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Identification
Reference COD/1998/0243  
Title Undertakings for collective investment in transferable securities UCITS: marketing (amend. direct. 85/611/EEC)
Legal Basis EC 047-p2  
Dossier of the committee ECON/5/13254
Subject(s) 2.50.03 securities and financial markets, stock exchange, CIUTS, investments
Stage reached Procedure ended
Stages
Stages Documents: references Dates
Source reference Equivalent references Votes and amendments Joint resolution of document of publication in Official Journal
Commission/Council: initial legislative document Summaries EC COM(1998)0449 C4-0464/1998         17/07/1998 C 280 09.09.1998, p. 0006
EP: draft report by the committee responsible   EP PE229.498           17/02/1999  
Economic and Social Committee: opinion, report   ESC CES0201/1999           25/02/1999 C 116 28.04.1999, p. 0044
EP: tabled legislative report, 1st reading or single reading   EP A4-0233/1999           21/04/1999 C 279 01.10.1999, p. 0007
EP: draft report by the committee responsible   EP PE229.813           18/11/1999  
EP: decision of the committee responsible, 1st reading/single reading Summaries               25/01/2000  
EP: tabled legislative report, 1st reading or single reading   EP A5-0025/2000           25/01/2000 C 339 29.11.2000, p. 0005
EP: position, 1st reading or single reading Summaries EP T5-0056/2000           17/02/2000 C 339 29.11.2000, p. 0161-0220
Commission: modified legislative proposal Summaries EC COM(2000)0329 C5-0279/2000         30/05/2000 C 311 31.10.2000, p. 0302 E
Council: common position Summaries CSL 07551/1/2001 C5-0296/2001         05/06/2001 C 297 23.10.2001, p. 0035
Commission: communication on the common position Summaries EC SEC(2001)1003           28/06/2001  
EP: draft report by the committee responsible   EP PE304.723           16/07/2001  
EP: decision of the committee responsible, 2nd reading Summaries               10/10/2001  
EP: tabled legislative report, 2nd reading   EP A5-0324/2001           10/10/2001  
EP: position, 2nd reading Summaries EP T5-0540/2001           23/10/2001 C 112 09.05.2002, p. 0028-0111 E
Commission: opinion on the EP position at second reading Summaries EC COM(2001)0686 C5-0579/2001         21/11/2001  
Final legislative act Summaries EU 32001L0108           21/01/2002 L 041 13.02.2002, p. 0035-0042
Agents
European Parliament
Committee
Rapporteur / Co-rapporteurs   Previous
Political group Appointed
Economic and Monetary Affairs (responsible)
Schmidt Olle
ELDR
13/09/1999
European Commission and Council of the Union
European Commission DG Internal Market and Services Transmission date: 17/07/1998
Council of the Union
  Previous Councils
  ECOFIN meeting: 2393 of: 04/12/2001
Links to other sources
European Commission PreLex
 
21/01/2002 - Final legislative act
PURPOSE : to ensure the free cross-border marketing of the UCITS of a wider range of collective investment undertakings, while providing a uniform minimum level of investor protection.
COMMUNITY MEASURE : Directive 2001/108/EC of the European Parliament and of the Council amending Council Directive 85/611/EEC on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS), with regard to investments of UCITS.
CONTENT : the management or investment company must employment a risk-managed process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of the portfolio. It must employ a process for an accurate and independent assessment of the value of over the counter (OTC) derivative instruments. It must communicate to the competent authorities regularly and in accordance with the detailed rules they shall define, the types of derivative instruments, the underlying risks, the quantitative limits and the methods which are chosen in order to estimate the risks associated with transactions in derivative instruments regarding each managed UCITS.
The Member States may authorise UCITS to employ techniques and instruments relating to transferable securities and money market instrument under the conditions and within the limits which they lay down provided that such techniques and instruments are used for the purpose of efficient portfolio management.
Under no circumstances shall these operations cause the UCITS to diverge from its investment objectives as laid down in the UCITS' fund rules, instruments of incorporation or prospectus.
A UCITS shall ensure that its global exposure relating to derivative instruments does not exceed the total net value of its portfolio.
The exposure is calculated taking into account the current value of the underlying assets, the counterparty risk, future market movements and the time available to liquidate the positions.
A UCITS may invest no more than 5% of its assets in transferable securities or money market instruments issued by the same body. A UCITS may not invest more than 20% of its assets in deposits made with the same body.
The risk exposure to a counterparty of the UCITS in an OTC derivative transaction may not exceed:
- 10% of its assets when the counterpart is a credit institution, or
- 5% of assets, in other cases.
Member States may raise the 5% limit to a maximum of 10%. However, the total value of the transferable securities and the money market instrument held by the UCITS in the issuing bodies in each of which it invests more than 5% of its assets must not exceed 40% of the value assets. The limitations does not apply to deposits and OTC derivative transactions made with financial institutions subject to prudential supervision.
On the other hand, the Member States may raise the 5% limit to a maximum of 35% if the transferable securities or money market instruments are issued or guaranteed by a Member State, by its local authorities, by a non-Member State or by public international bodies to which one or more Member States belong.
When a UCITS invests more than 5% of its assets in bonds issuedby one issuer, the total value of these investments may not exceed 80% of the value of the assets of the UCITS.
Member States shall send the Commission a list of the categories of bonds together with the categories of issuers authorised, in accordance with the laws and supervisory arrangements to issue binds complying with the criteria set out above. The Commission shall forward that information to the other Member States together with any comments it considers appropriate and shall make the information available to the public.
No later than 13 February 2005, the Commission shall forward to the European Parliament and the Council a report on the application of Directive 85/611/EEC as amended and proposals for amendments, where appropriate.
ENTRY INTO FORCE : 13/02/2002.
IMPLEMENTATION : 13/08/2003. Member States shall apply these measures no later than 13/02/2004.
 
List of summaries
Summaries 21/01/2002 Final legislative act
Summaries 21/11/2001 Commission: opinion on the EP position at second reading
Summaries 23/10/2001 EP: position, 2nd reading
Summaries 10/10/2001 EP: decision of the committee responsible, 2nd reading
Summaries 10/10/2001 EP: decision of the committee responsible, 2nd reading
Summaries 28/06/2001 Commission: communication on the common position
Summaries 05/06/2001 Council: common position
Summaries 30/05/2000 Commission: modified legislative proposal
Summaries 17/02/2000 EP: position, 1st reading or single reading
Summaries 25/01/2000 EP: decision of the committee responsible, 1st reading/single reading
Summaries 25/01/2000 EP: decision of the committee responsible, 1st reading/single reading
Summaries 17/07/1998 Commission/Council: initial legislative document
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