European Commission 1 July 2010, 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 (Text with EEA relevance)

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CHAPTER I. SUBJECT-MATTER, SCOPE AND DEFINITIONS
Article 1. Subject matter
Article 2. Scope
Article 3. Definitions
CHAPTER II. ADMINISTRATIVE PROCEDURES AND CONTROL MECHANISM
SECTION 1. General principles
Article 4. General requirements on procedures and organisation
Article 5. Resources
SECTION 2. Administrative and accounting procedures
Article 6. Complaints handling
Article 7. Electronic data processing
Article 8. Accounting procedures
SECTION 3. Internal control mechanisms
Article 9. Control by senior management and supervisory function
Article 10. Permanent compliance function
Article 11. Permanent internal audit function
Article 12. Permanent risk management function
Article 13. Personal transactions
Article 14. Recording of portfolio transactions
Article 15. Recording of subscription and redemption orders
Article 16. Recordkeeping requirements
CHAPTER III. CONFLICT OF INTERESTS
Article 17. Criteria for the identification of conflicts of interest
Article 18. Conflicts of interest policy
Article 19. Independence in conflicts management
Article 20. Management of activities giving rise to detrimental conflict of interest
Article 21. Strategies for the exercise of voting rights
CHAPTER IV. RULES OF CONDUCT
SECTION 1. General principles
Article 22. Duty to act in the best interests of UCITS and their unit-holders
Article 23. Due diligence requirements
SECTION 2. Handling of subscription and redemption orders
Article 24. Reporting obligations in respect of execution of subscription and redemption orders
SECTION 3. Best execution
Article 25. Execution of decisions to deal on behalf of the managed UCITS
Article 26. Placing orders to deal on behalf of UCITS with other entities for execution
SECTION 4. Handling of orders
Article 27. General principles
Article 28. Aggregation and allocation of trading orders
SECTION 5. Inducements
Article 29. Safeguarding the best interests of UCITS
CHAPTER V. PARTICULARS OF THE STANDARD AGREEMENT BETWEEN A DEPOSITARY AND A MANAGEMENT COMPANY
Article 30. Elements related to the procedures to be followed by the parties to the agreement
Article 31. Elements related to the exchange of information and to obligations on confidentiality and money-laundering
Article 32. Elements related to the appointment of third parties
Article 33. Elements related to potential amendments and the termination of the agreement
Article 34. Applicable law
Article 35. Electronic transmission of information
Article 36. Scope of the agreement
Article 37. Service level agreement
CHAPTER VI. RISK MANAGEMENT
SECTION 1. Risk management policy and risk measurement
Article 38. Risk management policy
Article 39. Assessment, monitoring and review of risk management policy
SECTION 2. Risk management processes, Counterparty risk exposure and issuer concentration
Article 40. Measurement and management of risk
Article 41. Calculation of global exposure
Article 42. Commitment approach
Article 43. Counterparty risk and issuer concentration
SECTION 3. Procedures for the valuation of the OTC derivatives
Article 44. Procedures for the assessment of the value of OTC derivatives
SECTION 4. Transmission of information on derivative instruments
Article 45. Reports on derivative instruments
CHAPTER VII. FINAL PROVISIONS
Article 46. Transposition
Article 47. Entry into force
Article 48. Addressees

10.7.2010

Official Journal of the European Union

L 176/42

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

(Text with EEA

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