all of those assets to its master UCITS where the master UCITS so agrees, or to realise assets for cash in order to invest cash in the master UCITS.
(12)
Due to the specificities of the master-feeder structure it is necessary that the agreement between the master and the feeder UCITS provides for conflict of law rules which derogate from Articles 3 and 4 of Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I) 
(
2
)
 in such a way that the applicable law to this agreement should be either the law of the Member State where the feeder UCITS is established, or that of the master UCITS. The parties should be free to assess the advantages and disadvantages of that choice and to take into account whether the master UCITS has several feeder UCITS and whether those feeder UCITS are established in only one or in several Member States.
(13)
In the case of a liquidation, merger or division of the master UCITS in respect of which Directive 2009/65/EC grants unit-holders of the feeder UCITS the right to request redemption, the feeder UCITS should not undermine that right by temporarily suspending repurchase or redemption, unless exceptional circumstances require it to do so to protect the interests of unit-holders or it is directed to do so by its competent authorities.
(14)
Since a merger or division of the master UCITS may become effective within 60 days, the time limit for the feeder UCITS to apply for and obtain approval of its new investment intentions and to grant the unit-holders of the feeder UCITS the right to request repurchase or redemption within 30 days, may in exceptional circumstances be too short to allow the feeder UCITS to know for sure how many of its unit-holders will request redemption. Under such circumstances the feeder UCITS should in principle be obliged to request redemption of all its units in the master UCITS. In order to avoid unnecessary transaction costs, the feeder UCITS should however be able to use other means to ensure that its unit-holders may make use of the right to request redemption, while allowing it to reduce transaction costs or to avoid other negative impacts. The feeder UCITS should in particular apply for approval as soon as possible. Furthermore, the feeder UCITS should for instance not be obliged to request redemption to the extent its own unit-holders choose not to make use of that facility. Where the feeder UCITS requests redemption from the master UCITS, it should consider whether a redemption in kind might reduce transaction costs and avoid other negative impacts.
(15)
The information-sharing agreement between the depositaries of the master UCITS and the feeder UCITS should allow the depositary of the feeder UCITS to receive all relevant information and documents which it needs in order to be able to perform its duties. Given the specificity of this agreement it should provide for the same conflict of law rules as foreseen in the agreement between master and feeder UCITS derogating from Articles 3 and 4 of the Rome I Regulation. The information-sharing agreement should however require neither the depositary of the master UCITS nor of the feeder UCITS to carry out tasks which are forbidden or not provided for under the national law of their home Member State.
(16)
The reporting of irregularities, which the depositary of the master UCITS detects in the course of carrying out its depositary function under the national law of its home Member State, aims to protect the feeder UCITS. For that reason no reporting should be required when those irregularities do not have a negative impact on the feeder UCITS. Where irregularities with regard to the master UCITS have a negative impact on the feeder UCITS, the latter should also be informed as to whether and how the irregularities have been resolved. The depositary of the master UCITS should therefore inform the depositary of the feeder UCITS of how the master UCITS has resolved or proposes to resolve the irregularity. If the depositary of the feeder UCITS is not satisfied that the resolution is in the interests of the unit-holders of the feeder UCITS, it should promptly report its view to the feeder UCITS.
(17)
The information-sharing agreement between the auditors of the master UCITS and the feeder UCITS should allow the auditor of the feeder UCITS to receive all relevant information and documents which it needs in order to be able to perform its duties. Given the specificity of this agreement it should provide for the same conflict of law rules as foreseen in the agreement between master and feeder UCITS derogating from Articles 3 and 4 of the Rome I Regulation.
(18)
The scope of the information to be made accessible by electronic means in accordance with Article 91(3) of Directive 2009/65/EC should be specified in order to provide for legal certainty as to what categories of information should be included.
(19)
In order to provide for a common approach to how the documents referred to in Article 93(2) of Directive 2009/65/EC should be made accessible by electronic means to the competent authorities of the UCITS host Member State, it is necessary to require that each UCITS or its management company designates a website where such documents are made available in an electronic format that is in common use. It is also necessary to set out a procedure for electronic notification of changes to these documents to the competent authorities of the UCITS host Member State, in accordance with Article 93(7) of that Directive.
(20)
In order to allow UCITS and their management companies to adapt to the new requirements on the method and manner to provide information to unit-holders in the cases referred to in Articles 7 and 29, Member States should be granted a longer period for the transposition of those requirements into their national legal systems. This is particularly important in those cases where the UCITS or their management companies are unable for legal or practical reasons to inform the unit-holders directly. UCITS with dematerialised bearer shares should be able to prepare all arrangements necessary to ensure that unit-holders receive the information in the cases specified in Articles 8 and 32. UCITS with materialised bearer shares should be able to convert them into registered shares or dematerialised bearer shares, if they want to be able to merge, convert into a feeder UCITS or change the master UCITS.
(21)
The Committee of European Securities Regulators, established by Commission Decision 2009/77/EC 
(
3
)
 has been consulted for technical advice.
(22)
The measures provided for in this Directive are in accordance with the opinion of the European Securities Committee,
HAS ADOPTED THIS DIRECTIVE:
CHAPTER I
GENERAL
Article 1
Subject matter
This Directive lays down detailed rules for the implementation of Article 43(5), Article 60(6)(a) and (c), Articles 61(3) and 62(4), Article 64(4)(a) and Article 95(1) of Directive 2009/65/EC.
Article 2
Definitions
For the purpose of this Directive the following definitions shall apply:
1.
‘rebalancing of the portfolio’ means a significant modification of the composition of the portfolio of a UCITS;
2.
‘synthetic risk and reward indicators’ means synthetic indicators within the meaning of Article 8 of Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website 
(
4
)
.
CHAPTER II
UCITS MERGERS
SECTION 1
Content of the merger information
Article 3
General rules regarding the content of information to be provided to unit-holders
1.   Member States shall require that the information to be provided to unit-holders pursuant to Article 43(1) of Directive 2009/65/EC shall be written in a concise manner and in non-technical language that enables unit-holders to make an informed judgement of the impact of the proposed merger on their investment.
In the case of a proposed cross-border merger, the merging UCITS and the receiving UCITS, respectively, shall explain in plain language any terms or procedures relating to the other UCITS which differ from those commonly used in the other Member State.
2.   The information to be provided to the unit-holders of the merging UCITS shall meet the needs of investors who have no prior knowledge of the features of the receiving UCITS or of the manner of its operation. It shall draw their attention to the key investor information of the receiving UCITS and emphasise the desirability of reading it.
3.   The information to be provided to the unit-holders of the receiving UCITS shall focus on the operation of the merger and its potential impact on the receiving UCITS.
Article 4
Specific rules regarding the content of information to be provided to unit-holders
1.   Member States shall require that the information to be provided in accordance with Article 43(3)(b) of Directive 2009/65/EC to the unit-holders of the merging UCITS shall also include:
(a)
details of any differences in the rights of unit-holders of the merging UCITS before and after the proposed merger takes effect;
(b)
if the key investor information of the merging UCITS and the receiving UCITS show synthetic risk and reward indicators in different categories, or identify different material risks in the accompanying narrative, a comparison of those differences;
(c)
a comparison of all charges, fees and expenses for both UCITS, based on the amounts disclosed in their respective key investor information;
(d)
if the merging UCITS applies a performance-related fee, an explanation of how it will be applied up to the point at which the merger becomes effective;
(e)
if the receiving UCITS applies a performance-related fee, how it will subsequently be applied to ensure fair treatment of those unit-holders who previously held units in the merging UCITS;
(f)
in cases where Article 46 of Directive 2009/65/EC permits costs associated with the preparation and the completion of the merger to be charged to either the merging or the receiving UCITS or any of their unit-holders, details of how those costs are to be allocated;
(g)
an explanation of whether the management or investment company of the merging UCITS intends to undertake any rebalancing of the portfolio before the merger takes effect.
2.   Member States shall require that the information to be provided in accordance with Article 43(3)(b) of Directive 2009/65/EC to the unit-holders of the receiving UCITS shall also include an explanation of whether the management or investment company of the receiving UCITS expects the merger to have any material impact on the portfolio of the receiving UCITS, and whether it intends to undertake any rebalancing of the portfolio either before or after the merger takes effect.
3.   Member States shall require that the information to be provided in accordance with Article 43(3)(c) of Directive 2009/65/EC shall also include:
(a)
details of how any accrued income in the respective UCITS is to be treated;
(b)
an indication of how the report of the independent auditor or the depositary referred to in Article 42(3) of Directive 2009/65/EC may be obtained.
4.   Member States shall require that if the terms of the proposed merger include provisions for a cash payment in accordance with points (p)(i) and (p)(ii) of Article 2(1) of Directive 2009/65/EC, the information to be provided to the unit-holders of the merging UCITS shall contain details of that proposed payment, including when and how unit-holders of the merging UCITS will receive the cash payment.
5.   Member States shall require that the information to be provided in accordance with Article 43(3)(d) shall include:
(a)
where relevant under national law for the particular UCITS, the procedure by which unit-holders will be asked to approve the merger proposal, and what arrangements will be made to inform them of the outcome;
(b)
the details of any intended suspension of dealing in units to enable the merger to be carried out efficiently;
(c)
when the merger will take effect in accordance with Article 47(1) of Directive 2009/65/EC.
6.   Member States shall ensure that in cases where, under the national law for the particular UCITS, the merger proposal must be approved by unit-holders, the information may contain a recommendation by the respective management company or board of directors of the investment company as to the course of action.
7.   Member States shall require that the information to be provided to the unit-holders of the merging UCITS shall include:
(a)
the period during which the unit-holders shall be able to continue making subscriptions and requesting redemptions of units in the merging UCITS;
(b)
the time when those unit-holders not making use of their rights granted pursuant to Article 45(1) of Directive 2009/65/EC, within the relevant time limit, shall be able to exercise their rights as unit-holders of the receiving UCITS;
(c)
an explanation that in cases where the merger proposal must be approved by the unit-holders of the merging UCITS under national law and the proposal is approved by the necessary majority, those unit-holders who vote against the proposal or who do not vote at all, and who do not make use of their rights granted pursuant to Article 45(1) of Directive 2009/65/EC within the relevant time limit, shall become unit-holders of the receiving UCITS.
8.   If a summary of the key points of the merger proposal is provided at the beginning of the information document, it must cross-refer to the parts of the information document where further information is provided.
Article 5
Key investor information
1.   Member States shall ensure that an up-to-date version of the key investor information of the receiving UCITS shall be provided to existing unit-holders of the merging UCITS.
2.   The key investor information of the receiving UCITS shall be provided to existing unit-holders of the receiving UCITS where it has been amended for the purpose of the proposed merger.
Article 6
New unit-holders
Between the date when the information document pursuant to Article 43(1) of Directive 2009/65/EC is provided to unit-holders and the date when the merger takes effect, the information document and the up-to-date key investor information of the receiving UCITS shall be provided to each person who purchases or subscribes units in either the merging or the receiving UCITS or asks to receive copies of the fund rules or instruments of incorporation, prospectus or key investor information of either UCITS.
SECTION 2
Method of providing the information
Article 7
Method of providing the information to unit-holders
1.   Member States shall ensure that the merging and the receiving UCITS provide the information pursuant to Article 43(1) of Directive 2009/65/EC to unit-holders on paper or in another durable medium.
2.   Where the information is to be provided to all or certain unit-holders using a durable medium other than paper, the following conditions shall be fulfilled:
(a)
the provision of the information is appropriate to the context in which the business between the unit-holder and the merging or receiving UCITS or, where relevant, the respective management company is, or is to be, carried on;
(b)
the unit-holder to whom the information is to be provided, when offered the choice between information on paper or in another durable medium, specifically chooses the durable medium other than paper.
3.   For the purposes of paragraphs 1 and 2, the provision of information by means of electronic communications shall be treated as appropriate to the context in which the business between the merging and receiving UCITS or their respective management companies and the unit-holder is, or is to be, carried on if there is evidence that the unit-holder has regular access to the Internet. The provision by the unit-holder of an e-mail address for the purposes of the carrying on of that business shall be treated as such evidence.
CHAPTER III
MASTER-FEEDER STRUCTURES
SECTION 1
Agreement and internal conduct of business rules between feeder UCITS and master UCITS
Subsection 1
Content of the agreement between master UCITS and feeder UCITS
Article 8
Access to information
Member States shall require that the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC includes the following with regard to access to information:
(a)
how and when the master UCITS provides the feeder UCITS with a copy of its fund rules or instruments of incorporation, prospectus and key investor information or any amendment thereof;
(b)
how and when the master UCITS informs the feeder UCITS of a delegation of investment management and risk management functions to third parties in accordance with Article 13 of Directive 2009/65/EC;
(c)
where applicable, how and when the master UCITS provides the feeder UCITS with internal operational documents, such as its risk management process and its compliance reports;
(d)
what details of breaches by the master UCITS of the law, the fund rules or instruments of incorporation and the agreement between the master UCITS and the feeder UCITS the master UCITS shall notify the feeder UCITS of and the manner and timing thereof;
(e)
where the feeder UCITS uses financial derivative instruments for hedging purposes, how and when the master UCITS will provide the feeder UCITS with information about its actual exposure to financial derivative instruments to enable the feeder UCITS to calculate its own global exposure as envisaged by point (a) of the second subparagraph of Article 58(2) of Directive 2009/65/EC;
(f)
a statement that the master UCITS informs the feeder UCITS of any other information-sharing arrangements entered into with third parties and where applicable, how and when the master UCITS makes those other information-sharing arrangements available to the feeder UCITS.
Article 9
Basis of investment and divestment by the feeder UCITS
Member States shall require that the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC includes the following with regard to the basis of investment and divestment by the feeder UCITS:
(a)
a statement of which share classes of the master UCITS are available for investment by the feeder UCITS;
(b)
the charges and expenses to be borne by the feeder UCITS, and details of any rebate or retrocession of charges or expenses by the master UCITS;
(c)
if applicable, the terms on which any initial or subsequent transfer of assets in kind may be made from the feeder UCITS to the master UCITS.
Article 10
Standard dealing arrangements
Member States shall require that the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC includes the following with regard to standard dealing arrangements:
(a)
coordination of the frequency and timing of the net asset value calculation process and the publication of prices of units;
(b)
coordination of transmission of dealing orders by the feeder UCITS, including, where applicable, the role of transfer agents or any other third party;
(c)
where applicable, any arrangements necessary to take account of the fact that either or both UCITS are listed or traded on a secondary market;
(d)
where necessary, other appropriate measures to ensure compliance with the requirements of Article 60(2) of Directive 2009/65/EC;
(e)
where the units of the feeder UCITS and the master UCITS are denominated in different currencies, the basis for conversion of dealing orders;
(f)
settlement cycles and payment details for purchases or subscriptions and repurchases or redemptions of units of the master UCITS including, where agreed between the parties, the terms on which the master UCITS may settle redemption requests by a transfer of assets in kind to the feeder UCITS, notably in the cases referred to in Article 60(4) and (5) of Directive 2009/65/EC;
(g)
procedures to ensure enquiries and complaints from unit-holders are handled appropriately;
(h)
where the fund rules or instruments of incorporation and prospectus of the master UCITS give it certain rights or powers in relation to unit-holders, and the master UCITS chooses to limit or forego the exercise of all or any such rights and powers in relation to the feeder UCITS, a statement of the terms on which it does so.
Article 11
Events affecting dealing arrangements
Member States shall require that the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC includes the following with regard to events affecting dealing arrangements:
(a)
the manner and timing of a notification by either UCITS of the temporary suspension and the resumption of repurchase, redemption, purchase or subscription of units of that UCITS;
(b)
arrangements for notifying and resolving pricing errors in the master UCITS.
Article 12
Standard arrangements for the audit report
Member States shall require that the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC includes the following with regard to standard arrangements for the audit report:
(a)
where the feeder UCITS and the master UCITS have the same accounting years, the coordination of the production of their periodic reports;
(b)
where the feeder UCITS and the master UCITS have different accounting years, arrangements for the feeder UCITS to obtain any necessary information from the master UCITS to enable it to produce its periodic reports on time and which ensure that the auditor of the master UCITS is in a position to produce an ad hoc report on the closing date of the feeder UCITS in accordance with the first subparagraph of Article 62(2) of Directive 2009/65/EC.
Article 13
Changes to standing arrangements
Member States shall require that the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC includes the following with regard to changes to standing arrangements:
(a)
the manner and timing of notice to be given by the master UCITS of proposed and effective amendments to its fund rules or instruments of incorporation, prospectus and key investor information, if these details differ from the standard arrangements for notification of unit-holders laid down in the master UCITS fund rules, instruments of incorporation or prospectus;
(b)
the manner and timing of notice by the master UCITS of a planned or proposed liquidation, merger, or division;
(c)
the manner and timing of notice by either UCITS that it has ceased or will cease to meet the qualifying conditions to be a feeder UCITS or a master UCITS respectively;
(d)
the manner and timing of notice by either UCITS that it intends to replace its management company, its depositary, its auditor or any third party which is mandated to carry out investment management or risk management functions;
(e)
the manner and timing of notice of other changes to standing arrangements that the master UCITS undertakes to provide.
Article 14
Choice of the applicable law
1.   Member States shall ensure that where the feeder UCITS and the master UCITS are established in the same Member State, the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC provides that the law of that Member State shall apply to the agreement and that both parties agree to the exclusive jurisdiction of the courts of that Member State.
2.   Member States shall ensure that where the feeder UCITS and the master UCITS are established in different Member States, the agreement between the master UCITS and the feeder UCITS referred to in the first subparagraph of Article 60(1) of Directive 2009/65/EC provides that the applicable law shall be either the law of the Member State in which the feeder UCITS is established or that it shall be that of the Member State in which the master UCITS is established and that both parties agree to the exclusive jurisdiction of the courts of the Member State whose law they have stipulated to be applicable to the agreement.
Subsection 2
Content of the internal conduct of business rules
Article 15
Conflicts of interest
Member States shall ensure that the management company's internal conduct of business rules referred to in the third subparagraph of Article 60(1) of Directive 2009/65/EC shall include appropriate measures to mitigate conflicts of interest that may arise between the feeder UCITS and the master UCITS, or between the feeder UCITS and other unit-holders of the master UCITS, to the extent that these are not sufficiently addressed by the measures applied by the management company in order to meet requirements of Articles 12(1)(b) and 14(1)(d) of Directive 2009/65/EC and Chapter III of Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company 
(
5
)
.
Article 16
Basis of investment and divestment by the feeder UCITS
Member States shall ensure that the management company's internal conduct of business rules referred to in the third subparagraph of Article 60(1) of Directive 2009/65/EC shall include at least the following with regard to the basis of investment and divestment by the feeder UCITS:
(a)
a statement of which share classes of the master UCITS are available for investment by the feeder UCITS;
(b)
the charges and expenses to be borne by the feeder UCITS, and details of any rebate or retrocession of charges or expenses by the master UCITS;
(c)
where applicable, the terms on which any initial or subsequent transfer of assets in kind may be made from the feeder UCITS to the master UCITS.
Article 17
Standard dealing arrangements
Member States shall ensure that the management company's internal conduct of business rules referred to in the third subparagraph of Article 60(1) of Directive 2009/65/EC shall include at least the following with regard to standard dealing arrangements:
(a)
coordination of the frequency and timing of the net asset value calculation process and the publication of prices of units;
(b)
coordination of transmission of dealing orders by the feeder UCITS, including, if applicable, the role of transfer agents or any other third party;
(c)
where applicable, any arrangements necessary to take account of the fact that either or both UCITS are listed or traded on a secondary market;
(d)
appropriate measures to ensure compliance with the requirements of Article 60(2) of Directive 2009/65/EC;
(e)
where the feeder UCITS and the master UCITS are denominated in different currencies, the basis for conversion of dealing orders;
(f)
settlement cycles and payment details for purchases and redemptions of units of the master UCITS including, where agreed between the parties, the terms on which the master UCITS may settle redemption requests by a transfer of assets in kind to the feeder UCITS, notably in the cases referred to in Article 60(4) and (5) of Directive 2009/65/EC;
(g)
where the fund rules or instruments of incorporation and prospectus of the master UCITS give it certain rights or powers in relation to unit-holders, and the master UCITS chooses to limit or forego the exercise of all or any such rights and powers in relation to the feeder UCITS, a statement of the terms on which it does so.
Article 18
Events affecting dealing arrangements
Member States shall ensure that the management company's internal conduct of business rules referred to in the third subparagraph of Article 60(1) of Directive 2009/65/EC shall include at least the following with regard to events affecting dealing arrangements:
(a)
the manner and timing of notification by either UCITS of the temporary suspension and the resumption of the repurchase, redemption or subscription of units of UCITS;
(b)
arrangements for notifying and resolving pricing errors in the master UCITS.
Article 19
Standard arrangements for the audit report
Member States shall ensure that the management company's internal conduct of business rules referred to in the third subparagraph of Article 60(1) of Directive 2009/65/EC shall include at least the following with regard to standard arrangements for the audit report:
(a)
where the feeder UCITS and the master UCITS have the same accounting years, the coordination of the production of their periodic reports;
(b)
where the feeder UCITS and the master UCITS have different accounting years, arrangements for the feeder UCITS to obtain any necessary information from the master UCITS to enable it to produce its periodic reports on time and which ensure that the auditor of the master UCITS is in a position to make an ad hoc report on the closing date of the feeder UCITS in accordance with the first subparagraph of Article 62(2) of Directive 2009/65/EC.
SECTION 2
Liquidation, merger or division of the master UCITS
Subsection 1
Procedures in the event of a liquidation
Article 20
Application for approval
1.   Member States shall require the feeder UCITS to submit to its competent authorities no later than two months after the date on which the master UCITS informed it of the binding decision to liquidate, the following:
(a)
where the feeder UCITS intends to invest at least 85 % of its assets in units of another master UCITS in accordance with Article 60(4)(a) of Directive 2009/65/EC:
(i)
its application for approval for that investment;
(ii)
its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
(iii)
the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;
(iv)
the other documents required pursuant to Article 59(3) of Directive 2009/65/EC;
(b)
where the feeder UCITS intends to convert into a UCITS that is not a feeder UCITS in accordance with Article 60(4)(b) of Directive 2009/65/EC:
(i)
its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
(ii)
the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;
(c)
where the feeder UCITS intends to be liquidated, a notification of that intention.
2.   By way of derogation from paragraph 1, where the master UCITS informed the feeder UCITS of its binding decision to liquidate more than five months before the date at which the liquidation will start, the feeder UCITS shall submit to its competent authorities its application or notification in accordance with one of the points (a), (b) or (c) of paragraph 1 at the latest three months before that date.
3.   The feeder UCITS shall inform its unit-holders of its intention to be liquidated without undue delay.
Article 21
Approval
1.   The feeder UCITS shall be informed within 15 working days following the complete submission of the documents referred to in points (a) or (b) of Article 20(1) respectively, whether the competent authorities have granted the required approvals.
2.   On receiving the competent authorities’ approval pursuant to paragraph 1, the feeder UCITS shall inform the master UCITS of it.
3.   The feeder UCITS shall take necessary measures to comply with the requirements of Article 64 of Directive 2009/65/EC as soon as possible after the competent authorities have granted the necessary approvals pursuant to Article 20(1)(a) of this Directive.
4.   Where the payment of liquidation proceeds of the master UCITS is to be executed before the date on which the feeder UCITS is to start to invest in either a different master UCITS pursuant to Article 20(1)(a) or in accordance with its new investment objectives and policy pursuant to Article 20(1)(b), the competent authorities of the feeder UCITS shall grant approval subject to the following conditions:
(a)
the feeder UCITS shall receive the proceeds of the liquidation:
(i)
in cash; or
(ii)
some or all of the proceeds as a transfer of assets in kind where the feeder UCITS so wishes and where the agreement between the feeder UCITS and master UCITS or the internal conduct of business rules and the binding decision to liquidate provide for it;
(b)
any cash held or received in accordance with this paragraph may be re-invested only for the purpose of efficient cash management before the date on which the feeder UCITS is to start to invest either in a different master UCITS or in accordance with its new investment objectives and policy.
Where point (a)(ii) of the first subparagraph applies, the feeder UCITS may realise any part of the assets transferred in kind for cash at any time.
Subsection 2
Procedures in the event of a merger or division
Article 22
Application for approval
1.   Member States shall require that the feeder UCITS submits to its competent authorities, no later than one month after the date on which the feeder UCITS received the information of the planned merger or division in accordance with the second subparagraph of Article 60(5) of Directive 2009/65/EC, the following:
(a)
where the feeder UCITS intends to continue to be a feeder UCITS of the same master UCITS:
(i)
its application for approval thereof;
(ii)
where applicable, its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
(iii)
where applicable, the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;
(b)
where the feeder UCITS intends to become a feeder UCITS of another master UCITS resulting from the proposed merger or division of the master UCITS or where the feeder UCITS intends to invest at least 85 % of its assets in units of another master UCITS not resulting from the merger or division:
(i)
its application for approval of that investment;
(ii)
its application for approval of the proposed amendments to its fund rules or instruments of incorporation;
(iii)
the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;
(iv)
the other documents required pursuant to Article 59(3) of Directive 2009/65/EC;
(c)
where the feeder UCITS intends to convert into a UCITS that is not a feeder UCITS in accordance with Article 60(4)(b) of Directive 2009/65/EC:
(i)
its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
(ii)
the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;
(d)
where the feeder UCITS intends to be liquidated, a notification of that intention.
2.   For the purpose of the application of points (a) and (b) of paragraph 1 the following should be taken into account:
The expression ‘continues to be a feeder UCITS of the same master UCITS’ refers to cases where:
(a)
the master UCITS is the receiving UCITS in a proposed merger;
(b)
the master UCITS is to continue materially unchanged as one of the resulting UCITS in a proposed division.
The expression ‘becomes a feeder UCITS of another master UCITS resulting from the merger or division of the master UCITS’ refers to cases where:
(a)
the master UCITS is the merging UCITS and, due to the merger, the feeder UCITS becomes a unit-holder of the receiving UCITS;
(b)
the feeder UCITS becomes a unit-holder of a UCITS resulting from a division that is materially different to the master UCITS.
3.   By way of derogation from paragraph 1, in cases where the master UCITS provided the information referred to in or comparable with Article 43 of Directive 2009/65/EC to the feeder UCITS more than four months before the proposed effective date, the feeder UCITS shall submit to its competent authorities its application or notification in accordance with one of the points (a) to (d) of paragraph 1 of this Article at the latest three months before the proposed effective date of the merger or division of the master UCITS.
4.   The feeder UCITS shall inform its unit-holders and the master UCITS of its intention to be liquidated without undue delay.
Article 23
Approval
1.   The feeder UCITS shall be informed within 15 working days following the complete submission of the documents referred to in Article 22(1)(a) to (c) respectively, whether the competent authorities have granted the required approvals.
2.   Upon receipt of the information that the competent authorities have granted approval according to paragraph 1, the feeder UCITS shall inform the master UCITS of it.
3.   After the feeder UCITS has been informed that the competent authorities have granted the necessary approvals pursuant to Article 22(1)(b) of this Directive, the feeder UCITS shall take the necessary measures to comply with the requirements of Article 64 of Directive 2009/65/EC without undue delay.
4.   In the cases of Article 22(1)(b) and (c) of this Directive, the feeder UCITS shall exercise the right to request repurchase and redemption of its units in the master UCITS in accordance with the third subparagraph of Article 60(5) and Article 45(1) of Directive 2009/65/EC, where the competent authorities of the feeder UCITS have not granted the necessary approvals required pursuant to Article 22(1) of this Directive by the working day preceding the last day on which the feeder UCITS can request repurchase and redemption of its units in the master UCITS before the merger or division is effected.
The feeder UCITS shall also exercise this right in order to ensure that the right of its own unit-holders to request repurchase or redemption of their units in the feeder UCITS according to Article 64(1)(d) of Directive 2009/65/EC is not affected.
Before exercising the right referred to in the first subparagraph, the feeder UCITS shall consider available alternative solutions which may help to avoid or reduce transaction costs or other negative impacts for its own unit-holders.
5.   Where the feeder UCITS requests repurchase or redemption of its units in the master UCITS, it shall receive one of the following:
(a)
the repurchase or redemption proceeds in cash;
(b)
some or all of the repurchase or redemption proceeds as a transfer in kind where the feeder UCITS so wishes and where the agreement between the feeder UCITS and the master UCITS provides for it.
Where point (b) of the first subparagraph applies, the feeder UCITS may realise any part of the transferred assets for cash at any time.
6.   The competent authorities of the feeder UCITS shall grant approval on the condition that any cash held or received in accordance with paragraph 5 may be re-invested only for the purpose of efficient cash management before the date on which the feeder UCITS is to start to invest either in the new master UCITS or in accordance with its new investment objectives and policy.
SECTION 3
Depositaries and auditors
Subsection 1
Depositaries
Article 24
Content of the information-sharing agreement between depositaries
The information-sharing agreement between the depositary of the master UCITS and the depositary of the feeder UCITS referred to in Article 61(1) of Directive 2009/65/EC shall include the following:
(a)
the identification of the documents and categories of information which are to be routinely shared between both depositaries, and whether such information or documents are provided by one depositary to the other or made available on request;
(b)
the manner and timing, including any applicable deadlines, of the transmission of information by the depositary of the master UCITS to the depositary of the feeder UCITS;
(c)
the coordination of the involvement of both depositaries, to the extent appropriate in view of their respective duties under national law, in relation to operational matters, including:
(i)
the procedure for calculating the net asset value of each UCITS, including any measures appropriate to protect against the activities of market timing in accordance with Article 60(2) of Directive 2009/65/EC;
(ii)
the processing of instructions by the feeder UCITS to purchase, subscribe or request the repurchase or redemption of units in the master UCITS, and the settlement of such transactions, including any arrangement to transfer assets in kind;
(d)
the coordination of accounting year-end procedures;
(e)
what details of breaches by the master UCITS of the law and the fund rules or instrument of incorporation the depositary of the master UCITS shall provide to the depositary of the feeder UCITS and the manner and timing of their provision;
(f)
the procedure for handling ad hoc requests for assistance from one depositary to the other;
(g)
identification of particular contingent events which ought to be notified by one depositary to the other on an ad hoc basis, and the manner and timing in which this will be done.
Article 25
Choice of the applicable law
1.   Member States shall ensure that where the feeder UCITS and the master UCITS have concluded an agreement in accordance with Article 60(1) of Directive 2009/65/EC, the agreement between the depositaries of the master UCITS and the feeder UCITS provides that the law of the Member State applying to that agreement in accordance with Article 14 of this Directive shall also apply to the information-sharing agreement between both depositaries and that both depositaries agree to the exclusive jurisdiction of the courts of that Member State;
2.   Member States shall ensure that where the agreement between the feeder UCITS and the master UCITS has been replaced by internal conduct of business rules in accordance with the third subparagraph of Article 60(1) of Directive 2009/65/EC, the agreement between the depositaries of the master UCITS and the feeder UCITS provides that the law applying to the information-sharing agreement between both depositaries shall be either that of the Member State in which the feeder UCITS is established or, where different, that of the Member State in which the master UCITS is established, and that both depositaries agree to the exclusive jurisdiction of the courts of the Member State whose law is applicable to the information-sharing agreement.
Article 26
Reporting of irregularities by the depositary of the master UCITS
The irregularities referred to in Article 61(2) of Directive 2009/65/EC which the depositary of the master UCITS detects in the course of carrying out its function under the national law and which may have a negative impact on the feeder UCITS shall include, but are not limited to:
(a)
errors in the net asset value calculation of the master UCITS;
(b)
errors in transactions for or settlement of the purchase, subscription or request to repurchase or redeem units in the master UCITS undertaken by the feeder UCITS;
(c)
errors in the payment or capitalisation of income arising from the master UCITS, or in the calculation of any related withholding tax;
(d)
breaches of the investment objectives, policy or strategy of the master UCITS, as described in its fund rules or instrument of incorporation, prospectus or key investor information;
(e)
breaches of investment and borrowing limits set out in national law or in the fund rules, instruments of incorporation, prospectus or key investor information.
Subsection 2
Auditors
Article 27
Information-sharing agreement between auditors
1.   The information-sharing agreement between the auditor of the master UCITS and the auditor of the feeder UCITS referred to in Article 62(1) of Directive 2009/65/EC shall include the following:
(a)
the identification of the documents and categories of information which are to be routinely shared between both auditors;
(b)
whether the information or documents referred to in point (a) are to be provided by one auditor to the other or made available on request;
(c)
the manner and timing, including any applicable deadlines, of the transmission of information by the auditor of the master UCITS to the auditor of the feeder UCITS;
(d)
the coordination of the involvement of each auditor in the accounting year-end procedures for the respective UCITS;
(e)
identification of matters that shall be treated as irregularities disclosed in the audit report of the auditor of the master UCITS for the purposes of the second subparagraph of Article 62(2) of Directive 2009/65/EC;
(f)
the manner and timing for handling ad hoc requests for assistance from one auditor to the other, including a request for further information on irregularities disclosed in the audit report of the auditor of the master UCITS.
2.   The agreement referred to in paragraph 1 shall include provisions on the preparation of the audit reports referred to in Article 62(2) and Article 73 of Directive 2009/65/EC and the manner and timing for the provision of the audit report for the master UCITS and drafts of it to the auditor of the feeder UCITS.
3.   Where the feeder UCITS and the master UCITS have different accounting year-end dates, the agreement referred to in paragraph 1 shall include the manner and timing by which the auditor of the master UCITS is to make the ad hoc report required by the first subparagraph of Article 62(2) Directive 2009/65/EC and to provide it and drafts of it to the auditor of the feeder UCITS.
Article 28
Choice of the applicable law
1.   Member State shall ensure that where the feeder UCITS and the master UCITS have concluded an agreement in accordance with Article 60(1) of Directive 2009/65/EC, the agreement between the auditors of the master UCITS and the feeder UCITS provides that the law of the Member State applying to that agreement in accordance with Article 14 of this Directive shall also apply to the information-sharing agreement between both auditors and that both auditors agree to the exclusive jurisdiction of the courts of that Member State.
2.   Member States shall ensure that where the agreement between the feeder UCITS and the master UCITS has been replaced by internal conduct of business rules in accordance with the third subparagraph of Article 60(1) of Directive 2009/65/EC, the agreement between the auditors of the master UCITS and the feeder UCITS provides that the law applying to the information-sharing agreement between both auditors shall be either that of the Member State in which the feeder UCITS is established or, where different, that of the Member State in which the master UCITS is established, and that both auditors agree to the exclusive jurisdiction of the courts of the Member State whose law is applicable to the information-sharing agreement.
SECTION 4
Manner of providing the information to unit-holders
Article 29
Manner of providing the information to unit-holders
Member States shall ensure that the feeder UCITS provides the information to unit-holders pursuant to Article 64(1) of Directive 2009/65/EC in the same manner as prescribed by Article 7 of this Directive.
CHAPTER IV
NOTIFICATION PROCEDURE
Article 30
Scope of the information to be made accessible by Member States in accordance with Article 91(3) of Directive 2009/65/EC
1.   Member States shall ensure that the following categories of information on the relevant laws, regulations and administrative provisions are made accessible in accordance with Article 91(3) of Directive 2009/65/EC:
(a)
the definition of the term ‘marketing of units of UCITS’ or the equivalent legal term either as stated in national legislation or as developed in practice;
(b)
requirements for the contents, format and manner of presentation of marketing communications, including all compulsory warnings and restrictions on the use of certain words or phrases;
(c)
without prejudice to Chapter IX of Directive 2009/65/EC, details of any additional information required to be disclosed to investors;
(d)
details of any exemptions from rules or requirements governing arrangements made for marketing applicable in that Member State for certain UCITS, certain share classes of UCITS or certain categories of investors;
(e)
requirements for any reporting or transmission of information to the competent authorities of that Member State, and the procedure for lodging updated versions of required documents;
(f)
requirements for any fees or other sums to be paid to the competent authorities or any other statutory body in that Member State, either when marketing commences or periodically thereafter;
(g)
requirements in relation to the facilities to be made available to unit-holders as required by Article 92 of Directive 2009/65/EC;
(h)
conditions for the termination of marketing of units of UCITS in that Member State by a UCITS situated in another Member State;
(i)
detailed contents of the information required by a Member State to be included in Part B of the notification letter as referred to in Article 1 of Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities 
(
6
)
;
(j)
the e-mail address designated for the purpose of Article 32.
2.   Member States shall give the information listed in paragraph 1 in the form of a narrative description, or a combination of a narrative description and a series of references or links to source documents.
Article 31
UCITS host Member State's access to documents
1.   Member States shall require UCITS to ensure that an electronic copy of each document referred to in Article 93(2) of Directive 2009/65/EC is made available on a website of the UCITS, or a website of the management company that manages that UCITS, or on another website designated by the UCITS in the notification letter submitted in accordance with Article 93(1) of Directive 2009/65/EC or any updates of it. Any document made available on a website shall be provided in an electronic format in common use.
2.   Member States shall require UCITS to ensure that the UCITS host Member State has access to the website referred to in paragraph 1.
Article 32
Updates of documents
1.   Competent authorities shall designate an e-mail address for the purpose of receiving notification of updates and amendments to the documents referred to in Article 93(2) of Directive 2009/65/EC, pursuant to Article 93(7) of that Directive.
2.   Member States shall allow UCITS to notify any update or amendment to the documents referred to in Article 93(2) of Directive 2009/65/EC, pursuant to Article 93(7) of Directive 2009/65/EC by e-mail to be sent to the e-mail address referred to in paragraph 1.
The e-mail notifying such an update or amendment may either describe the update or the amendment that has been made, or provide a new version of the document as an attachment.
3.   Member States shall require that any document attached to the e-mail referred to in paragraph 2, shall be provided by UCITS in a commonly used electronic format.
Article 33
Development of common data processing systems
1.   In order to facilitate access by the competent authorities of the UCITS host Member States to the information or documents referred to in Article 93(1), (2) and (3) of Directive 2009/65/EC, for the purpose of Article 93(7) of that Directive, competent authorities of Member States may coordinate the establishment of sophisticated electronic data processing and central storage systems common to all Member States.
2.   The coordination between Member States referred to in paragraph 1 shall take place in the Committee of European Securities Regulators.
CHAPTER V
FINAL PROVISIONS
Article 34
Transposition
1.   Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 30 June 2011 at the latest.
However, they shall bring into force the laws, regulations and administrative provisions necessary to comply with Articles 7 and 29 by 31 December 2013 at the latest.
They shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.
When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.
2.   Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
Article 35
Entry into force
This Directive shall enter into force on the 20th day following its publication in the 
Official Journal of the European Union
.
Article 36
Addressees
This Directive is addressed to the Member States.
Done at Brussels, 1 July 2010.
For the Commission
The President
José Manuel BARROSO
(
1
)
  
            
OJ L 302, 17.11.2009, p. 32
.
(
2
)
  
            
OJ L 177, 4.7.2008, p. 6
.
(
3
)
  
            
OJ L 25, 29.1.2009, p. 18
.
(
4
)
  See page 1 of this Official Journal.
(
5
)
  See page 42 of this Official Journal.
(
6
)
  See page 16 of this Official Journal.

Summary:
Fund mergers and master-feeder structures relating to undertakings for collective investment in transferable securities (UCITS)
SUMMARY OF:
Directive 2010/44/EU implementing Directive 2009/65/EC as regards certain rules concerning fund mergers, master-feeder structures and notification procedure
WHAT IS THE AIM OF THE DIRECTIVE?
It sets out implementing rules for mergers of 
undertakings for collective investment in transferable securities
 (UCITS)
1
 and 
master-feeder structures
 in the context of Directive 2009/65/EC on the 
rules applying to UCITS
.
It is one of a series of 4 implementing measures adopted together in 2010, the other 3 being Directive 
2010/43/EU
, Regulation (EU) 
No 
583/2010
 and Regulation (EU) 
No 
584/2010
.
KEY POINTS
UCITS mergers
In the case of a merger of a UCITS, the 
unit-holders
2
 must be informed of the conditions of the merger and of its potential influence on the receiving UCITS. They must receive other information including:
their rights before and after the proposed merger takes effect;
a comparison of the differences between the UCITS regarding a 
synthetic risk
3
 of the key investor information and between their charges, fees and expenses;
whether the management or investment company of the merging UCITS intends to undertake any 
rebalancing of the portfolio
4
 before the merger takes effect;
details concerning any accrued income in the respective UCITS.
They must also be informed of the procedure for the unit-holders’ approval of the merger proposal and the date at which the merger will take effect.
Key investor information of the receiving UCITS must be provided to the unit-holders of the merging and receiving UCITS.
Master-feeder structures
Agreements and internal conduct of business rules between feeder UCITSFeeder UCITS: a feeder UCITS is a UCITS which has been approved to invest at least 85% of its assets in units of another UCITS. and master UCITSMaster UCITS: a UCITS fund with one or more feeder funds as investors. It cannot itself be a feeder UCITS or hold units of a feeder UCITS.
The agreement must stipulate the conditions for:
providing a copy of precontractual documents, internal operational documents;
delegating investment management and risk management functions to third parties;
setting internal rules related to breaches and the use of derivatives;
making any other information-sharing arrangements entered into with third parties.
In addition, the agreement must also include with regard to the basis of investment and divestment by the feeder:
a statement of which share classes of the master UCITS are available for investment by the feeder UCITS;
the amount of charges and expenses to be paid by the feeder UCITS;
the terms on which any initial or subsequent transfer of assets in kind may be made from the feeder UCITS to the master UCITS.
The management company’s 
internal conduct of business rules
 must include appropriate measures to mitigate conflicts of interest between both UCITS or between the feeder UCITS and other unit-holders of the master UCITS.
Procedures in the case of liquidation of the master UCITS
Where the feeder UCITS intends to invest at least 85% of its assets in units of another master UCITS, it must submit to the competent authorities:
its application for approval of that investment;
its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
the amendments made to its prospectus and its key investor information.
Where a feeder UCITS intends to convert into a non-feeder UCITS, it must provide to the authorities:
its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
the proposed amendments to its prospectus and its key investor information.
Where a feeder UCITS wishes to be liquidated, it must notify the authorities of its intention.
The feeder UCITS must inform the master UCITS once it receives the authorities’ approval.
Procedures in the case of merger or division of the master UCITS
The feeder UCITS must provide the competent authorities with its application for approval in the following cases:
where it intends to continue to be a feeder UCITS of the same master UCITS;
where it intends to become a feeder UCITS of another master UCITS;
where it intends to convert into a non-feeder UCITS;
where it intends to be liquidated.
The feeder UCITS must inform the master UCITS once it receives the competent authorities’ approval.
The law of the EU country which applies to the agreement between the depositaries of the master UCITS and the feeder UCITS must also apply to the information-sharing agreement between the depositaries.
FROM WHEN DOES THE DIRECTIVE APPLY?
It has applied since 
30 July 2010
 and had to become law in the EU countries by 
30 June 2011
.
BACKGROUND
For more information, see:
Undertakings for the collective investment in transferable securities (UCITS) — Directive 2009/65/EC
 (
European Commission
).
KEY TERMS
Undertakings for collective investment in transferable securities (UCITS):
 investment vehicles that pool investors’ capital and invest that capital collectively through a portfolio of financial instruments such as stocks, bonds and other securities.
Unit-holder:
 any natural or legal person holding one or several shares in a UCITS.
Synthetic risk:
 a measure of the overall risk profile of a fund.
Rebalancing of the portfolio:
 a significant modification of the composition of the portfolio of a UCITS.
Feeder UCITS:
 a feeder UCITS is a UCITS which has been approved to invest at least 85% of its assets in units of another UCITS.
Master UCITS:
 a UCITS fund with one or more feeder funds as investors. It cannot itself be a feeder UCITS or hold units of a feeder UCITS.
MAIN DOCUMENT
Commission Directive 
2010/44/EU
 of 
1 July 2010
 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure (OJ L 176, 
10.7.2010
, 
pp. 28–41
)
Corrigendum
RELATED DOCUMENTS
Commission Regulation (EU) 
No 
583/2010
 of 
1 July 2010
 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website (OJ L 176, 
10.7.2010
, 
pp. 1–15
)
Commission Regulation (EU) 
No 
584/2010
 of 
1 July 2010
 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities (OJ L 176, 
10.7.2010
, 
pp. 16—27
)
Commission Directive 
2010/43/EU
 of 
1 July 2010
 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company (OJ L 176, 
10.7.2010
, 
pp. 42–61
)
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 (UCITS) (OJ L 302, 
17.11.2009
, 
pp. 32–96
)
Successive amendments to Directive 2009/65/EC have been incorporated in the original text. This 
consolidated version
 is of documentary value only.
last update 
7.6.2018

--- DANISH ---

Document:
10.7.2010
DA
Den Europæiske Unions Tidende
L 176/28
KOMMISSIONENS DIREKTIV 2010/42/EU
af 1. juli 2010
om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår visse bestemmelser om fusioner af fonde, master-feeder-strukturer og anmeldelsesprocedure
(EØS-relevant tekst)
EUROPA-KOMMISSIONEN HAR —
under henvisning til traktaten om Den Europæiske Unions funktionsmåde,
under henvisning til Europa-Parlamentets og Rådets direktiv 2009/65/EF af 13. juli 2009 om samordning af love og administrative bestemmelser om visse institutter for kollektiv investering i værdipapirer (investeringsinstitutter) 
(
1
)
, særlig artikel 43, stk. 5, artikel 60, stk. 6, litra a) og c), artikel 61, stk. 3, artikel 62, stk. 4, artikel 64, stk. 4, litra a), og artikel 95, stk. 1, og
ud fra følgende betragtninger:
(1)
De oplysninger, der skal gives til deltagerne, jf. artikel 43, stk. 1, i direktiv 2009/65/EF, i forbindelse med en fusion, bør afspejle de forskellige behov hos det ophørende og det forsættende investeringsinstituts deltagere og bidrage til, at de forstår sagen.
(2)
Det bør ikke kræves, at det ophørende og det fortsættende investeringsinstitut medtager andre oplysninger i informationsdokumentet end dem, der er omhandlet i artikel 43, stk. 3, i direktiv 2009/65/EF og artikel 3, 4 og 5 i nærværende direktiv. Det ophørende og det fortsættende investeringsinstitut kan dog supplere med andre oplysninger, der er relevante i forbindelse med den påtænkte fusion.
(3)
Selv om informationsdokumentet, jf. artikel 43, stk. 1, i direktiv 2009/65/EF, ledsages af et resumé, fritages investeringsinstitutterne ikke fra kravet om at undgå lange eller tekniske forklaringer i den øvrige del af informationsdokumentet.
(4)
I de oplysninger, der skal gives til det fortsættende investeringsinstituts deltagere, jf. artikel 43, stk. 1, i direktiv 2009/65/EF, bør det antages, at de pågældende deltagere i forvejen er rimelig bekendte med det fortsættende investeringsinstituts karakteristika, deres rettigheder i forhold til investeringsinstituttet og dets driftsmåde. Oplysningerne bør derfor fokusere på, hvordan fusionen foregår, og hvilke konsekvenser den kan have for det fortsættende investeringsinstitut.
(5)
Måden, hvorpå oplysningerne, jf. artikel 43 og 64 i direktiv 2009/65/EF, gives til deltagerne, bør harmoniseres. Oplysningerne har til formål at sætte deltagerne i stand til på et kvalificeret grundlag at vurdere, om de ønsker at fortsætte deres investering eller at forlange indløsning, når et investeringsinstitut indgår i en fusion, konverteres til et feeder-institut eller ændrer master-institut. Deltagerne bør have kendskab til, at sådanne større ændringer af investeringsinstitutter er i gang, og de bør have mulighed for at læse oplysningerne. Derfor bør oplysningerne stiles til deltagerne personligt enten i papirform eller på et andet varigt medium, f.eks. e-mail. Investeringsinstitutterne bør ved anvendelse af elektroniske midler kunne give oplysningerne på en omkostningseffektiv måde. Der bør i nærværende direktiv ikke fastsættes krav om, at investeringsinstitutterne informerer deres deltagere direkte, idet der bør tages behørigt hensyn til særlige forhold i visse medlemsstater, hvor investeringsinstitutterne eller deres administrationsselskaber af juridiske eller praktiske grunde ikke eri stand til at kontakte deltagerne direkte. Investeringsinstitutterne bør endvidere være i stand til at give oplysningerne ved at videregive dem til depositarer eller formidlere, forudsat at det sikres, at alle deltagere får oplysningerne i tide. Dette direktiv bør kun harmonisere måden, hvorpå oplysningerne, jf. artikel 43 og 64 i direktiv 2009/65/EF, gives til deltagerne. Medlemsstaterne kan selv fastsætte nationale regler om, at deltagerne skal have andre typer oplysninger.
(6)
I aftalen mellem master-instituttet og feeder-instituttet bør der tages hensyn til særlige behov hos et feeder-institut, der investerer mindst 85 % af sine aktiver i master-instituttet, samtidig med at det fortsat skal overholde alle krav som et investeringsinstitut. Aftalen bør derfor sikre, at master-instituttet giver feeder-instituttet alle nødvendige oplysninger i tide, så feeder-instituttet kan overholde sine egne forpligtelser. Begge parters øvrige rettigheder og forpligtelser bør også fremgå af aftalen.
(7)
Medlemsstaterne bør ikke forlange, at aftalen mellem master- og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, omfatter andre elementer end dem, der er omhandlet i kapitel VIII i direktiv 2009/65/EF og artikel 8-14 i nærværende direktiv. Aftalen kan dog omfatte andre elementer, hvis master-instituttet og feeder-instituttet fastsætter det.
(8)
Hvis handelsordningerne mellem master-instituttet og feeder-instituttet ikke er forskellige fra dem, der gælder for alle master-instituttets ikke-feeder-deltagere, og hvis de pågældende ordninger er fastlagt i master-instituttets prospekt, bør det ikke kræves, at aftalen mellem master-instituttet og feeder-instituttet skal gentage de pågældende standardhandelsordningen, men den kan krydshenvise til de relevante dele af master-instituttets prospekt for at hjælpe branchen med at spare omkostninger og reducere den administrative byrde.
(9)
Aftalen mellem master-instituttet og feeder-instituttet bør omfatte passende procedurer for håndtering af forespørgsler og klager fra deltagere med henblik på at behandle korrespondance, der ved en fejl er blevet sendt til master-instituttet i steder for feeder-instituttet eller omvendt.
(10)
For at spare transaktionsomkostninger og for at undgå negative skattemæssige konsekvenser kan master-instituttet og feeder-instituttet evt. aftale en overførsel af aktiver i form af naturalier, medmindre det er forbudt ifølge national lovgivning eller er inkompatibelt med master-instituttets eller feeder-instituttets fondsbestemmelser eller vedtægter. Muligheden for at overføre aktiver i form af naturalier til master-instituttet bør især hjælpe de feeder-institutter, der i forvejen har varetaget et investeringsinstituts aktiviteter, herunder et andet master-instituts feeder-institut, for at undgå transaktionsomkostninger som følge af salget af aktiver, som såvel feeder-instituttet som master-instituttet har investeret i. Feeder-instituttet bør endvidere, hvis det ønsker det, være i stand til at modtage aktiver i form af naturalier fra master-instituttet, da det kan hjælpe til at reducere transaktionsomkostningerne og undgå negative skattemæssige konsekvenser. En overførsel af aktiver i form af naturalier til feeder-instituttet bør ikke begrænses til kun at anvendes i tilfælde af master-instituttets likvidation, fusion eller opsplitning.
(11)
For at bevare den nødvendige fleksibilitet og samtidig tage hensyn til investorernes interesse bør et feeder-institut, der har modtaget aktiver ved en overførsel af aktiver i form af naturalier, være i stand til enten at overføre alle eller dele af disse aktiver til sit master-institut, hvis master-instituttet accepterer det, eller at realisere værdierne i kontanter med henblik på at investere kontanter i master-instituttet.
(12)
På grund af master-feeder-strukturens særlige kendetegn er det nødvendigt, at aftalen mellem master-instituttet og feeder-instituttet indeholder lovvalgsregler, der fraviger artikel 3 og 4 i Europa-Parlamentets og Rådets forordning (EF) nr. 593/2008 af 17. juni 2008 om lovvalgsregler for kontraktlige forpligtelser (Rom I) 
(
2
)
, således at den lov, der finder anvendelse på den pågældende aftale, enten er loven i den medlemsstat, hvor feeder-instituttet er etableret, eller den, hvor master-instituttet er etableret. Det bør være op til parterne at vurdere fordele og ulemper ved valget og tage i betragtning, om master-instituttet har flere feeder-institutter, og om de pågældende feeder-institutter er etableret i én eller flere medlemsstater.
(13)
I tilfælde af en likvidation, fusion eller opsplitning af master-instituttet, hvor direktiv 2009/65/EF giver feeder-instituttets deltagere ret til at forlange indløsning, bør feeder-instituttet ikke undergrave den ret ved midlertidigt at udsætte tilbagekøb eller indløsning, medmindre ekstraordinære omstændigheder kræver det for at beskytte deltagernes interesser eller de kompetente myndigheder giver det instrukser om at gøre det.
(14)
Eftersom en fusion eller opsplitning af et master-institut kan få virkning i løbet af 60 dage, kan feeder-instituttets frist til at ansøge om og få godkendt sine nye investeringsplaner og til at give feeder-instituttets deltagere ret til at forlange tilbagekøb eller indløsning inden for 30 dage under ekstraordinære omstændigheder være for kort til, at feeder-instituttet kan vide med sikkerhed, hvor mange af dets deltagere der vil forlange indløsning. Under sådanne omstændigheder bør feeder-instituttet i princippet være forpligtet til at forlange indløsning af alle sine andele i master-instituttet. For at undgå unødvendige transaktionsomkostninger bør feeder-instituttet dog kunne anvende andre metoder til at sikre, at dets deltagere kan anvende deres ret til at forlange indløsning, samtidig med at det kan nedbringe transaktionsomkostningerne eller undgå andre negative konsekvenser. Feeder-instituttet bør bl.a. ansøge om godkendelse så tidligt som muligt. Endvidere bør feeder-instituttet f.eks. ikke være forpligtet til at forlange indløsning i det omfang, dets egne deltagere vælger ikke at benytte denne mulighed. Når feeder-instituttet forlanger indløsning fra master-instituttet, bør det overveje, om en indløsning i form af naturalier kan nedbringe transaktionsomkostningerne og undgå andre negative konsekvenser.
(15)
Aftalen om udveksling af oplysninger mellem master-instituttets og feeder-instituttets depositarer bør muliggøre, at feeder-instituttets depositar modtager alle relevante oplysninger og dokumenter, vedkommende har brug for for at kunne varetage sine forpligtelser. På grund af denne aftales særlige karakter bør den foreskrive samme lovvalgsregler som dem, der er fastlagt i aftalen mellem master-instituttet og feeder-instituttet, som fraviger artikel 3 og 4 i Rom I-forordningen. Aftalen om udveksling af oplysninger bør imidlertid indeholde krav om, at hverken master-instituttets og feeder-instituttets depositar varetager opgaver, der er forbudte eller ikke er foreskrevet i deres hjemlands nationale lovgivning.
(16)
Indberetningen af uregelmæssigheder, som master-instituttets depositar konstaterer i forbindelse med gennemførelsen af sit hverv som depositar i henhold til sit hjemlands nationale lovgivning, har til formål at beskytte feeder-instituttet. Der bør derfor ikke kræves indberetning, hvis de pågældende uregelmæssigheder ikke har negative konsekvenser for feeder-instituttet. Hvis uregelmæssigheder vedrørende master-instituttet har negative konsekvenser for feeder-instituttet, bør feeder-instituttet også orienteres om, hvorvidt og hvordan uregelmæssighederne er blevet klaret. Master-instituttets depositar bør derfor oplyse feeder-instituttets depositar om, hvordan master-instituttet har klaret eller agter at klare uregelmæssigheden. Hvis feeder-instituttets depositar ikke finder, at løsningen er i feeder-instituttets deltageres interesse, bør den pågældende straks indberette sin holdning til feeder-instituttet.
(17)
Aftalen om udveksling af oplysninger mellem master-instituttets og feeder-instituttets revisorer bør muliggøre, at feeder-instituttets revisor modtager alle relevante oplysninger og dokumenter, vedkommende har brug for for at kunne varetage sine forpligtelser. På grund af denne aftales særlige karakter bør den foreskrive samme lovvalgsregler som dem, der er fastlagt i aftalen mellem master-instituttet og feeder-instituttet, som fraviger artikel 3 og 4 i Rom I-forordningen.
(18)
Omfanget af de oplysninger, der skal gives elektronisk adgang til, jf. artikel 91, stk. 3, i direktiv 2009/65/EF, bør specificeres, for at der kan herske retssikkerhed med hensyn til, hvilke kategorier af oplysninger der skal være omfattet.
(19)
For at skabe fælles rammer for, hvordan de kompetente myndigheder i investeringsinstituttets værtsland bør have elektronisk adgang til de dokumenter, der er omhandlet i artikel 93, stk. 2, i direktiv 2009/65/EF, er det nødvendigt at kræve, at hver enkelt investeringsinstitut eller dets administrationsselskab udpeger et websted, hvor sådanne dokumenter foreligger i et almindelig anvendt elektronisk format. Det er endvidere nødvendigt at fastsætte en procedure for elektronisk meddelelse om ændringer af sådanne dokumenter til de kompetente myndigheder i investeringsinstituttets værtsland, jf. samme direktivs artikel 93, stk. 7.
(20)
For at investeringsinstitutterne og deres administrationsselskaber har mulighed for at tilpasse sig til de nye krav til, hvordan der gives oplysninger til deltagerne i tilfælde omhandlet i artikel 7 og 29 i direktiv 2009/65/EF, bør medlemsstaterne have en længere frist til at gennemføre kravene i deres nationale lovgivning. Dette er især vigtigt i de tilfælde, hvor investeringsinstitutterne eller deres administrationsselskaber af juridiske eller praktiske grunde ikke er i stand til at orientere deltagerne direkte. Investeringsinstitutter med dematerialiserede ihændehaveraktier bør være i stand til at træffe alle fornødne foranstaltninger til at sikre, at deltagerne får oplysningerne i de tilfælde, der omhandlet i nævnte artikel 8 og 32. Investeringsinstitutter med ikke-dematerialiserede ihændehaveraktier bør være i stand til at konvertere dem til registrerede aktier eller dematerialiserede ihændehaveraktier, hvis de ønsker at kunne indgå i en fusion, konverteres til et feeder-institut eller ændre master-institut.
(21)
Det Europæiske Værdipapirtilsynsudvalg, der er nedsat ved Kommissionens afgørelse 2009/77/EF 
(
3
)
, er blevet hørt om tekniske spørgsmål.
(22)
Foranstaltningerne i dette direktiv er i overensstemmelse med udtalelse fra Det Europæiske Værdipapirudvalg —
VEDTAGET DETTE DIREKTIV:
KAPITEL I
ALMINDELIGE BESTEMMELSER
Artikel 1
Genstand
I dette direktiv fastsættes gennemførelsesbestemmelser til artikel 43, stk. 5, artikel 60, stk. 6, litra a) og c), artikel 61, stk. 3, artikel 62, stk. 4, artikel 64, stk. 4, litra a), og artikel 95, stk. 1, i direktiv 2009/65/EF.
Artikel 2
Definitioner
I dette direktiv forstås ved:
1)
»rebalancering af porteføljen«: en markant ændring af et investeringsinstituts porteføljesammensætning
2)
»syntetiske risk/reward-indikatorer«: syntetiske indikatorer som omhandlet i artikel 8 i Kommissionens forordning (EU) nr. 583/2010 af 1. juli 2010 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår central investorinformation og de betingelser, der skal opfyldes, når central investorinformation eller prospektet udleveres på et andet varigt medium end papir eller via et websted] 
(
4
)
.
KAPITEL II
FUSIONER AF INVESTERINGSINSTITUTTER
AFDELING 1
Indholdet af fusionsoplysningerne
Artikel 3
Almindelige bestemmelser om, hvilke oplysninger der skal gives til deltagerne
1.   Medlemsstaterne kræver, at de oplysninger, der skal gives til deltagerne, jf. artikel 43, stk. 1, i direktiv 2009/65/EF, foreligger i skriftlig form, er kortfattede og er affattet i et ikke-teknisk sprog, således at deltagerne på et kvalificeret grundlag kan vurdere den påtænkte fusions konsekvenser for deres investering.
Ved en grænseoverskridende fusion skal det ophørende og det fortsættende investeringsinstitut hver især med simple formuleringer forklare alle vilkår eller procedurer i forbindelse med det andet investeringsinstitut, som er anderledes end dem, der almindeligvis anvendes i den anden medlemsstat.
2.   De oplysninger, der skal gives til det ophørende investeringsinstituts deltagere, skal opfylde behovene hos investorer, der ikke i forvejen har kendskab til det fortsættende investeringsinstituts karakteristika og dets driftsmåde. Oplysningerne skal henlede opmærksomheden på det fortsættende investeringsinstituts centrale investorinformation og understrege, at den helst skal læses.
3.   De oplysninger, der skal gives til det fortsættende investeringsinstituts deltagere, skal fokusere på, hvordan fusionen foregår, og hvilke konsekvenser den kan have for det fortsættende investeringsinstitut.
Artikel 4
Særlige bestemmelser om, hvilke oplysninger der skal gives til deltagerne
1.   Medlemsstaterne kræver, at de oplysninger, der skal gives til det ophørende investeringsinstituts deltagere, jf. artikel 43, stk. 3, litra b), i direktiv 2009/65/EF, også omfatter følgende:
a)
nærmere oplysninger om eventuelle forskelle i det ophørende investeringsinstituts deltageres rettigheder, før og efter at den påtænkte fusion er trådt i kraft
b)
en sammenligning mellem forskellene, hvis det ophørende og det fortsættende investeringsinstituts centrale investorinformation viser syntetiske risk/reward-indikatorer i forskellige kategorier eller peger på forskellige væsentlige risici i den ledsagende beskrivelse med ord
c)
en sammenligning mellem gebyrer, honorarer og udgifter hos begge investeringsinstitutter på grundlag af de beløb, der er angivet i deres respektive centrale investorinformation
d)
hvis det ophørende investeringsinstitut anvender et resultatbetinget honorar, en forklaring om, hvordan dette anvendes, indtil fusionen er trådt i kraft
e)
hvis det fortsættende investeringsinstitut anvender et resultatbetinget honorar, en forklaring om, hvordan dette efterfølgende vil blive anvendt for at sikre fair behandling af de deltagere, der før havde andele i det ophørende investeringsinstitut
f)
nærmere oplysninger om, hvordan omkostningerne fordeles, i tilfælde, hvor omkostninger forbundet med forberedelsen og gennemførelsen af fusionen i henhold til artikel 46 i direktiv 2009/65/EF kan påføres det ophørende eller det fortsættende investeringsinstitut eller nogle af deres deltagere
g)
en forklaring om, hvorvidt det ophørende investeringsinstituts administrationsselskab eller investeringsselskab agter at foretage en rebalancering af porteføljen, før fusionen er trådt i kraft.
2.   Medlemsstaterne kræver, at de oplysninger, der skal gives til det fortsættende investeringsinstituts deltagere, jf. artikel 43, stk. 3, litra b), i direktiv 2009/65/EF, også omfatter en forklaring om, hvorvidt det fortsættende investeringsinstituts administrationsselskab eller investeringsselskab forventer, at fusionen får væsentlige konsekvenser for det fortsættende investeringsinstituts portefølje, og hvorvidt det agter at foretage en rebalancering af porteføljen, før eller efter at fusionen er trådt i kraft.
3.   Medlemsstaterne kræver, at de oplysninger, der skal gives i henhold til artikel 43, stk. 3, litra c), i direktiv 2009/65/EF, også omfatter følgende:
a)
nærmere oplysninger om, hvordan en eventuel periodeafgrænsningspost i de respektive investeringsinstitutter behandles
b)
angivelse af, hvordan der kan fås adgang til den uafhængige revisors eller depositarens rapport, jf. artikel 42, stk. 3, i direktiv 2009/65/EF.
4.   Medlemsstaterne kræver, at hvis vilkårene for den påtænkte fusion omfatter bestemmelser om et kontant beløb, jf. artikel 2, stk. 1, litra p), nr. i) og ii), i direktiv 2009/65/EF, skal de oplysninger, der skal gives til det ophørende investeringsinstituts deltagere, omfatte nærmere oplysninger om et sådant påtænkt beløb, herunder hvornår og hvordan det ophørende investeringsinstituts deltagere modtager det kontante beløb.
5.   Medlemsstaterne kræver, at de oplysninger, der skal gives i henhold til artikel 43, stk. 3, litra d), i direktiv 2009/65/EF, omfatter følgende:
a)
proceduren for at anmode deltagere om at godkende fusionsforslaget og de foranstaltninger, der træffes for at orientere dem om resultatet, hvis det er relevant i henhold til den nationale lovgivning for det pågældende investeringsinstitut
b)
nærmere oplysninger om eventuelle planer om udsættelse af handel med andele, for at fusionen kan gennemføres effektivt
c)
datoen for, hvornår fusionen træder i kraft, jf. artikel 47, stk. 1, i direktiv 2009/65/EF.
6.   Medlemsstaterne sikrer, at hvis fusionsforslaget i henhold til den nationale lovgivning for det pågældende investeringsinstitut skal godkendes af deltagerne, kan oplysningerne omfatte en anbefaling fra administrationsselskabet eller investeringsselskabets bestyrelse om, hvordan fusionen skal foregå.
7.   Medlemsstaterne kræver, at de oplysninger, der skal gives til det ophørende investeringsinstituts deltagere omfatter følgende:
a)
tidsrummet, hvor deltagerne fortsat skal kunne tegne andele og forlange indløsning af andele i det ophørende investeringsinstitut
b)
tidspunktet for, hvornår de deltagere, der ikke benytter sig af deres rettigheder i henhold til artikel 45, stk. 1, i direktiv 2009/65/EF inden den relevante frist, skal kunne udøve deres rettigheder som deltagere i det fortsættende investeringsinstitut
c)
en forklaring om, at hvis fusionsforslaget i henhold til den nationale lovgivning skal godkendes af det ophørende investeringsinstituts deltagere og forslaget godkendes af det fornødne flertal, bliver de deltagere, der stemmer imod forslaget eller ikke stemmer, og som ikke benytter sig af deres rettigheder i henhold til artikel 45, stk. 1, i direktiv 2009/65/EF inden den relevante frist, deltagere i det fortsættende investeringsinstitut.
8.   Hvis der findes et resumé af fusionsforslagets hovedpunkter i begyndelsen af informationsdokumentet, skal det indeholde krydshenvisninger til de dele af informationsdokumenter, hvor der findes yderligere oplysninger.
Artikel 5
Central investorinformation
1.   Medlemsstaterne sikrer, at en ajourført udgave af det fortsættende investeringsinstituts centrale investorinformation gives til det ophørende investeringsinstituts eksisterende deltagere.
2.   Det fortsættende investeringsinstituts centrale investorinformation gives til det fortsættende investeringsinstituts eksisterende deltagere, hvis den er blevet ændret med henblik på den påtænkte fusion.
Artikel 6
Nye deltagere
Mellem det tidspunkt, hvor informationsdokumenter, jf. artikel 43, stk. 1, i direktiv 2009/65/EF, gives til deltagerne, og det tidspunkt, hvor fusionen træder i kraft, skal informationsdokumentet og det fortsættende investeringsinstituts opdaterede centrale investorinformation gives til alle, der ønsker at købe eller tegne andele i enten det ophørende eller det fortsættende investeringsinstitut, eller som beder om at få kopier af investeringsinstitutternes fondsbestemmelser eller vedtægter, prospekt eller centrale investorinformation.
AFDELING 2
Metode til udlevering af oplysningerne
Artikel 7
Metode til udlevering af oplysningerne til deltagerne
1.   Medlemsstaterne sikrer, at det ophørende og det fortsættende investeringsinstitut giver deltagerne oplysningerne, jf. artikel 43, stk. 1, i direktiv 2009/65/EF, på papir eller på et andet varigt medium.
2.   Hvis oplysningerne skal udleveres til alle eller visse deltagere på et andet varigt medium end papir, skal følgende betingelser opfyldes:
a)
Udleveringen af oplysningerne skal foregå på en måde, der er passende i forhold til, hvordan forretningerne mellem deltageren og det ophørende og det fortsættende investeringsselskab eller, hvis det er relevant, det pågældende administrationsselskab udføres eller skal udføres.
b)
Den deltager, som oplysningerne skal gives til, skal specifikt vælge at få oplysningerne på et andet varigt medium end papir, når den pågældende får valget mellem oplysninger på papir eller på et andet varigt medium.
3.   Ved anvendelsen af stk. 1 og 2 anses udlevering af oplysninger ved hjælp af elektronisk kommunikation for at være foregået på en måde, der er passende i forhold til, hvordan forretningsrelationerne mellem det ophørende og det fortsættende investeringsselskab eller deres respektive administrationsselskaber og deltageren videreføres eller skal videreføres, hvis der er dokumentation for, at deltageren har adgang til internettet med jævne mellemrum. Hvis deltageren opgiver en e-mail-adresse med henblik på de pågældende forretninger, betragtes det som en sådan dokumentation.
KAPITEL III
MASTER-FEEDER-STRUKTURER
AFDELING 1
Aftale mellem feeder- og master-institut og interne regler om god forretningsskik
Underafdeling 1
Indholdet af aftalen mellem master-institut og feeder-institut
Artikel 8
Adgang til oplysninger
Medlemsstaterne kræver, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til adgang til oplysninger:
a)
bestemmelser om, hvordan og hvornår master-instituttet giver feeder-instituttet en kopi af sine fondsbestemmelser eller vedtægter, sit prospekt og sin centrale investorinformation eller eventuelle ændringer heraf
b)
bestemmelser om, hvordan og hvornår master-instituttet oplyser feeder-instituttet om delegering af investeringsforvaltnings- og risikostyringsopgaver til tredjemand, jf. artikel 13 i direktiv 2009/65/EF
c)
hvis det er relevant, bestemmelser om, hvordan og hvornår master-instituttet giver feeder-instituttet interne operationelle dokumenter, f.eks. sin risikostyringsproces og sine rapporter om overholdelse af reglerne
d)
bestemmelser om, hvilke nærmere oplysninger om master-instituttets overtrædelser af lovgivning, fondsbestemmelser eller vedtægter og aftalen mellem master-instituttet og feeder-instituttet master-instituttet skal meddele feeder-instituttet, samt hvordan og hvornår
e)
bestemmelser om, hvordan og hvornår master-instituttet — når feeder-instituttet anvender finansielle afledte instrumenter til hedgingformål — oplyser feeder-instituttet om sin faktiske eksponering i forhold til finansielle afledte instrumenter, så feeder-instituttet kan beregne sin egen samlede eksponering, jf. artikel 58, stk. 2, andet afsnit, litra a), i direktiv 2009/65/EF
f)
en erklæring om, at master-instituttet oplyser feeder-instituttet om eventuelle andre aftaler om udveksling af oplysninger, der er indgået med tredjemand, og, hvis det er relevant, hvordan og hvornår master-instituttet giver feeder-instituttet adgang til sådanne andre aftaler om udveksling af oplysninger.
Artikel 9
Feeder-instituttets investerings- og afhændelsesgrundlag
Medlemsstaterne kræver, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til feeder-instituttets investerings- og afhændelsesgrundlag:
a)
en erklæring om, hvilke af master-instituttets aktieklasser der er til rådighed for feeder-instituttets investeringer
b)
de gebyrer og udgifter, der skal afholdes af feeder-instituttet, og nærmere oplysninger om master-instituttets eventuelle nedslag på eller eftergivelse af gebyrer eller udgifter
c)
hvis det er relevant, betingelserne for, at en første eller efterfølgende overførsel af aktiver i form af naturalier fra feeder-instituttet til master-instituttet kan foretages.
Artikel 10
Standardhandelsordninger
Medlemsstaterne kræver, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til standardhandelsordninger:
a)
koordinering af hyppigheden og timingen af beregningen af nettoværdien og offentliggørelsen af andeles priser
b)
koordinering af feeder-instituttets fremsendelse af handelsordrer, herunder, hvis det er relevant, transferagenters eller andre tredjemænds rolle
c)
hvis det er relevant, eventuelle ordninger, der er nødvendige for at tage hensyn til, at et af investeringsinstitutterne eller dem begge handles på et sekundært marked eller er opført på dets liste
d)
hvis det nødvendigt, andre relevante foranstaltninger med henblik på at sikre overholdelse af kravene i artikel 60, stk. 2, i direktiv 2009/65/EF
e)
hvis feeder-instituttet og master-instituttets andele udstedes i forskellige valutaer, grundlaget for omregningen af handelsordrer
f)
afviklingsperioder og nærmere oplysninger om betalinger i forbindelse med køb eller tegning og tilbagekøb eller indløsning af master-instituttets andele, og, når det sker efter aftale parterne imellem, vilkårene for, at master-instituttet kan afvikle krav om indløsning ved en overførsel af aktiver i form af naturalier til feeder-instituttet, navnlig i de tilfælde, der er omhandlet i artikel 60, stk. 4 og 5, i direktiv 2009/65/EF
g)
procedurer for at sikre, at forespørgsler og klager fra deltagere håndteres på passende vis
h)
hvis master-instituttets fondsbestemmelser eller vedtægter og prospekt giver det visse rettigheder eller beføjelser i forhold til deltagerne og master-instituttet vælger at begrænse eller give afkald på udøvelsen af alle eller visse af sådanne rettigheder og beføjelser i forhold til feeder-instituttet, en erklæring om vilkårene for dette.
Artikel 11
Begivenheder, der påvirker handelsordninger
Medlemsstaterne kræver, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til begivenheder, der påvirker handelsordninger:
a)
bestemmelser om, hvordan og hvornår investeringsinstitutterne giver meddelelse om midlertidig udsættelse og genoptagelse af tilbagekøb, indløsning, køb eller tegning af deres egne andele
b)
ordninger for meddelelse om og løsning på prisfastsættelsesfejl i master-instituttet.
Artikel 12
Standardordninger for revisionsberetningen
Medlemsstaterne kræver, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til standardordninger for revisionsberetningen:
a)
hvis feeder-instituttet og master-instituttet har samme regnskabsår, koordinering af udarbejdelsen af deres periodiske beretninger
b)
hvis feeder-instituttet og master-instituttet har forskellige regnskabsår, ordninger, som sikrer, at feeder-instituttet får de fornødne oplysninger fra master-instituttet, der sætter det i stand til at udarbejde sine periodiske beretninger til tiden, og at master-instituttets revisor kan udarbejde en ad hoc-beretning på afslutningsdatoen for feeder-instituttet, jf. artikel 62, stk. 2, i direktiv 2009/65/EF.
Artikel 13
Ændringer af eksisterende ordninger
Medlemsstaterne kræver, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til ændringer af eksisterende ordninger:
a)
bestemmelser om, hvordan og hvornår master-instituttet skal underrette om påtænkte eller gennemførte ændringer af sine fondsbestemmelser eller vedtægter, sit prospekt og sin centrale investorinformation, hvis disse er forskellige fra de standardordninger for underretning af deltagere, der er fastlagt i master-instituttets fondsbestemmelser, vedtægter eller prospekt
b)
bestemmelser om, hvordan og hvornår master-instituttet skal underrette om en planlagt eller foreslået likvidation, fusion eller opsplitning
c)
bestemmelser om, hvordan og hvornår master- og/eller feeder-instituttet skal underrette om, at det er ophørt eller vil ophøre med at opfylde betingelserne for at være et feeder-institut eller et master-institut
d)
bestemmelser om, hvordan og hvornår master- og/eller feeder-instituttet skal underrette om, at det agter at udskifte sit administrationsselskab, sin depositar, sin revisor eller en tredjemand, der har mandat til at varetage investeringsforvaltnings- og risikostyringsopgaver
e)
bestemmelser om, hvordan og hvornår der skal underrettes om andre ændringer af eksisterende ordninger, som master-instituttet tager initiativ til.
Artikel 14
Lovvalg
1.   Medlemsstaterne sikrer, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, hvis feeder-instituttet og master-instituttet er etableret i samme medlemsstat, foreskriver, at den pågældende medlemsstats lovgivning finder anvendelse på aftalen, og at begge parter er enige om, at den pågældende medlemsstats domstole har enekompetence.
2.   Medlemsstaterne sikrer, at aftalen mellem master-instituttet og feeder-instituttet, jf. artikel 60, stk. 1, første afsnit, i direktiv 2009/65/EF, hvis feeder-instituttet og master-instituttet ikke er etableret i samme medlemsstat, foreskriver, at gældende lovgivning enten er lovgivningen i den medlemsstat, hvor feeder-instituttet er etableret, eller lovgivningen i den medlemsstat, hvor master-instituttet er etableret, og at begge parter er enige om, at det er domstolene i den medlemsstat, hvis lovgivning de har bestemt er gældende for aftalen, der har enekompetence.
Underafdeling 2
Indholdet af de interne regler om god forretningsskik
Artikel 15
Interessekonflikter
Medlemsstaterne sikrer, at administrationsselskabets interne regler om god forretningsskik, jf. artikel 60, stk. 1, tredje afsnit, i direktiv 2009/65/EF, omfatter relevante foranstaltninger til at afbøde interessekonflikter, der evt. kan opstå mellem feeder-instituttet og master-instituttet eller mellem feeder-instituttet og andre af master-instituttets deltagere, for så vidt som sådanne interessekonflikter ikke i tilstrækkelig grad imødegås ved foranstaltninger, som administrationsselskabet anvender for at opfylde kravene i artikel 12, stk. 1, litra b), og artikel 14, stk. 1, litra d), i direktiv 2009/65/EF og i kapitel III i Kommissionens direktiv 2010/43/EU af 1. juli 2010 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår organisatoriske krav, interessekonflikter, god forretningsskik, risikostyring og indholdet af aftalen mellem en depositar og et administrationsselskab 
(
5
)
.
Artikel 16
Feeder-instituttets investerings- og afhændelsesgrundlag
Medlemsstaterne sikrer, at administrationsselskabets interne regler om god forretningsskik, jf. artikel 60, stk. 1, tredje afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til feeder-instituttets investerings- og afhændelsesgrundlag:
a)
en erklæring om, hvilke af master-instituttets aktieklasser der er til rådighed for feeder-instituttets investeringer
b)
de gebyrer og udgifter, der skal afholdes af feeder-instituttet, og nærmere oplysninger om master-instituttets eventuelle nedslag på eller refusion af gebyrer eller udgifter
c)
hvis det er relevant, betingelserne for, at en første eller efterfølgende overførsel af aktiver i form af naturalier fra feeder-instituttet til master-instituttet kan foretages.
Artikel 17
Standardhandelsordninger
Medlemsstaterne sikrer, at administrationsselskabets interne regler om god forretningsskik, jf. artikel 60, stk. 1, tredje afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til standardhandelsordninger:
a)
koordinering af hyppigheden og timingen af beregningen af nettoværdien og offentliggørelsen af andeles priser
b)
koordinering af feeder-instituttets fremsendelse af handelsordrer, herunder, hvis det er relevant, transferagenters eller andre tredjemænds rolle
c)
hvis det er relevant, eventuelle ordninger, der er nødvendige for at tage hensyn til, at et af investeringsinstitutterne eller dem begge er noteret eller handles på et sekundært marked
d)
relevante foranstaltninger med henblik på at sikre overholdelse af kravene i artikel 60, stk. 2, i direktiv 2009/65/EF
e)
hvis feeder-instituttet og master-instituttet udsteder i forskellige valutaer, grundlaget for omregningen af handelsordrer
f)
afviklingsperioder og nærmere oplysninger om betalinger i forbindelse med master-instituttets køb og indløsning af andele, og, når det sker efter aftale parterne imellem, vilkårene for, at master-instituttet kan afvikle krav om indløsning ved en overførsel af aktiver i form af naturalier til feeder-instituttet, navnlig i de tilfælde, der er omhandlet i artikel 60, stk. 4 og 5, i direktiv 2009/65/EF
g)
hvis master-instituttets fondsbestemmelser eller vedtægter og prospekt giver det visse rettigheder eller beføjelser i forhold til deltagerne og master-instituttet vælger at begrænse eller give afkald på udøvelsen af alle eller visse af sådanne rettigheder og beføjelser i forhold til feeder-instituttet, en erklæring om vilkårene for dette.
Artikel 18
Begivenheder, der påvirker handelsordninger
Medlemsstaterne sikrer, at administrationsselskabets interne regler om god forretningsskik, jf. artikel 60, stk. 1, tredje afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til begivenheder, der påvirker handelsordninger:
a)
bestemmelser om, hvordan og hvornår investeringsinstitutterne giver meddelelse om midlertidig udsættelse og genoptagelse af tilbagekøb, indløsning eller tegning af andele
b)
ordninger for meddelelse om og løsning på prisfastsættelsesfejl i master-instituttet.
Artikel 19
Standardordninger for revisionsberetningen
Medlemsstaterne sikrer, at administrationsselskabets interne regler om god forretningsskik, jf. artikel 60, stk. 1, tredje afsnit, i direktiv 2009/65/EF, omfatter følgende med hensyn til standardordninger for revisionsberetningen:
a)
hvis feeder-instituttet og master-instituttet har samme regnskabsår, koordinering af udarbejdelsen af deres periodiske beretninger
b)
hvis feeder-instituttet og master-instituttet har forskellige regnskabsår, ordninger, som sikrer, at feeder-instituttet får de fornødne oplysninger fra master-instituttet, der sætter det i stand til at udarbejde sine periodiske beretninger til tiden, og at master-instituttets revisor kan udarbejde en ad hoc-beretning på afslutningsdatoen for feeder-instituttet, jf. artikel 62, stk. 2, i direktiv 2009/65/EF.
AFDELING 2
Master-instituttets likvidation, fusion eller opsplitning
Underafdeling 1
Procedure i tilfælde af en likvidation
Artikel 20
Ansøgning om godkendelse
1.   Medlemsstaterne kræver, at feeder-instituttet senest 2 måneder efter den dato, hvor master-instituttet underrettede det om sin bindende beslutning om at træde i likvidation, fremsender følgende til sine kompetente myndigheder:
a)
hvis feeder-instituttet agter at investere mindst 85 % af sine aktiver i andele i et andet master-institut, jf. artikel 60, stk. 4, litra a), i direktiv 2009/65/EF:
i)
sin ansøgning om godkendelse af den pågældende investering
ii)
sin ansøgning om godkendelse af de foreslåede ændringer af sine fondsbestemmelser eller vedtægter
iii)
ændringerne af sit prospekt og sin centrale investorinformation, jf. henholdsvis artikel 74 og 82 i direktiv 2009/65/EF
iv)
de øvrige dokumenter, som kræves i henhold til artikel 59, stk. 3, i direktiv 2009/65/EF
b)
hvis feeder-instituttet agter at konvertere til et investeringsinstitut, der ikke er et feeder-institut, jf. artikel 60, stk. 4, litra b), i direktiv 2009/65/EF:
i)
sin ansøgning om godkendelse af de foreslåede ændringer af sine fondsbestemmelser eller vedtægter
ii)
ændringerne af sit prospekt og sin centrale investorinformation, jf. henholdsvis artikel 74 og 82 i direktiv 2009/65/EF
c)
en meddelelse om, at feeder-instituttet agter at træde i likvidation, hvis dette er tilfældet.
2.   Uanset stk. 1 skal feeder-instituttet, hvis master-instituttet har underrettet feeder-instituttet om sin bindende beslutning om at træde i likvidation mere end 5 måneder, inden likvidationens begyndelse, senest tre måneder inden nævnte dato til sine kompetente myndigheder fremsende sin ansøgning eller meddelelse i henhold til stk. 1, litra a), b) eller c).
3.   Feeder-instituttet underretter sine deltagere om, at det agter hurtigst muligt at træde i likvidation.
Artikel 21
Godkendelse
1.   Feeder-instituttet underrettes senest 15 arbejdsdage efter, at samtlige dokumenter omhandlet i artikel 20, stk. 1, litra a) eller b), er blevet fremsendt, om, hvorvidt de kompetente myndigheder har givet de ønskede godkendelser.
2.   Når feeder-instituttet har modtaget de kompetente myndigheders godkendelse, jf. stk. 1, underretter det master-instituttet herom.
3.   Feeder-instituttet træffer de fornødne foranstaltninger til at opfylde kravene i artikel 64 i direktiv 2009/65/EF hurtigst muligt efter, at de kompetente myndigheder har givet de fornødne godkendelser i henhold til artikel 20, stk. 1, litra a), i nærværende direktiv.
4.   Hvis udlodningen af likvidationsprovenuet fra master-instituttet skal foretages før den dato, hvor feeder-instituttet skal begynde at investere i enten et andet master-institut, jf. artikel 20, stk. 1, litra a), eller i overensstemmelse med sine nye investeringsmål og sin nye investeringspolitik, jf. artikel 20, stk. 1, litra b), giver feeder-instituttets kompetente myndigheder deres godkendelse på følgende betingelser:
a)
Feeder-instituttet modtager likvidationsprovenuet:
i)
i kontanter eller
ii)
dele af eller hele provenuet som en overførsel af aktiver i form af naturalier, hvis feeder-instituttet ønsker det, og hvis aftalen mellem feeder-instituttet og master-instituttet eller de interne regler om god forretningsskik og den bindende beslutning om at træde i likvidation foreskriver dette.
b)
Eventuelle kontanter, der besiddes eller modtages i overensstemmelse med dette stykke, må kun af hensyn til en effektiv likviditetsstyring reinvesteres før den dato, hvor feeder-instituttet skal begynde at investere i enten et andet master-institut eller i overensstemmelse med sine nye investeringsmål og sin nye investeringspolitik.
Når første afsnit, litra a), nr. ii), finder anvendelse, kan feeder-instituttet når som helst realisere en valgfri del af de aktiver, der er overført i form af naturalier, i kontanter.
Underafdeling 2
Procedure i tilfælde af en fusion eller opsplitning
Artikel 22
Ansøgning om godkendelse
1.   Medlemsstaterne kræver, at feeder-instituttet senest 1 måned efter den dato, hvor feeder-instituttet modtog oplysningerne om den påtænkte fusion eller opsplitning, jf. artikel 60, stk. 5, andet afsnit, i direktiv 2009/65/EF, fremsender følgende til sine kompetente myndigheder:
a)
hvis feeder-instituttet agter at fortsætte med at være feeder-institut for det samme master-institut:
i)
sin ansøgning om godkendelse heraf
ii)
hvis det er relevant, sin ansøgning om godkendelse af de foreslåede ændringer af sine fondsbestemmelser eller vedtægter
iii)
hvis det er relevant, ændringerne af sit prospekt og sin centrale investorinformation, jf. henholdsvis artikel 74 og 82 i direktiv 2009/65/EF
b)
hvis feeder-instituttet agter at blive et feeder-institut for et andet master-institut, der er et resultat af den påtænkte fusion eller opsplitning af master-instituttet, eller hvis feeder-instituttet agter at investere mindst 85 % af sine aktiver i andele i et andet master-institut, der ikke er et resultat af fusionen eller opsplitningen:
i)
sin ansøgning om godkendelse af den pågældende investering
ii)
sin ansøgning om godkendelse af de foreslåede ændringer af sine fondsbestemmelser eller vedtægter
iii)
ændringerne af sit prospekt og sin centrale investorinformation, jf. henholdsvis artikel 74 og 82 i direktiv 2009/65/EF
iv)
de øvrige dokumenter, som kræves i henhold til artikel 59, stk. 3, i direktiv 2009/65/EF
c)
hvis feeder-instituttet agter at konvertere til et investeringsinstitut, der ikke er et feeder-institut, jf. artikel 60, stk. 4, litra b), i direktiv 2009/65/EF:
i)
sin ansøgning om godkendelse af de foreslåede ændringer af sine fondsbestemmelser eller vedtægter
ii)
ændringerne af sit prospekt og sin centrale investorinformation, jf. henholdsvis artikel 74 og 82 i direktiv 2009/65/EF
d)
en meddelelse om, at feeder-instituttet agter at træde i likvidation, hvis dette er tilfældet.
2.   Ved anvendelsen af stk. 1, litra a) og b), bør følgende tages i betragtning:
Ved »fortsætter med at være feeder-institut for det samme master-institut« refereres der til tilfælde, hvor:
a)
master-instituttet er det fortsættende institut i en påtænkt fusion
b)
master-instituttet skal videreføres uden væsentlige ændringer som et af de investeringsinstitutter, der er resultatet af en påtænkt opsplitning.
Ved »bliver et feeder-institut for et andet master-institut, der er et resultat af den påtænkte fusion eller opsplitning af master-instituttet« refereres der til tilfælde, hvor:
a)
feeder-instituttet er det fortsættende institut, og feeder-instituttet bliver som følge af fusionen deltager i det fortsættende institut
b)
feeder-instituttet bliver deltager i et investeringsinstitut, som er et resultat af en opsplitning og er væsentligt forskelligt fra master-instituttet.
3.   Uanset stk. 1 skal feeder-instituttet, hvis master-instituttet har givet feeder-instituttet oplysningerne omhandlet i artikel 43 i direktiv 2009/65/EF eller sammenlignelige oplysninger mere end 4 måneder før den påtænkte gennemførelsesdato, senest 3 måneder inden den påtænkte gennemførelsesdato for master-instituttets fusion eller opsplitning til sine kompetente myndigheder fremsende sin ansøgning eller meddelelse i henhold til stk. 1, litra a), b), c) eller d) i nærværende artikel.
4.   Feeder-instituttet underretter sine deltagere og master-instituttet om, at det agter hurtigst muligt at træde i likvidation.
Artikel 23
Godkendelse
1.   Feeder-instituttet underrettes senest 15 arbejdsdage efter, at samtlige dokumenter omhandlet i artikel 22, stk. 1, litra a), b) eller c), er blevet fremsendt, om, hvorvidt de kompetente myndigheder har givet de ønskede godkendelser.
2.   Når feeder-instituttet har modtaget oplysning om de kompetente myndigheders godkendelse, jf. stk. 1, underretter det master-instituttet herom.
3.   Feeder-instituttet træffer de fornødne foranstaltninger til at opfylde kravene i artikel 64 i direktiv 2009/65/EF hurtigst muligt efter, at det er blevet oplyst om, at de kompetente myndigheder har givet de fornødne godkendelser i henhold til artikel 22, stk. 1, litra b), i nærværende direktiv.
4.   I tilfælde som omhandlet i artikel 22, stk. 1, litra b) og c), i nærværende direktiv skal feeder-instituttet udøve retten til at forlange tilbagekøb eller indløsning af sine andele i master-instituttet, jf. artikel 60, stk. 5, og artikel 45, stk. 1, i direktiv 2009/65/EF, hvis master-instituttets kompetente myndigheder ikke har givet de fornødne godkendelser, der kræves i henhold til artikel 22, stk. 1, i nærværende direktiv, senest den arbejdsdag, der går forud for den sidste dag, hvor feeder-instituttet kan forlange tilbagekøb eller indløsning af sine andele i master-instituttet, inden fusionen eller opsplitningen gennemføres.
Feeder-instituttet udøver ligeledes denne rette for at sikre, at dets egne deltageres ret til at forlange tilbagekøb eller indløsning af deres andele i feeder-instituttet, jf. artikel 64, stk. 1, litra d), i direktiv 2009/65/EF, ikke påvirkes.
Inden feeder-instituttet udøver den ret, der er omhandlet i første afsnit, skal det overveje disponible alternative løsninger, der kan være med til at undgå eller reducere transaktionsomkostninger eller andre negative konsekvenser for dets egne deltagere.
5.   Hvis feeder-instituttet forlanger tilbagekøb eller indløsning af sine andele i master-instituttet, skal det modtage:
a)
tilbagekøbs- eller indløsningsprovenuet i kontanter eller
b)
dele af eller hele tilbagekøbs- eller indløsningsprovenuet som en overførsel i form af naturalier, hvis feeder-instituttet ønsker det, og hvis aftalen mellem feeder-instituttet og master-instituttet foreskriver dette.
Når første afsnit, litra b), finder anvendelse, kan feeder-instituttet når som helst realisere en valgfri del af de overførte aktiver, i kontanter.
6.   Feeder-instituttets kompetente myndigheder giver deres godkendelse, forudsat at eventuelle kontanter, der besiddes eller modtages i overensstemmelse med stk. 5, kun af hensyn til en effektiv likviditetsstyring må reinvesteres før den dato, hvor feeder-instituttet skal begynde at investere i enten det nye master-institut eller i overensstemmelse med sine nye investeringsmål og sin nye investeringspolitik.
AFDELING 3
Depositarer og revisorer
Underafdeling 1
Depositarer
Artikel 24
Indholdet af aftalen om informationsudveksling mellem depositarer
Aftalen om informationsudveksling mellem master-instituttets depositar og feeder-instituttets depositar, jf. artikel 61, stk. 1, i direktiv 2009/65/EF, skal omfatte følgende:
a)
angivelse af, hvilke dokumenter og kategorier af oplysninger de to depositarer skal udveksle rutinemæssigt, og om den ene depositar skal give de pågældende oplysninger og dokumenter til den anden eller de skal udleveres efter anmodning
b)
angivelse af, hvordan og hvornår, herunder relevante frister, master-instituttets depositar skal sende oplysninger til feeder-instituttets depositar
c)
koordinering af begge depositarers involvering i operationelle anliggender, for så vidt som det er relevant i forhold til deres respektive forpligtelser i henhold til national lovgivning, herunder:
i)
proceduren for beregning af hvert investeringsinstituts nettoværdi, herunder eventuelle foranstaltninger, der er relevante som beskyttelse mod markedstiming, jf. artikel 60, stk. 2, i direktiv 2009/65/EF
ii)
behandlingen af instrukser fra feeder-instituttet om at købe, tegne eller forlange tilbagekøb eller indløsning af andele i master-instituttet og afviklingen af sådanne transaktioner, herunder eventuelle ordninger med henblik på overførsel af aktiver i form af naturalier
d)
koordinering af procedurer for afslutninger på regnskabsår
e)
bestemmelser om, hvilke nærmere oplysninger om master-instituttets overtrædelser af lovgivning, fondsbestemmelser eller vedtægter master-instituttets depositar skal meddele feeder-instituttets depositar, samt hvordan og hvornår
f)
proceduren for håndtering af ad hoc-anmodninger om bistand indbyrdes mellem depositarerne
g)
bestemmelser om, hvilke specifikke mulige begivenheder depositarerne skal meddele hinanden på ad hoc-basis, samt hvordan og hvornår.
Artikel 25
Lovvalg
1.   Medlemsstaterne sikrer, at aftalen mellem master-instituttets depositar og feeder-instituttets depositar, hvis feeder-instituttet og master-instituttet har indgået en aftale i overensstemmelse med artikel 60, stk. 1, i direktiv 2009/65/EF, foreskriver, at den medlemsstats lovgivning, der finder anvendelse på aftalen, jf. artikel 14 i nærværende direktiv, også finder anvendelse på aftalen om informationsudveksling mellem de to depositarer, og at begge depositarer er enige om, at den pågældende medlemsstats domstole har enekompetence.
2.   Medlemsstaterne sikrer, at aftalen mellem master-instituttets depositar og feeder-instituttets depositar, hvis aftalen mellem feeder-instituttet og master-instituttet er blevet erstattet af interne regler om god forretningsskik, jf. artikel 60, stk. 1, tredje afsnit, i direktiv 2009/65/EF, foreskriver, at den lov, der finder anvendelse på aftalen om informationsudveksling mellem de to depositarer, enten er lovgivningen i den medlemsstat, hvor feeder-instituttet er etableret, eller lovgivningen i den medlemsstat, hvor master-instituttet er etableret, hvis det der er tale om forskellige medlemsstater, og at begge depositarer er enige om, at det er domstolene i den medlemsstat, hvis lovgivning der er gældende for aftalen, der har enekompetence.
Artikel 26
Indberetning af uregelmæssigheder fra master-instituttets depositar
Uregelmæssigheder omhandlet i artikel 61, stk. 2, i direktiv 2009/65/EF, som master-instituttets depositar får kendskab til ved varetagelsen af sine opgaver i henhold til national lovgivning, og som kan have negative konsekvenser for feeder-instituttet, omfatter bl.a.:
a)
fejl i beregningen af master-instituttets nettoværdi
b)
fejl i transaktioner eller afvikling vedrørende feeder-instituttets køb, tegning eller krav om tilbagekøb eller indløsning af andele i master-instituttet
c)
fejl i udbetaling eller kapitalisering af afkast fra master-instituttet eller i beregningen af tilbageholdt skat i den forbindelse
d)
brud på master-instituttets investeringsmål, -politik eller –strategi som beskrevet i dets fondsbestemmelser eller vedtægter, prospekt eller centrale investorinformation
e)
overtrædelser af investerings- og låntagningslofter, der er fastlagt i national lovgivning eller i fondsbestemmelser, vedtægter, prospekt eller central investorinformation.
Underafdeling 2
Revisorer
Artikel 27
Aftale om informationsudveksling mellem revisorer
1.   Aftalen om informationsudveksling mellem master-instituttets revisor og feeder-instituttets revisor, jf. artikel 62, stk. 1, i direktiv 2009/65/EF, skal omfatte følgende:
a)
angivelse af, hvilke dokumenter og kategorier af oplysninger de to revisorer skal udveksle rutinemæssigt
b)
angivelse af, om den ene revisor skal give de pågældende oplysninger og dokumenter omhandlet i litra a) til den anden eller de skal udleveres efter anmodning
c)
angivelse af, hvordan og hvornår, herunder relevante frister, master-instituttets revisor skal sende oplysninger til feeder-instituttets revisor
d)
koordinering af revisorernes involvering i de respektive investeringsinstitutters procedurer for afslutninger på regnskabsår
e)
angivelse af, hvad der skal betragtes som uregelmæssigheder, der oplyses om i master-instituttets revisors revisionsberetning, jf. artikel 62, stk. 2, andet afsnit, i direktiv 2009/65/EF
f)
bestemmelser om, hvordan og hvornår ad hoc-anmodninger om bistand indbyrdes mellem revisorer skal håndteres, herunder en anmodning om yderligere oplysninger om uregelmæssigheder, der oplyses om i master-instituttets revisors revisionsberetning.
2.   Aftalen omhandlet i stk. 1 skal omfatte bestemmelser om udarbejdelsen af revisionsberetningerne omhandlet i artikel 62, stk. 2, og artikel 73 i direktiv 2009/65/EF og om, hvordan og hvornår revisionsberetningen skal forelægges for master-instituttet og udkast til den for feeder-instituttets revisor.
3.   Hvis feeder-instituttet og master-instituttet ikke har samme dato for afslutning på regnskabsåret, skal aftalen omhandlet i stk. 1 omfatte bestemmelser om, hvordan og hvornår master-instituttets revisor skal udarbejde ad hoc-beretningen, jf. artikel 62, stk. 2, første afsnit, i direktiv 2009/65/EF og sende den og udkast til den til feeder-instituttets revisor.
Artikel 28
Lovvalg
1.   Medlemsstaterne sikrer, at aftalen mellem master-instituttets revisor og feeder-instituttets revisor, hvis feeder-instituttet og master-instituttet har indgået en aftale i overensstemmelse med artikel 60, stk. 1, i direktiv 2009/65/EF, foreskriver, at den medlemsstats lovgivning, der finder anvendelse på aftalen, jf. artikel 14 i nærværende direktiv, også finder anvendelse på aftalen om informationsudveksling mellem de to revisorer, og at begge revisorer er enige om, at den pågældende medlemsstats domstole har enekompetence.
2.   Medlemsstaterne sikrer, at aftalen mellem master-instituttets revisor og feeder-instituttets revisor, hvis aftalen mellem feeder-instituttet og master-instituttet er blevet erstattet af interne regler om god forretningsskik, jf. artikel 60, stk. 1, tredje afsnit, i direktiv 2009/65/EF, foreskriver, at den lov, der finder anvendelse på aftalen om informationsudveksling mellem de to revisor, enten er lovgivningen i den medlemsstat, hvor feeder-instituttet er etableret, eller lovgivningen i den medlemsstat, hvor master-instituttet er etableret, hvis det der er tale om forskellige medlemsstater, og at begge revisorer er enige om, at det er domstolene i den medlemsstat, hvis lovgivning der er gældende for aftalen, der har enekompetence.
AFDELING 4
Metode til udlevering af oplysningerne til deltagerne
Artikel 29
Metode til udlevering af oplysningerne til deltagerne
Medlemsstaterne sikrer, at feeder-instituttet giver deltagerne oplysningerne omhandlet i artikel 64, stk. 1, i direktiv 2009/65/EF på samme måde som foreskrevet i artikel 7 i nærværende direktiv.
KAPITEL IV
ANMELDELSESPROCEDURE
Artikel 30
Omfanget de oplysninger, medlemsstaterne skal give adgang til i henhold til artikel 91, stk. 3, i direktiv 2009/65/EF
1.   Medlemsstaterne sikrer, at der er adgang til følgende kategorier af oplysninger om de relevante love og administrative bestemmelser i henhold til artikel 91, stk. 3, i direktiv 2009/65/EF:
a)
definitionen af »markedsføringen (…) af andele i investeringsinstitutter« eller det tilsvarende juridiske udtryk anvendt i national lovgivning eller i praksis
b)
krav til markedsføringsmateriales indhold, form og præsentationsmåde, herunder alle obligatoriske advarsler og restriktioner for anvendelse af bestemte ord eller udtryk
c)
nærmere oplysninger om eventuel supplerende information, der kræves oplyst over for investorer, jf. dog kapitel IX i direktiv 2009/65/EF
d)
nærmere oplysninger om eventuelle undtagelser fra regler eller krav vedrørende ordninger med hensyn til markedsføring, som gælder i den pågældende medlemsstat for bestemte investeringsinstitutter, bestemte aktieklasser i investeringsinstitutter eller bestemte investorkategorier
e)
krav vedrørende indberetning eller fremsendelse af oplysninger til den pågældende medlemsstats kompetente myndigheder og proceduren for indgivelse af opdaterede versioner af krævede dokumenter
f)
krav vedrørende honorarer eller andre beløb, der skal betales til de kompetente myndigheder eller andre lovfæstede organer i den pågældende medlemsstat, enten når markedsføringen begynder eller efterfølgende med regelmæssige mellemrum
g)
krav vedrørende foranstaltninger til sikring af deltagernes muligheder, jf. artikel 92 i direktiv 2009/65/EF
h)
betingelser for, at et investeringsinstitut i en anden medlemsstat kan afbryde markedsføring af andele af et investeringsinstitut i den pågældende medlemsstat
i)
nærmere oplysninger om indholdet af den information, en medlemsstat kræver, skal indgå i anmeldelsesbrevets del B, jf. artikel 1 i Kommissionens forordning (EU) nr. 584/2010 af 1. juli 2010 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår form og indhold af standardmodellen til anmeldelse og erklæring om investeringsinstituttet, brug af elektronisk kommunikation mellem kompetente myndigheder i forbindelse med anmeldelser og procedurer i forbindelse med kontroller og undersøgelser på stedet samt udveksling af oplysninger mellem kompetente myndigheder 
(
6
)
j)
den e-mail-adresse, der er angivet med henblik på anvendelsen af artikel 32.
2.   Medlemsstaterne giver oplysningerne omhandlet i stk. 1 i form af en beskrivelse med ord eller en kombination af en beskrivelse med ord og en række henvisninger eller link til kildedokumenter.
Artikel 31
Adgang til dokumenter for et investeringsinstituts værtsland
1.   Medlemsstaterne kræver, at investeringsinstitutterne sikrer, at der er adgang til et elektronisk eksemplar af alle dokumenter, der er omhandlet i artikel 93, stk. 2, i direktiv 2009/65/EF, på investeringsinstituttets websted eller på et websted hos det administrationsselskab, der administrerer det pågældende investeringsinstitut, eller på et andet websted, som investeringsinstituttet har angivet i det anmeldelsesbrev, det har fremsendt i henhold til artikel 93, stk. 1, i direktiv 2009/65/EF, eller eventuelle opdateringer af det. Alle dokumenter, der gives adgang til på et websted, skal forelægges i et almindelig anvendt elektronisk format.
2.   Medlemsstaterne kræver, at investeringsinstitutterne sikrer, at investeringsinstituttets værtsland har adgang til webstedet omhandlet i stk. 1.
Artikel 32
Opdatering af dokumenter
1.   De kompetente myndighed angiver en e-mail-adresse, hvortil sendes anmeldelser af opdateringer og ændringer af dokumenterne omhandlet i artikel 93, stk. 2, i direktiv 2009/65/EF, jf. artikel 93, stk. 7, i samme direktiv.
2.   Medlemsstaterne tillader, at investeringsinstitutterne anmelder opdateringer og ændringer af dokumenterne omhandlet i artikel 93, stk. 2, i direktiv 2009/65/EF, jf. artikel 93, stk. 7, i direktiv 2009/65/EF, pr. e-mail, som sendes til e-mail-adressen omhandlet i stk. 1.
En e-mail, der anmelder en sådan opdatering eller ændring, kan enten indeholde en beskrivelse af opdateringen eller ændringen eller en ny version af dokumentet som en vedhæftet fil.
3.   Medlemsstaterne kræver, at dokumenter, der er vedhæftet en e-mail som omhandlet i stk. 2, fremsendes af investeringsinstituttet i et almindelig anvendt elektronisk format.
Artikel 33
Udvikling af fælles edb-systemer
1.   For at give de kompetente myndigheder i investeringsinstituttets værtsland lettere adgang til oplysningerne eller dokumenterne omhandlet i artikel 93, stk. 1, 2 og 3, i direktiv 2009/65/EF, jf. artikel 93, stk. 7, i samme direktiv, kan medlemsstaternes kompetente myndigheder koordinere, at der oprettes avancerede edb- og centrallagersystemer, der er fælles for alle medlemsstater.
2.   Koordineringen mellem medlemsstaterne omhandlet i stk. 1 foregår i Det Europæiske Værdipapirtilsynsudvalg.
KAPITEL V
AFSLUTTENDE BESTEMMELSER
Artikel 34
Gennemførelse
1.   Medlemsstaterne sætter de nødvendige love og administrative bestemmelser i kraft for at efterkomme dette direktiv senest den 30. juni 2011.
De sætter dog de nødvendige love og administrative bestemmelser i kraft for at efterkomme artikel 7 og 29 senest den 31. december 2013.
De tilsender straks Kommissionen disse bestemmelser med en sammenligningstabel, som viser sammenhængen mellem de pågældende bestemmelser og dette direktiv.
Bestemmelserne skal ved vedtagelsen indeholde en henvisning til dette direktiv eller skal ved offentliggørelsen ledsages af en sådan henvisning. De nærmere regler for henvisningen fastsættes af medlemsstaterne.
2.   Medlemsstaterne tilsender Kommissionen de vigtigste nationale bestemmelser, som de udsteder på det område, der er omfattet af dette direktiv.
Artikel 35
Ikrafttrædelse
Dette direktiv træder i kraft på tyvendedagen efter offentliggørelsen i 
Den Europæiske Unions Tidende
.
Artikel 36
Adressater
Dette direktiv er rettet til medlemsstaterne.
Udfærdiget i Bruxelles, den 1. juli 2010.
På Kommissionens vegne
José Manuel BARROSO
Formand
(
1
)
  
            
EUT L 302 af 17.11.2009, s. 32
.
(
2
)
  
            
EUT L 177 af 4.7.2008, s. 6
.
(
3
)
  
            
EUT L 25 af 29.1.2009, s. 18
.
(
4
)
  Se side 1 i denne EUT.
(
5
)
  Se side 42 i denne EUT.
(
6
)
  Se side 16 i denne EUT.

Summary:
Fusioner af fonde og master-feeder-strukturer i forbindelse med institutter for kollektiv investering i værdipapirer (investeringsinstitutter)
RESUMÉ AF:
Direktiv 2010/44/EU om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår visse bestemmelser om fusioner af fonde, master-feeder-strukturer og anmeldelsesprocedure
HVAD ER FORMÅLET MED DIREKTIVET?
Direktivet fastsætter gennemførelsesregler for fusioner af 
institutter for kollektiv investering i værdipapirer
 (investeringsinstitutter)
1
 og 
master-feeder-strukturer
 i forbindelse med direktiv 2009/65/EF om de 
regler, der gælder for investeringsinstitutter
.
Det er en ud af fire gennemførelsesforanstaltninger, der blev vedtaget samlet i 2010. De tre øvrige er direktiv 
2010/43/EU
, forordning (EU) 
nr. 
583/2010
 og forordning (EU) 
nr. 
584/2010
.
HOVEDPUNKTER
Fusioner af investeringsinstitutter
I tilfælde af et investeringsinstituts fusion skal 
deltagerne
2
 informeres om betingelserne for fusionen og dens potentielle indflydelse på det fortsættende investeringsinstitut. De skal modtage andre oplysninger, herunder:
deres rettigheder før og efter at den påtænkte fusion er trådt i kraft 
en sammenligning af forskellene mellem investeringsinstitutterne vedrørende en 
syntetisk risiko
3
 i den centrale investorinformation og mellem deres gebyrer, honorarer og udgifter 
hvorvidt det ophørende investeringsinstituts administrationsselskab eller investeringsselskab agter at foretage en 
rebalancering af porteføljen
4
, før fusionen er trådt i kraft 
nærmere oplysninger om eventuelle periodeafgrænsningsposter i de respektive investeringsinstitutter. 
De skal desuden informeres om proceduren for deltagernes godkendelse af fusionsforslaget samt datoen for, hvornår fusionen træder i kraft.
Det fortsættende investeringsinstituts centrale investorinformation skal gives til det ophørende og det fortsættende investeringsinstituts deltagere.
Master-feeder-strukturer
Aftaler og interne regler om god forretningsskik mellem feeder-institutFeeder-institut: et feeder-institut er et investeringsinstitut, som er blevet godkendt til at investere mindst 
85 %
 af sine aktiver i andele i et andet investeringsinstitut. og master-institutMaster-institut: et investeringsinstitut i form af en fond med en eller flere feeder-fonde som investorer. Det kan ikke selv være et feeder-institut eller have andele i et feeder-institut.
Aftalen skal fastlægge betingelserne for:
udlevering af en kopi af prækontraktuelle dokumenter og interne operationelle dokumenter 
delegering af investeringsforvaltnings- og risikostyringsopgaver til tredjemand 
fastlæggelse af nærmere regler vedrørende overtrædelser af lovgivning og brug af derivater 
indgåelse af eventuelle andre aftaler om udveksling af oplysninger med tredjemand. 
Desuden skal aftalen også indeholde følgende i forbindelse med feeder-instituttets investerings- og afhændelsesgrundlag:
en erklæring om, hvilke af master-instituttets aktieklasser der er til rådighed for feeder-instituttets investeringer 
de gebyrer og udgifter, der skal afholdes af feeder-instituttet 
betingelserne for, at en første eller efterfølgende overførsel af aktiver i form af naturalier fra feeder-instituttet til master-instituttet kan foretages. 
Administrationsselskabets 
interne regler om god forretningsskik
 skal omfatte relevante foranstaltninger til at afbøde interessekonflikter både mellem feeder-instituttet og master-instituttet og mellem feeder-instituttet og andre af master-instituttets deltagere.
Procedure i tilfælde af en likvidation af master-instituttet
Hvis feeder-instituttet agter at investere mindst 
85 %
 af sine aktiver i andele i et andet master-institut, skal det fremsende følgende til de kompetente myndigheder:
sin ansøgning om godkendelse af den pågældende investering 
sin ansøgning om godkendelse af de foreslåede ændringer af sine fondsbestemmelser eller vedtægter 
ændringerne af sit prospekt og sin centrale investorinformation. 
Hvis feeder-instituttet agter at konvertere til et investeringsinstitut, der ikke er et feeder-institut, skal det fremsende følgende til myndighederne:
sin ansøgning om godkendelse af de foreslåede ændringer af sine fondsbestemmelser eller vedtægter 
ændringerne af sit prospekt og sin centrale investorinformation. 
Hvis et feeder-institut agter at træde i likvidation, skal det anmelde dette til myndighederne.
Feeder-instituttet skal underrette master-instituttet, når det har modtaget myndighedernes godkendelse.
Procedure i tilfælde af en fusion eller opsplitning af master-instituttet
Feeder-instituttet skal fremsende sin ansøgning om godkendelse til de kompetente myndigheder i følgende tilfælde:
hvis det agter at fortsætte med at være feeder-institut for det samme master-institut 
hvis det agter at blive et feeder-institut for et andet master-institut 
hvis det agter at konvertere til et investeringsinstitut, der ikke er et feeder-institut 
hvis det agter at træde i likvidation. 
Feeder-instituttet skal underrette master-instituttet, når det har modtaget de kompetente myndigheders godkendelse.
Loven i det EU-land, der gælder for aftalen mellem master-instituttets depositar og feeder-instituttets depositar, skal også gælde for aftalen om informationsudveksling mellem depositarerne.
HVORNÅR GÆLDER DIREKTIVET FRA?
Det trådte i kraft den 
30. juli 2010
, og det skulle indarbejdes i EU-landenes lovgivninger inden den 
30. juni 2011
.
BAGGRUND
For yderligere oplysninger henvises til:
Institutter for kollektiv investering i værdipapirer (investeringsinstitutter) — direktiv 2009/65/EF
 (
Europa-Kommissionen
). 
VIGTIGE BEGREBER
Institutter for kollektiv investering i værdipapirer (investeringsinstitutter):
 investeringsinstitutter, der samler investorers kapital og investerer kapitalen kollektivt gennem en portefølje af finansielle instrumenter såsom aktier, obligationer og andre værdipapirer.
Deltager:
 enhver fysisk eller juridisk person, som har en eller flere andele i et investeringsinstitut.
Syntetisk risiko:
 et mål for den samlede risikoprofil for en fond.
Rebalancering af porteføljen:
 en markant ændring af et investeringsinstituts porteføljesammensætning.
Feeder-institut:
 et feeder-institut er et investeringsinstitut, som er blevet godkendt til at investere mindst 
85 %
 af sine aktiver i andele i et andet investeringsinstitut.
Master-institut:
 et investeringsinstitut i form af en fond med en eller flere feeder-fonde som investorer. Det kan ikke selv være et feeder-institut eller have andele i et feeder-institut.
HOVEDDOKUMENT
Kommissionens direktiv 
2010/44/EU
 af 
1. juli 2010
 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår visse bestemmelser om fusioner af fonde, master-feeder-strukturer og anmeldelsesprocedure (EUT L 176 af 
10.7.2010
, 
s. 28-41
)
Berigtigelse
TILHØRENDE DOKUMENTER
Kommissionens forordning (EU) 
nr. 
583/2010
 af 
1. juli 2010
 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår central investorinformation og de betingelser, der skal opfyldes, når central investorinformation eller prospektet udleveres på et andet varigt medium end papir eller via et websted (EUT L 176 af 
10.7.2010
, 
s. 1-15
)
Kommissionens forordning (EU) 
nr. 
584/2010
 af 
1. juli 2010
 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår form og indhold af standardmodellen til anmeldelsesskrivelse og erklæring om investeringsinstituttet, brug af elektronisk kommunikation mellem kompetente myndigheder i forbindelse med anmeldelser og procedurer ved kontroller og undersøgelser på stedet samt udveksling af oplysninger mellem kompetente myndigheder (EUT L 176 af 
10.7.2010
, 
s. 16-27
)
Kommissionens direktiv 
2010/43/EU
 af 
1. juli 2010
 om gennemførelse af Europa-Parlamentets og Rådets direktiv 2009/65/EF for så vidt angår organisatoriske krav, interessekonflikter, god forretningsskik, risikostyring og indholdet af aftalen mellem en depositar og et administrationsselskab (EUT L 176 af 
10.7.2010
, 
s. 42-61
)
Europa-Parlamentets og Rådets direktiv 
2009/65/EF
 af 
13. juli 2009
 om samordning af love og administrative bestemmelser om visse institutter for kollektiv investering i værdipapirer (investeringsinstitutter) (EUT L 302 af 
17.11.2009
, 
s. 32-96
)
Efterfølgende ændringer af direktiv 2009/65/EF er blevet indarbejdet i grundteksten. Denne 
konsoliderede udgave
 har ingen retsvirkning.
seneste ajourføring 
7.6.2018