Traduction de «Premier lancer de placement » (Français → Anglais) :

9. Is convinced that a European PPR framework should apply only to cross-border private placement and in that case override existing national rules, but should not replace national rules that apply to domestic private placement; favours, at least as a first step, a regime based on CESR guidance, but highlights that, in order to achieve more legal certainty, the need for European legislative measures should be examined;

9. Is convinced that a European PPR framework should only apply to cross-border private placement and in this case override the existing national rules, it should, however, not replace national rules that apply to domestic private placement; favours, at least as a first step, a regime based on CESR guidance, but highlights that, in order to achieve more legal certainty, the need for European legislative measures should be examined;

2. to launch, in cooperation with the European Space Agency in accordance with Article 3 and through contractual arrangements with private sector entities, the research and development activities needed successfully to complete the phase of development and coordination of national activities in this area; to launch, through the European Space Agency in accordance with Article 3, a first series of satellites to finalise the technological developments that have occurred and ensure the large-scale demonstration of the capabilities and reliability of the sys ...[+++]tem.

(1) Council Directive 85/611/EEC of 20 December 1985 on undertakings for collective investment in transferable securities (UCITS)(4), has already contributed significantly to the achievement of the Single Market in this field, laying down - for the first time in the financial services sector - the principle of mutual recognition of authorisation and other provisions which facilitate the free circulation within the European Union of the units of the collective investment undertakings (unit trusts/common funds or as investment companies) covered by that Directive.

At the sitting of 17 February 2000 Parliament adopted its position at first reading on the proposal/amended proposal for a European Parliament and Council directive amending Directive 85/611/EEC on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS) (COM (1998) 449 - 1998/0243 (COD)) and adopted its position at first reading on the proposal/amended proposal for a European Parliament and Council directive amending 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 a view to regulating ...[+++]management companies and simplified prospectuses (COM(1998) 451 - 1998/0242 (COD)).

A UCITS may not invest in units of a collective investment undertaking within the meaning of the first and second indent of Article 1(2), which invests more than 10% of its own assets in units of other collective investment undertakings.