1. Member States shall designate the competent authorities which are to carry out the duties provided for in this Directive. They shall inform the Commission thereof, indicating any division of duties.
2. The competent authorities shall be public authorities or bodies appointed by public authorities.
3. The authorities of the UCITS home Member State shall be competent to supervise that UCITS including, where relevant, pursuant to Article 19. However, the authorities of the UCITS host Member State shall be competent to supervise compliance with the provisions falling outside the field governed by this Directive and requirements set out in Articles 92 and 94.
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;
(d)
require existing telephone and existing data traffic records;
(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.
1. Member States shall lay down the rules on measures and penalties applicable to infringements of the national provisions adopted pursuant to this Directive and shall take all measures necessary to ensure that those rules are enforced. Without prejudice to the procedures for the withdrawal of authorisation or to the right of Member States to impose criminal penalties, Member States shall, in particular, ensure, in conformity with their national law, that the appropriate administrative measures can be taken or administrative penalties be imposed against the persons responsible where the provisions adopted in the implementation of this Directive have not been complied with.
The measures and penalties provided for shall be effective, proportionate and dissuasive.
2. Without precluding rules on measures and penalties applicable to infringements of the other national provisions adopted pursuant to this Directive, Member States shall, in particular, lay down effective, proportionate and dissuasive measures and penalties concerning the duty to present key investor information in a way that is likely to be understood by retail investors according to Article 78(5).
3. Member States shall allow competent authorities to disclose to the public any measure or penalty that will be imposed for infringement of the provisions adopted in the implementation of this Directive, unless such disclosure would seriously jeopardise the financial markets, be detrimental to the interests of investors or cause disproportionate damage to the parties involved.
1. Member States shall ensure that efficient and effective complaints and redress procedures are in place for the out-of-court settlement of consumer disputes concerning the activity of UCITS using existing bodies where appropriate.
2. Member States shall ensure that the bodies referred to in paragraph 1 are not prevented by legal or regulatory provisions from cooperating effectively in the resolution of cross-border disputes.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
