Commission Regulation (EU) No 584/2010Show full title

CHAPTER II U.K. SUPERVISORY COOPERATION

SECTION 1 U.K. Procedure for on-the-spot verifications and investigations

Article 6 U.K. Request for assistance for on-the-spot verifications and investigations

1. A competent authority intending to carry out an on-the-spot verification or investigation on the territory of another Member State (‘the requesting authority’) shall submit a written request to the competent authority of that other Member State (‘the requested authority’). The request shall contain the following:

(a) the reasons for the request, including the legal provisions applicable in the jurisdiction of the requesting authority on which the request is based;

(b) the scope of the on-the-spot verification or the investigation;

(c) the actions already undertaken by the requesting authority;

(d) any actions to be taken by the requested authority;

(e) the proposed methodology of the on-the-spot verification or investigation and the requesting authority’s reasons for choosing it.

2. The request shall be submitted sufficiently in advance of the on-the-spot verification or investigation.

3. Where a request for assistance for an on-the-spot verification or investigation is urgent, it may be transmitted by e-mail and subsequently confirmed in writing.

4. The requested authority shall acknowledge receipt of the request without undue delay.

5. The requesting authority shall make available any information that has been requested by the requested authority in order to enable the requested authority to provide the necessary assistance.

6. The requested authority shall transmit without undue delay any information and documents that are available to it as are relevant or useful to the requesting authority, in light of the reasons for and scope of the on-the-spot verification or the investigation.

7. The requested authority and the requesting authority shall reassess the necessity of the on-the-spot verification and investigation in light of the documents and information transmitted pursuant to paragraph 5 or 6.

8. The requested authority shall decide whether it carries out the on-the-spot verification or investigation itself or whether it allows the requesting authority to carry out the on-the-spot verification or investigation, or whether it allows auditors or other experts to carry out the on-the-spot verification or investigation.

9. The requested authority and the requesting authority shall agree on issues related to the allocations of costs of on-the-spot verification or investigation.

Article 7 U.K. Carrying out of the on-the-spot verification and investigation by the requested authority

1. Where the requested authority has decided to carry out the on-the-spot verification or investigation itself, it shall do so in accordance with the procedure provided for in the law of the Member State on whose territory the on-the-spot verification or investigation is to be conducted.

2. Where the requesting authority has requested that its own officials accompany the officials of the requested authority carrying out the verification or investigation in accordance with Article 101(5) of Directive 2009/65/EC, the requesting authority and the requested authority shall agree on practical arrangements for such participation.

Article 8 U.K. Carrying out of the on-the-spot verification and investigation by the requesting authority

1. Where the requested authority has decided to allow the requesting authority to carry out the on-the-spot verification or investigation, such on-the-spot verification or investigation shall be carried out in accordance with the procedure provided for in the law of the Member State on whose territory the on-the-spot verification or investigation is to be conducted.

2. Where the requested authority has decided to allow the requesting authority to carry out the on-the-spot verification or investigation, it shall provide the necessary assistance to facilitate that on-the-spot verification or investigation.

3. If the requesting authority discovers material information relevant for the discharging of duties of the requested authority during its on-the-spot verification or investigation, it shall without undue delay transmit this information to the requested authority.

Article 9 U.K. Carrying out of the on-the-spot verification and investigation by auditors or experts

1. Where the requested authority has decided to allow auditors or experts to carry out on-the-spot verification or investigation, such on-the-spot verification or investigation shall be carried out in accordance with the procedure provided for in the law of the Member State on whose territory the on-the-spot verification or investigation is to be conducted.

2. Where the requested authority has decided to allow auditors or experts to carry out on-the-spot verification or investigation, it shall provide the necessary assistance to facilitate those auditors or experts in the performance of their tasks.

3. Where the requesting authority proposes to appoint auditors or experts, it shall transmit any relevant information on the identity and professional qualifications of such auditors or experts to the requested authority.

The requested authority shall promptly notify the requesting authority whether it accepts the proposed appointment.

Where the requested authority does not accept the proposed appointment or the requesting authority does not propose the appointment of auditors or experts, the requested authority shall have the right to propose auditors or experts.

4. Where the requested authority and the requesting authority do not agree on the appointment of auditors or experts, the requested authority shall decide whether it carries out the on-the-spot verification or investigation itself or whether it allows the requesting authority to carry out the on-the-spot verification or investigation.

5. Unless the requested authority and the requesting authority otherwise agree, the authority that has proposed the appointed auditors or experts, shall bear the relevant costs.

6. If, whilst carrying out on-the-spot verification or investigation the auditors or experts discover material information relevant for the discharging of duties of the requested authority, they shall transmit this information promptly to the requested authority.

Article 10 U.K. Requests for assistance in interviews with persons situated in another Member State

1. Where the requesting authority considers it necessary to conduct interviews with persons situated in the territory of another Member State, it shall submit a written request to the competent authorities of that other Member State.

2. The request shall contain the following:

(a) the reasons for the request, including the legal provisions applicable in the jurisdiction of the requesting authority on which the request is based;

(b) the scope of the interviews;

(c) the actions already undertaken by the requesting authority;

(d) any actions to be taken by the requested authority;

(e) the proposed methodology to be used in the interviews and the requesting authority’s reasons for choosing it.

3. The request shall be submitted sufficiently in advance of the interviews.

4. Where a request for assistance for conducting interviews with persons situated in the territory of another Member State is urgent, it may be transmitted by e-mail and subsequently confirmed in writing.

5. The requested authority shall acknowledge receipt of the request without undue delay.

6. The requesting authority shall make available any information that has been requested by the requested authority in order to enable the requested authority to provide the necessary assistance.

7. The requested authority shall transmit without undue delay any information and documents that are available to it as are relevant or useful to the requesting authority, in light of the reasons for and scope of the interviews.

8. The requested authority and the requesting authority shall reassess the need for conducting interviews in light of the documents and information transmitted pursuant to paragraph 6 or 7.

9. The requested authority shall decide whether it conducts the interviews itself or whether it allows the requesting authority to conduct the interviews.

10. The requested authority and the requesting authority shall agree on issues related to the allocations of costs for conducting the interviews.

11. The requesting authority may take part in the interviews requested in accordance with paragraph 1. Before and during the interviews, the requesting authority may submit questions to be asked.

Article 11 U.K. Specific provisions related to on-the-spot verifications and investigations

1. The competent authorities of the management company’s home Member State and the competent authorities of the UCITS home Member State shall notify each other of any on-the-spot verifications and investigations to be undertaken with regard to the management company or the UCITS subject to their respective supervision. Upon such notification, the notified competent authority may request without undue delay the notifying competent authority to include in the scope of on-the-spot verification or investigation the matters falling within the scope of supervision of the notified authority

2. The competent authorities of the management company’s home Member State may request the assistance of the competent authority of the UCITS home Member State with regard to the on-the-spot verification and investigation of a depositary of a UCITS where necessary to discharge its supervisory duties with regard to the management company.

3. The competent authorities of the UCITS home Member State and the competent authorities of the management company’s home Member State shall agree on the procedures for sharing the results of the on-the-spot verification and investigations carried out with respect to the management company and the UCITS that are subject to their supervision.

4. Where necessary, the competent authorities of the UCITS home Member State and the competent authorities of the management company’s home Member State shall agree on further actions that need to be taken with regard to the on-the-spot verification or investigation.

SECTION 2 U.K. Exchange of information

Article 12 U.K. Routine exchange of information

1. The competent authorities of the UCITS home Member State shall immediately inform the competent authorities of the UCITS host Member States and, where the UCITS is managed by a management company situated in a Member State other than the UCITS home Member State, the competent authorities of the management company’s home Member State of:

(a) any decision to withdraw the authorisation for a UCITS;

(b) any decision imposed upon a UCITS regarding the suspension of the issue, re-purchase or redemption of its units;

(c) any other serious measure taken against a UCITS.

2. Where a UCITS is managed by a management company situated in a Member State other than the UCITS home Member State, the competent authorities of the management company’s home Member State shall immediately notify the competent authorities of the UCITS home Member State that the ability of a management company to properly perform its duties with respect to the UCITS it manages may be materially adversely affected or that the management company does not fulfil the requirements set out in Chapter III of Directive 2009/65/EC.

3. Where a UCITS is managed by a management company situated in a Member State other than the UCITS home Member State, the competent authorities of the UCITS home Member State and the management company’s home Member State shall facilitate the exchange of information required for the purposes of carrying out their duties under Directive 2009/65/EC, including the establishment of appropriate information flows. This shall include the exchange of information necessitated by:

(a) the procedures for the authorisation of a management company to pursue activities within the territory of another Member State pursuant to Articles 17 and 18 of Directive 2009/65/EC;

(b) the procedures for the authorisation of a management company to manage a UCITS authorised in a Member State other than the management company’s home Member State, pursuant to Article 20 of Directive 2009/65/EC;

(c) the on-going supervision of management companies and UCITS.

Article 13 U.K. Unsolicited exchange of information

Competent authorities shall communicate all relevant information likely to be of material interest with regard to the discharge of duties under Directive 2009/65/EC to other competent authorities, without prior request and undue delay.