Directive 2009/65/EC of the European Parliament and of the CouncilDangos y teitl llawn

Article 98 U.K.

1. The competent authorities shall be given all supervisory and investigatory powers that are necessary for the exercise of their functions. Such powers shall be exercised:

(a) directly;

(b) in collaboration with other authorities;

(c) under the responsibility of the competent authorities, by delegation to entities to which tasks have been delegated; or

(d) by application to the competent judicial authorities.

2. Under paragraph 1, competent authorities shall have the power, at least, to:

(a) access any document in any form and receive a copy thereof;

(b) require any person to provide information and, if necessary, to summon and question a person with a view to obtaining information;

(c) carry out on-site inspections;

[F1 (d) require:

(i)

in so far as permitted by national law, existing data traffic records held by a telecommunications operator, where there is a reasonable suspicion of an infringement and where such records may be relevant to an investigation into infringements of this Directive;

(ii)

existing recordings of telephone conversations or electronic communications or other data traffic records held by UCITS, management companies, investment companies, depositaries or any other entities regulated by this Directive;]

(e) require the cessation of any practice that is contrary to the provisions adopted in the implementation of this Directive;

(f) request the freezing or the sequestration of assets;

(g) request the temporary prohibition of professional activity;

(h) require authorised investment companies, management companies or depositaries to provide information;

(i) adopt any type of measure to ensure that investment companies, management companies or depositaries continue to comply with the requirements of this Directive;

(j) require the suspension of the issue, repurchase or redemption of units in the interest of the unit-holders or of the public;

(k) withdraw the authorisation granted to a UCITS, a management company or a depositary;

(l) refer matters for criminal prosecution; and

(m) allow auditors or experts to carry out verifications or investigations.

Textual Amendments

F1 Substituted by Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions (Text with EEA relevance).