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31984L0535

Council Directive 84/535/EEC of 17 September 1984 on the approximation of the laws of the Member States relating to the permissible sound power level of welding generators

Official Journal L 300 , 19/11/1984 P. 0142 - 0148 Spanish special edition: Chapter 15 Volume 5 P. 0085  Portuguese special edition Chapter 15 Volume 5 P. 0085  Finnish special edition: Chapter 15 Volume 6 P. 0185  Swedish special edition: Chapter 15 Volume 6 P. 0185

COUNCIL DIRECTIVE of 17 September 1984 on the approximation of the laws of the Member States relating to the permissible sound power level of welding generators (84/535/EEC)  THE COUNCIL OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Economic Community, and in particular Article 100 thereof,  Having regard to the proposal from the Commission (1),  Having regard to the opinion of the European Parliament (2),  Having regard to the opinion of the Economic and Social Committee (3),  Whereas the 1973 and 1977 action programmes of the European Communities on the environment (4) reflect the importance of the problem of noise nuisance and in particular the need for action to regulate the worst noise sources;  Whereas disparity between the measures already applicable or in preparation in the various Member States concerning the limitation of the sound emission level of welding generators creates unequal conditions of competition and thereby directly affect the functioning of the common market ; whereas it is therefore appropriate to proceed in that field with the approximation of laws for which Article 100 of the Treaty provides;  Whereas Council Directive 84/532/EEC of 17 September 1984 on the approximation of the laws of the Member States relating to common provisions for construction plant and equipment (5) laid down, in particular, the procedure for EEC type-examination ; whereas it is necessary, pursuant to that Directive, to prescribe the harmonized requirements which each category of equipment must satisfy;  Whereas Council Directive 79/113/EEC of 19 December 1978 on the approximation of the laws of the Member States relating to the measurement of the sound level of construction plant and equipment (6), as amended by Council Directive 81/1051/EEC of 7 December 1981 (7), laid down, in particular, the method which should be used for establishing the acoustic criteria for welding generators;  Whereas owing to the effect of the noise emitted by welding generators on the environment and, more particularly, on human well-being and health, it is necessary to bring about a progressive and appreciable reduction in the permissible sound power level of welding generators;  Whereas it is important to be able to regulate the use of welding generators in certain areas considered to be particularly sensitive so as to limit the nuisance caused by the airborne noise emitted by such welding generators;  Whereas technical provisions must be adapted rapidly to technical advances ; whereas it is necessary to this end to provide for the application of the procedure set out in Article 5 of Directive 79/113/EEC,  HAS ADOPTED THIS DIRECTIVE:    Article 1 1. This Directive applies to the permissible sound power level of welding generators used to perform work on civil engineering and building sites.  2. It is a separate Directive within the meaning of Article 3 (2) of Directive 84/532/EEC, hereinafter referred to as the "framework Directive".  (1) OJ No C 54, 8.3.1976, p. 63. (2) OJ No C 125, 8.6.1976, p. 43. (3) OJ No C 197, 23.8.1976, p. 11. (4) OJ No C 112, 20.12.1973, p. 1 and OJ No C 139, 13.6.1977, p. 1. (5) See page 111 of this Official Journal. (6) OJ No L 33, 8.2.1979, p. 15. (7) OJ No L 376, 30.12.1981, p. 49.    Article 2 For the purposes of this Directive, "welding generator" means any rotary device which produces a welding current.   Article 3 1. The approved bodies shall issue an EEC type-examination certificate for each type of welding generator for which the sound power level of airborne noise, measured under the conditions set out in Annex I to Directive 79/113/EEC, as amended by Annex I to this Directive, does not exceed the permissible sound power level given in the following table: >PIC FILE= "T0026417">   2. All applications for an EEC type-examination certificate in respect of the permissible sound power level of a welding generator shall be accompanied by an information document conforming to the model shown in Annex II.  3. For each type which it certifies, the approved body shall complete all the sections of the type-examination certificate conforming to the model given in Annex III to the framework Directive.  4. The period of validity of EEC type-examination certificates shall be limited to five years. This may be extended by five years, provided that application is made in the 12 months before the expiry of the first five-year period.  However, at the end of a period of five years from notification of the Directive, EEC type-examination certificates shall cease to be valid unless they were issued for welding generators which comply with the maximum level entering into force on that date.  5. By way of derogation from Article 19 (1) of the framework Directive, the advantages provided for in that Article shall, after a period of 5 1/2 years from notification of the Directive, no longer be available for welding generators supplied with certificates of conformity drawn up on the basis of an EEC type-examination certificate for the figures in the first period ; the period of validity shall accordingly be shown on the certificates of conformity concerned.  6. For every welding generator built in conformity with the type certified by EEC type-examination, the manufacturer shall complete a certificate of conformity conforming to the model given in Annex IV to the framework Directive in the columns relating to the EEC type-examination certificate.   >PIC FILE= "T0026418">   Article 4 Member States may take measures to regulate the use of welding generators in areas which they consider sensitive.   Article 5 Verification of the conformity of production models with the type examined, as provided for in Article 12 of the framework Directive, shall be carried out using the technical procedure stipulated in Annex IV.   Article 6 The Council shall act unanimously, within 18 months, on the proposal for a reduction in the noise levels which the Commission will present as soon as possible and no later than five years after the adoption of this Directive.   Article 7 The following shall be adopted in accordance with the procedure laid down in Article 5 of Directive 79/113/EEC:    - the technical procedure in Annex IV for checking the conformity of production models with the type examined,       - the amendments necessary to adapt the requirements of the Annexes to technical progress.           Article 8 Member States shall take all the necessary measures to ensure that welding generators as defined in Article 2 cannot be placed on the market unless they satisfy the provisions of this Directive and of the framework Directive.   Article 9 1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive on the expiry of a period of 18 months as of its notification (1) and shall forthwith inform the Commission thereof.  2. Member States shall communicate to the Commission the texts of the provisions of national law which they adopt in the field governed by this Directive.   Article 10 This Directive is addressed to the Member States.     Done at Brussels, 17 September 1984.  For the Council  The President  P. BARRY  (1) This Directive was notified to the Member States on 26 September 1984.     ANNEX I  METHOD OF MEASURING AIRBORNE NOISE EMITTED BY WELDING GENERATORS SCOPE  This measurement method shall be applicable to welding generators. It specifies the test procedures for use in determining the sound power level of such equipment for the purpose of EEC type-examination and checking as to conformity.  These technical procedures shall comply with the requirements of Annex I to Directive 79/113/EEC.  All the sections in Annex I to Directive 79/113/EEC shall apply to welding generators, subject to the following amendments:  4. CRITERIA TO BE USED FOR EXPRESSING RESULTS  4.1. The acoustic criterion for the environment of welding generators shall be their sound power level.  6. MEASURING CONDITIONS  6.2. Operation of the sound source during measurement.  6.2.1. Not applicable.  6.2.2. Welding speed.  The welding generator unit shall be used in accordance with the manufacturer's recommendations. It shall operate, as laid down in recommendation ISO/R700-1968, first edition, 1968, at its nominal speed producing the nominal welding current through a resistance.  6.3. Measuring site.  The welding generator unit shall be installed on a reflecting plane of concrete or non-porous asphalt. Skid-mounted welding generators shall be placed on supports 0,40 m high, unless otherwise required by the manufacturer's conditions of installation.  6.4.1. Measuring surface.  The measuring surface to be used for testing shall be a hemisphere. The centre of the hemisphere shall be the vertical projection on to the reflecting plane of the geometric centre of the welding generator. The radius shall be:    - 4 m, where the greatest dimension of the welding generator to be tested is not more than 1,5 m,       - 10 m, where the greatest dimension of the welding generator to be tested is more than 1,5 m but not more than 4 m,       - 16 m, where the greatest dimension of the welding generator to be tested is more than 4 m.         Table I in Annex I to Directive 79/113/EEC gives the coordinates of the measuring points.  6.4.2.1. The x axis of the set of coordinates, in relation to which the positions of the measuring points are fixed, shall be parallel to the main axis of the welding generator unit.   7. MEASUREMENTS  7.1.1. Only the background noise shall be taken into account for the purpose of corrections.  7.1.5. Presence of obstacles.  A visual check in a circular zone with a radius of three times that of the measurement hemisphere and the centre of which coincides with the centre of that hemisphere is adequate to ensure that the provisions of the third subparagraph of section 6.3 of Annex I to Directive 79/113/EEC are complied with.  7.2. Measurement of the sound pressure level LpA.  If the sound pressure levels at the measuring points are determined from readings taken from a sonometer, there shall be at least five such readings, taken at regular intervals.  8. USE OF RESULTS  8.2. Not applicable.  8.6.2. In view of 6.3, section 8.6.2 shall not be applicable and C = 0.    ANNEX II  MODEL INFORMATION DOCUMENT FOR A TYPE OF WELDING GENERATOR TO BE  SUPPLIED FOR EEC TYPE-EXAMINATION >PIC FILE= "T0026419">     ANNEX III  MODEL FOR MARK FOR SOUND POWER LEVEL >PIC FILE= "T0026420">    ANNEX IV  TECHNICAL PROCEDURE FOR CHECKING THE CONFORMITY OF PRODUCTION MODELS  WITH THE TYPE EXAMINED The conformity of production models with the type examined shall, if possible, be verified by spot checks.


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31990L0398

Council Directive 90/398/EEC of 24 July 1990 amending Directive 84/647/EEC on the use of vehicles hired without drivers for the carriage of goods by road

Official Journal L 202 , 31/07/1990 P. 0046 - 0046 Finnish special edition: Chapter 7 Volume 3 P. 0205  Swedish special edition: Chapter 7 Volume 3 P. 0205

*****COUNCIL  DIRECTIVE  of 24 July 1990  amending Directive 84/647/EEC on the use of vehicles hired without drivers for the carriage of goods by road  (90/398/EEC)  THE COUNCIL OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Economic Community, and in particular Article 75 thereof,  Having regard to the proposal from the Commission (1),  Having regard to the opinion of the European Parliament (2),  Having regard to the opinion of the Economic and Social Committee (3),  Whereas Article 8 of Directive 84/647/EEC (4) requires the Council to re-examine Articles 3 (2) and 4 (2) of the abovementioned Directive which contain restrictive clauses;  Whereas the restrictive clauses have resulted in unequal application of the Directive in the Community; whereas abolition, at least in part, of these clauses would allow better financial management and cut the costs of hauliers operating on their own account or for hire or reward;  Whereas the abovementioned Directive should therefore be amended,  HAS ADOPTED THIS DIRECTIVE:  Article 1  Directive 84/647/EEC is hereby amended as follows:  1. Article 3 (2) is replaced by the following:  '2. Member States may exclude from the provisions of paragraph 1 own-account transport operations carried out by vehicles with a total permissible laden weight of more than 6 tonnes.'  2. Article 4 (2) is deleted.  Article 2  Member States shall take the measures necessary to comply with this Directive not later than 31 December 1990 and shall forthwith inform the Commission thereof.  Article 3  This Directive is addressed to the Member States.  Done at Brussels, 24 July 1990.  For the Council  The President  C. MANNINO  (1) OJ No C 296, 24. 11. 1989, p. 7 and OJ No C 150, 19. 6. 1990, p. 4.  (2) OJ No C 96, 17. 4. 1990, p. 352.  (3) OJ No C 124, 21. 5. 1990, p. 20.  (4) OJ No L 335, 22. 12. 1984, p. 72.


title: Commission Directive 2012/36/EU of 19 November 2012 amending Directive 2006/126/EC of the European Parliament and of the Council on driving licences  Text with EEA relevance

text:
               20.11.2012

               EN

               Official Journal of the European Union

               L 321/54

         COMMISSION DIRECTIVE 2012/36/EU
   of 19 November 2012
   amending Directive 2006/126/EC of the European Parliament and of the Council on driving licences
   (Text with EEA relevance)
   THE EUROPEAN COMMISSION,
   Having regard to the Treaty on the Functioning of the European Union,
   Having regard to Directive 2006/126/EC of the European Parliament and of the Council of 20 December 2006 on driving licences (1), and in particular Article 8 thereof,
   Whereas:

               (1)

               The codes and sub-codes set out in Annex I to Directive 2006/126/EC need to be updated in the light of the new vehicle categories introduced by Directive 2006/126/EC whose technical characteristics are different from those in force under Council Directive 91/439/EEC of 29 July 1991 on driving licences (2). In this context, driving entitlements acquired before Directive 2006/126/EC applies, on 19 January 2013, should be maintained.

               (2)

               The contents of the driving licence test for vehicles of category C1 vehicles should be adapted to the different characteristics of the vehicles falling under this category. Contrary to category C vehicles, which are dedicated to professional transport of goods, category C1 is heterogeneous and includes a wide range of vehicles, such as vehicles for leisure or personal use, emergency or fire-fighting vehicles, or utility vehicles used for professional purposes but where driving is not the principal activity of the driver. Drivers of such vehicles should not be required to demonstrate during the driving test their knowledge of rules or equipment only applicable to drivers subject to the legislation related to the professional transport sector, such as Regulation (EC) No 561/2006 of the European Parliament and of the Council of 15 March 2006 on the harmonisation of certain social legislation relating to road transport (3) and Council Regulation (EEC) No 3821/85 of 20 December 1985 on recording equipment in road transport (4). Such an accommodation of existing rules would reduce the risk that drivers drive with overloaded category B vehicles in order to avoid the costs of training and taking the test on C or C1 vehicles, and thus improve road safety. It would also minimise the administrative and financial burden on the SMEs and micro-enterprises having to use such utility vehicles in the course of their business.

               (3)

               The requirements concerning test vehicles motorcycles of category A1, A2 and A to be used during the test of skills and behaviour need to be revised in the light of the technical progress, in particular the development and a wider use of electric motorcycles. The technical specifications for the test vehicles should also be adapted to ensure that applicants are tested on vehicles which are representative of the category for which the driving licence would be issued.

               (4)

               The minimum requirements for test vehicles and for the contents of the test of skills and behaviour for category C and D vehicles should be amended in the light of technical progress, in particular to take into account the increasing development and use in the transport industry of more modern, safer and less polluting vehicles equipped with a wide range of semi-automatic or hybrid transmission systems. The competence of drivers should be tested on their abilities to use the transmission system of vehicles safely, economically and in an environmentally friendly way. The simplification of the current restrictions to drive automatic vehicles would also reduce the administrative and financial burden on SMEs and micro-enterprises operating in the road transport.

               (5)

               Since Directive 2006/126/EC will fully apply on 19 January 2013 this Directive shall enter into force as from the day following that of its publication in the Official Journal of the European Union.

               (6)

               Directive 2006/126/EC should therefore be amended accordingly.

               (7)

               The measures provided for in this Directive are in accordance with the opinion of the Committee on driving licences,

         HAS ADOPTED THIS DIRECTIVE:
   Article 1
   Annexes I and II to Directive 2006/126/EC are amended in accordance with the Annex to this Directive.
   Article 2
   1.   Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 31 December 2013 at the latest. They shall forthwith communicate to the Commission the text of those provisions.
   When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.
   2.   Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
   Article 3
   This Directive shall enter into force on the day following that of its publication in the Official Journal of the European Union.
   Article 4
   This Directive is addressed to the Member States.

      Done at Brussels, 19 November 2012.

            For the Commission

            The President

         José Manuel BARROSO

      (1)  OJ L 403, 30.12.2006, p. 18.

      (2)  OJ L 237, 24.8.1991, p. 1.

      (3)  OJ L 102, 11.4.2006, p. 1.

      (4)  OJ L 370, 31.12.1985, p. 8.

      ANNEX

                  I.

                  In Annex I to Directive 2006/126/EC, paragraph 3, concerning page 2 of the driving licence, point (a) point (12), is amended as follows:

                              (1)

                              the following code 46 is inserted:

                                          ‘46.

                                          Tricycles only’;

                              (2)

                              code 72 is deleted;

                              (3)

                              code 73 is replaced by the following:

                                          ‘73.

                                          Restricted to category B vehicles of the motor quadricycle type (B1)’;

                              (4)

                              codes 74 to 77 are deleted;

                              (5)

                              code 79 is replaced by the following:

                                          ‘79.

                                          (…) Restricted to vehicles which comply with the specifications indicated in brackets, for the application of Article 13 of this Directive

                                                      79.01.

                                                      Restricted to two-wheel vehicles with or without side-car

                                                      79.02.

                                                      Restricted to category AM vehicles of the three-wheel or light quadricycle type

                                                      79.03.

                                                      Restricted to tricycles

                                                      79.04.

                                                      Restricted to tricycles combined with a trailer having a maximum authorised mass not exceeding 750 kg

                                                      79.05.

                                                      Category A1 motorcycle with a power/weight ratio above 0,1 kW/kg

                                                      79.06.

                                                      Category BE vehicle where the maximum authorised mass of the trailer exceeds 3 500 kg’;

                              (6)

                              the following codes 80 and 81 are inserted:

                                          ’80.

                                          Restricted to holders of a driving licence for a category A vehicle of the motor tricycle type not having reached the age of 24 years

                                          81.

                                          Restricted to holders of a driving licence for a category A vehicle of the two-wheel motorcycle type not having reached the age of 21 years’;

                              (7)

                              the following code 90 is inserted:

                                          ‘90.

                                          Codes used in combination with codes defining modifications of the vehicle’;

                              (8)

                              code 96 is replaced by the following:

                                          ‘96.

                                          Category B vehicles combined with a trailer with a maximum authorised mass exceeding 750 kg where the maximum authorised mass of such combination exceeds 3 500 kg but does not exceed 4 250 kg’;

                              (9)

                              the following code 97 is added:

                                          ‘97.

                                          Not authorised to drive a category C1 vehicle which falls within the scope of Council Regulation (EEC) No 3821/85 of 20 December 1985 on recording equipment in road transport (1)

                  II.

                  Annex II to Directive 2006/126/EC is amended as follows:

                              (1)

                              point 4.1.1 is replaced by the following:

                                          ‘4.1.1.

                                          Rules on driving hours and rest periods as defined by Regulation (EC) No 561/2006 of the European Parliament and of the Council of 15 March 2006 on the harmonisation of certain social legislation relating to road transport (2); use of the recording equipment as defined by Regulation (EEC) No 3821/85 on recording equipment in road transport.

                              (2)

                              the following point 4.1a is inserted:

                                          ‘4.1a.

                                          Member States may exempt applicants to a licence for a category C1 or C1E vehicle outside the scope of Regulation (EEC) No 3821/85 from demonstrating their knowledge of the subjects listed in points 4.1.1 to 4.1.3.’;

                              (3)

                              point 5.1 is replaced by the following:
                              ‘5.1.   Vehicle transmission
                              5.1.1.   The driving of a vehicle with manual transmission shall be subject to the passing of a skills and behaviour test taken on a vehicle with manual transmission.
                              “Vehicle with manual transmission” means a vehicle in which a clutch pedal (or lever operated manually for categories A, A2 and A1) is present and must be operated by the driver when starting or stopping the vehicle and changing gears.
                              5.1.2.   Vehicles that do not meet the criteria laid down in point 5.1.1 shall be considered to have automatic transmission.
                              Without prejudice to point 5.1.3, if an applicant takes the test of skills and behaviour on a vehicle with automatic transmission this shall be recorded on any licence issued on the basis of such a test. Licences with this indication shall be used only for driving vehicles with automatic transmission.
                              5.1.3.   Specific provisions concerning vehicles of category C, CE, D and DE
                              Member States may decide that no restriction to vehicles with automatic transmission shall be recorded on the driving licence for a category C, CE, D or DE vehicle referred to in point 5.1.2, when the applicant already holds a driving licence obtained on a vehicle with manual transmission in at least one of the following categories: B, BE, C, CE, C1, C1E, D, D1 or D1E, and has performed the actions described in point 8.4 during the test of skills and behaviour.’;

                              (4)

                              point 5.2 is amended as follows:

                                          (a)

                                          the first subparagraph is replaced by the following:

                                                      ‘5.2.

                                                      The vehicles used in tests of skills and behaviour shall comply with the minimum criteria given below. Member States may make provisions for more stringent criteria or add others. Member States may apply to vehicles of category A1, A2 and A, used in the test of skills and behaviour, a tolerance of 5 cm3 below the required minimum cylinder capacity.’;

                                          (b)

                                          the text concerning Category A1, Category A2 and Category A is replaced by the following:
                                          ‘Category A1
                                          Category A1 motorcycle without sidecar, with a power rating not exceeding 11 kW and with a power to weight ratio not exceeding 0,1 kW/kg, and capable of a speed of at least 90 km/h.
                                          If the motorcycle is powered by an internal combustion engine, the cylinder capacity of the engine shall be at least 120 cm3.
                                          If the motorcycle is powered by an electric motor, the power to weight ratio of the vehicle shall be at least 0,08 kW/kg;
                                          Category A2
                                          Motorcycle without sidecar, with a power rating of at least 20 kW but not exceeding 35 kW and with a power to weight ratio not exceeding 0,2 kW/kg.
                                          If the motorcycle is powered by an internal combustion engine, the cubic capacity of the engine shall be at least 400 cm3.
                                          If the motorcycle is powered by an electric motor, the power to weight ratio of the vehicle shall be at least 0,15 kW/kg;
                                          Category A
                                          Motorcycle without sidecar, whose unladen mass is more than 180 kg, with a power rating of at least 50 kW. A tolerance of 5 kg below the required minimum mass may be accepted by the Member State.
                                          If the motorcycle is powered by an internal combustion engine, the cubic capacity of the engine shall be at least 600 cm3.
                                          If the motorcycle is powered by an electric motor, the power to weight ratio of the vehicle shall be at least 0,25 kW/kg;’;

                                          (c)

                                          the text concerning Category C and CE is replaced by the following:
                                          ‘Category C
                                          A category C vehicle with a maximum authorised mass of at least 12 000 kg, a length of at least 8 m, a width of at least 2,40 m and capable of a speed of at least 80 km/h; fitted with anti-lock brakes, equipped with a transmission system providing for a manual selection of gears by the driver and recording equipment as defined by Regulation (EEC) No 3821/85; the cargo compartment shall consist of a closed box body which is at least as wide and as high as the cab; the vehicle shall be presented with a minimum of 10 000 kg real total mass;
                                          Category CE
                                          Either an articulated vehicle or a combination of a category C test vehicle and a trailer of at least 7,5 m in length; both the articulated vehicle and the combination shall have a maximum authorised mass of at least 20 000 kg, a length of at least 14 m and a width of at least 2,40 m, shall be capable of a speed of at least 80 km/h, fitted with anti-lock brakes, equipped with a transmission system providing for a manual selection of gears by the driver and with recording equipment as defined by Regulation (EEC) No 3821/85; the cargo compartment shall consist of a closed box body which is at least as wide and as high as the cab; both the articulated vehicle and the combination shall be presented with a minimum of 15 000 kg real total mass;’;

                              (5)

                              point 8.1.4 is replaced by the following:

                                          ‘8.1.4.

                                          Checking the power-assisted braking and steering systems; checking the condition of the wheels, wheelnuts, mudguards, windscreen, windows and wipers, fluids (e.g. engine oil, coolant, washer fluid); checking and using the instrument panel including the recording equipment as defined in Regulation (EEC) No 3821/85. This latter requirement does not apply to the applicants for a driving licence for a category C1 or C1E vehicle not falling within the scope of this Regulation;’;

                              (6)

                              the following point 8.4 is inserted:
                              ‘8.4.   Safe and energy-efficient driving

                                          8.4.1.

                                          Driving in such a way as to ensure safety and to reduce fuel consumption and emissions during acceleration, deceleration, uphill and downhill driving, when necessary by selecting gears manually.’;

                              (7)

                              point 9.3.2 is replaced by the following:

                                          ‘9.3.2.

                                          Driving economically and in a safe and energy-efficient way, taking into account the revolutions per minute, changing gears, braking and accelerating (categories B, BE, C, CE, C1, C1E, D, DE, D1, D1E only);’.

         (1)  OJ L 370, 31.12.1985, p. 8.’.

         (2)  OJ L 102, 11.4.2006, p. 1.’;


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31988L0364

Council Directive 88/364/EEC of 9 June 1988 on the protection of workers by the banning of certain specified agents and/or certain work activities (Fourth individual Directive within the meaning of Article 8 of Directive 80/1107/EEC)

Official Journal L 179 , 09/07/1988 P. 0044 - 0047 Finnish special edition: Chapter 5 Volume 4 P. 0128  Swedish special edition: Chapter 5 Volume 4 P. 0128

*****COUNCIL  DIRECTIVE  of 9 June 1988  on the protection of workers by the banning of certain specified agents and/or certain work activities (Fourth individual Directive within the meaning of Article 8 of Directive 80/1107/EEC)  (88/364/EEC)  THE COUNCIL OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Economic Community, and in particular Article 118 A thereof,  Having regard to the proposal from the Commission (1),  In cooperation with the European Parliament (2),  Having regard to the opinion of the Economic and Social Committee (3),  Whereas the Council adopts, by means of Directives, minimum progressively applicable provisions, with a view towards promoting the improvement, in particular, of the working environment, so as to protect the safety and health of workers;  Whereas the Council resolution of 27 February 1984 on a second programme of action of the European Communities on safety and health at work (4) provides for the development of protective measures for substances recognized as being carcinogenic and other dangerous substances and processes which may have serious harmful effects on health;  Whereas certain differences are revealed by an examination of the measures taken by Member States to protect workers against the risks related to exposure to specified work agents and work activities; whereas, therefore, in the interest of balanced development, these measures should be harmonized and improved as progress is made; whereas this harmonization and improvement should be based on common principles;  Whereas, to this end, Council Directive 80/1107/EEC of 27 November 1980 on the protection of workers from the risks related to exposure to chemical, physical and biological agents at work (5) contains such principles;  Whereas, under the terms of the said Directive, such protection must as far as possible be ensured by measures to prevent exposure or to keep it at as low a level as is reasonably practicable; whereas, also under these terms, for the provision of adequate protection of workers it is necessary to ban in the workplace certain specified agents and/or work activities which can give rise to serious effects on health in cases where use of other means does not make it possible to ensure adequate protection;  Whereas provision should be made in these circumstances to ban certain specified agents and/or certain work activities in the workplace, subject to certain exceptions and derogations;  Whereas representatives of employers and workers have a role to play in the protection of workers;  Whereas these principles need to be applied uniformly and speedily to encourage wherever possible the early developmet of alternative non-dangerous agents and/or work activities,  HAS ADOPTED THIS DIRECTIVE:  Article 1  1. The purpose of this Directive is to protect workers against risks to their health by means of a ban on certain specific agents and or certain work activities.  The ban which is the subject of this Directive including the Annex is based on the following factors:  - there are serious health and safety risks for workers,  - precautions are not sufficient to ensure a satisfactory level of health and safety protection for workers,  - the ban does not lead to the use of substitute products which may involve equal or greater health and safety risks for workers.  2. This Directive shall not apply to:  - sea transport,  - air transport.  3. This Directive shall not prejudice the right of Member States to apply or introduce, subject to compliance with the Treaty, laws, regulations or administrative provisions ensuring greater protection for workers.  Article 2  For the purposes of this Directive:  (a) 'substances' means chemical elements and their compounds as they occur in the natural state or as produced by industry, including any additives required for the purpose of placing them on the market;  (b) 'agents' means any chemical, physical or biological agents present at work and likely to be harmful to health;  (c) 'preparations' means mixtures or solutions composed of two or more substances;  (d) 'impurities' means substances which are a priori present in insignificant amounts in other substances;  (e) 'intermediates' means substances which are formed during a chemical reaction, are converted and therefore disappear by the end of the reaction or process;  (f) 'by-products' means substances which are formed during a chemical reaction and which remain at the end of the reaction or process;  (g) 'waste products' means the remains of a chemical reaction which need to be disposed of at the end of the reaction or process.  Article 3  1. To prevent the exposure of workers to health risks from certain specific agents and/or certain work activities in the cases referred to in Article 1, Member States shall impose a ban in accordance with the procedures laid down in the Annex.  2. The Council, acting by a qualified majority on a proposal from the Commission, in cooperation with the European Parliament and after consulting the Economic and Social Committee, may amend the Annex, in particular to include further agents or activities.  Article 4  In the case of the derogations provided for in the Annex, the Member States shall be obliged to ensure that employers comply with the following procedures and measures:  (a) an employer must take adequate precautions to protect the health and safety of the workers concerned; and  (b) an employer must submit at least the following information to the competent authority:  - the quantities used annually,  - the activities and/or reactions or processes involved,  - the number of workers exposed,  - the technical and organizational measures taken to prevent the exposure of workers.  In addition, the Member States may provide for systems of individual authorizations.  Article 5  1. Workers and/or their representatives in undertakings or establishments shall have access, in accordance with national law, to the documents submitted pursuant to Article 4 in regard to their undertaking or establishment.  2. The documents referred to in paragraph 1 shall contain the information necessary to ensure that workers and/or their representatives in undertakings or establishments are made fully aware of the health and safety risks connected with the agent or work activity to which they are or are likely to be exposed, together with the measures to be taken against such risks.  Article 6  1. Before 1 January 1995 the Commission shall submit to the European Parliament, the Council and the Economic and Social Committee a report concerning in particular experience gained in the application of this Directive and progress in scientific knowledge and technology.  2. The Council shall re-examine this Directive before 1 January 1996 on the basis of the report referred to in paragraph 1. Article 7  1. Member States shall adopt the laws, regulations and administrative provisions necessary to comply with this Directive by 1 January 1990 at the latest. They shall forthwith inform the Commission thereof.  2. Member States shall communicate to the Commission the provisions of national law which they adopt in the field governed by this Directive.  Article 8  This Directive is addressed to the Member States.  Done at Luxembourg, 9 June 1988.  For the Council  The President  N. BLUEM  (1) OJ No C 270, 10. 10. 1984, p. 3.  (2) OJ No C 72, 18. 3. 1985, p. 131.  (3) OJ No C 104, 25. 4. 1985, p. 6.  (4) OJ No C 67, 5. 3. 1984, p. 2.  (5) OJ No L 327, 3. 12. 1980, p. 8.  ANNEX  1. Subject to the conditions listed below, the following may not be produced or used:  1.2 // - 2-naphtylamine and its salts   // (CAS No 91-59-8),  // - 4-aminobiphenyl and its salts   // (CAS No 92-67-1),  // - benzidine and its salts   // (CAS No 92-87-5),   // - 4-nitrodiphenyl   // (CAS No 92-93-3).  2. This ban does not apply if the agents are present in a substance or a preparation in the form of impurities or by-products, or as a constituent of waste products, provided that their individual concentration therein is less than 0,1 % w/w.  3. Derogations from point 1 laid down by the Member States shall only be permitted:  - for the sole purpose of scientific research and testing, including analysis,  - for work activities intended to eliminate the agents that are present in the form of by-products or waste products,  - for the production of the substances referred to in paragraph 1 for use as intermediates, and for such use.  4. The exposure of workers to the substances referred to in paragraph 1 must be prevented, in particular by providing that the production and earliest possible use of these substances as intermediates must take place in a single closed system, from which the aforesaid substances may be removed only to the extent necessary to monitor the process or serivce the system.


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31985L0611

Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)

Official Journal L 375 , 31/12/1985 P. 0003 - 0018 Finnish special edition: Chapter 6 Volume 2 P. 0116  Spanish special edition: Chapter 06 Volume 3 P. 0038  Swedish special edition: Chapter 6 Volume 2 P. 0116  Portuguese special edition Chapter 06 Volume 3 P. 0038

COUNCIL DIRECTIVE of 20 December 1985 on the  coordination of laws, regulations and administrative provisions relating to undertakings for  collective investment in transferable securities (UCITS) (85/611/EEC)THE COUNCIL  OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article  57 (2) thereof, Having regard to the proposal from the Commission(1), Having regard to the opinion of the European Parliament(2), Having regard to the opinion of the Economic and Social Committee(3), Whereas the laws of the Member States relating to collective investment undertakings differ  appreciably from one state to another, particularly as regards the obligations and controls which  are imposed on those undertakings ; whereas those differences distort the conditions of competition  between those undertakings and do not ensure equivalent protection for unit-holders; Whereas national laws governing collective investment undertakings should be coordinated with a  view to approximating the conditions of competition between those undertakings at Community level,  while at the same time ensuring more effective and more uniform protection for unit-holders;  whereas such coordination will make it easier for a collective investment undertaking situated in  one Member State to market its units in other Member States; Whereas the attainment of these objectives will facilitate the removal of the restrictions on the  free circulation of the units of collective investment undertakings in the Community, and such  coordination will help to bring about a European capital market; Whereas, having regard to these objectives, it is desirable that common basic rules be established  for the authorization, supervision, structure and activities of collective investment undertakings  situated in the Member States and the information they must publish ; Whereas the application of these common rules is a sufficient guarantee to permit collective  investment undertakings situated in Member States, subject to the applicable provisions relating to  capital movements, to market their units in other Member States without those Member States' being  able to subject those undertakings or their units to any provision whatsoever other than provisions  which, in those states, do not fall within the field covered by this Directive; whereas,  nevertheless, if a collective investment undertaking situated in one Member State markets its units  in a different Member State it must take all necessary steps to ensure that unit-holders in that  other Member State can exercise their financial rights there with ease and are provided with the  necessary information, Whereas the coordination of the laws of the Member States should be confined initially to  collective investment undertakings other than of the closed-ended type which promote the sale of  their units to the public in the Community and the sole object of which is investment in  transferable securities (which are essentially transferable securities officially listed on stock  exchanges or similar regulated markets); whereas regulation of the collective investment  undertakings not covered by the Directive poses a variety of problems which must be dealt with by  means of other provisions, and such undertakings will accordingly be the subject of coordination at  a later stage ; whereas pending such coordination any Member State may, inter alia, prescribe those  categories of undertakings for collective investment in transferable securities (UCITS) excluded  from this Directive's scope on account of their investment and borrowing policies and lay down  those specific rules to which such UCITS are subject in carrying on their business within its  territory; Whereas the free marketing of the units issued by UCITS authorized to invest up to 100 % of their  assets in transferable securities issued by the same body (State, local authority, etc.) may not  have the direct or indirect effect of disturbing the functioning of the capital market or the  financing of the Member States or of creating economic situations similar to those which Article 68  (3) of the Treaty seeks to prevent; Whereas account should be taken of the special situations of the Hellenic Republic's and Portuguese  Republic's financial markets by allowing those countries and additional period in which to  implement this Directive, HAS ADOPTED THIS DIRECTIVE : Section I General provisions and scope Article 1 1.  The Member States shall apply this Directive to undertakings for collective  investment in transferable securities (hereinafter referred to as UCITS) situated within their  territories. 2.  For the purposes of this Directive, and subject to Article 2, UCITS shall be undertakings: -the sole object of which is the collective investment in transferable securities of capital raised  from the public and which operate on the principle of risk-spreading, and -the units of which are, at the request of holders, re-purchased or redeemed, directly or  indirectly, out of those undertakings' assets. Action taken by a UCITS to ensure that the stock  exchange value of its units does not significantly vary from their net asset value shall be  regarded as equivalent to such re-purchase or redemption. 3.  Such undertakings may be constituted according to law, either under the law of contract (as  common funds managed by management companies) or trust law (as unit trusts) or under statute (as  investment companies). For the purposes of this Directive 'common funds' shall also include unit trusts. 4.  Investment companies the assets of which are invested through the intermediary of subsidiary  companies mainly otherwise than in transferable securities shall not, however, be subject to this  Directive. 5.  The Member States shall prohibit UCITS which are subject to this Directive from transforming  themselves into collective investment undertakings which are not covered by this Directive. 6.  Subject to the provisions governing capital movements and to Articles 44, 45 and 52 (2) no  Member State may apply any other provisions whatsoever in the field covered by this Directive to  UCITS situated in another Member State or to the units issued by such UCITS, where they market  their units within its territory. 7.  Without prejudice to paragraph 6, a Member State may apply to UCITS situated within its  territory requirements which are stricter than or additional to those laid down in Article 4 et  seq. of this Directive, provided that they are of general application and do not conflict with the  provisions of this Directive. Article 2 1.  The following shall not be UCITS subject to this Directive: -UCITS of the closed-ended type; -UCITS which raise capital without promoting the sale of their units to the public within the  Community or any part of it; -UCITS the units of which, under the fund rules or the investment company's instruments of  incorporation, may be sold only to the public in non-member countries; -categories of UCITS prescribed by the regulations of the Member States in which such UCITS are  situated, for which the rules laid down in Section V and Article 36 are inappropriate in view of  their investment and borrowing policies. 2.  Five years after the implementation of this Directive the Commission shall submit to the  Council a report on the implementation of paragraph 1 and, in particular, of its fourth indent. If  necessary, it shall propose suitable measures to extend the scope. Article 3 For the purposes of this Directive, a UCITS shall be deemed to be situated in the  Member State in which the investment company or the management company of the unit trust has its  registered office ; the Member States must require that the head office be situated in the same  Member State as the registered office. SECTION II Authorization of UCITS Article 4 1.  N° UCITS shall carry on activities as such unless it has been authorized by the  competent authorities of the Member State in which it is situated, hereinafter referred to as 'the  competent authorities'. Such authorization shall be valid for all Member States. 2.  A unit trust shall be authorized only if the competent authorities have approved the management  company, the fund rules and the choice of depositary. An investement company shall be authorized  only if the competent authorities have approved both its instruments of incorporation and the  choice of depositary. 3.  The competent authorities may not authorize a UCITS if the directors of the management company,  of the investment company or of the depositary are not of sufficiently good repute or lack the  experience required for the performance of their duties. To that end, the names of the directors of  the management company, of the investment company and of the depositary and of every person  succeeding them in office must be communicated forthwith to the competent authorities. 'Directors' shall mean those persons who, under the law or the instruments of incorporation,  represent the management company, the investment company or the depositary, or who effectively  determine the policy of the management company, the investment company or the depositary. 4.  Neither the management company nor the depositary may be replaced, nor may the fund rules or  the investment company's instruments of incorporation be amended, without the approval of the  competent authorities. SECTION III Obligations regarding the structure of unit trusts Article 5 A management company must have sufficient financial resources at its disposal to enable  it to conduct its business effectively and meet its liabilities. Article 6 N° management company may engage in activities other than the management of unit trusts  and of investment companies. Article 7 1.  A unit trust's assets must be entrusted to a depositary for safe-keeping. 2.  A depositary's liability as referred to in Article 9 shall not be affected by the fact that it  has entrusted to a third party all or some of the assets in its safe-keeping. 3.  A depositary must, moreover: (a)ensure that the sale, issue, re-purchase, redemption and cancellation of units effected on  behalf of a unit trust or by a management company are carried out in accordance with the law and  the fund rules; (b)ensure that the value of units is calculated in accordance with the law and the fund rules; (c)carry out the instructions of the management company, unless they conflict with the law or the  fund rules; (d)ensure that in transactions involving a unit trust's assets any consideration is remitted to it  within the usual time limits; (e)ensure that a unit trust's income is applied in accordance with the law and the fund rules. Article 8 1.  A depositary must either have its registered office in the same Member State as  that of the management company or be established in that Member State if its registered office is  in another Member State. 2.  A depositary must be an institution which is subject to public control. It must also furnish  sufficient financial and professional guarantees to be able effectively to pursue its business as  depositary and meet the commitments inherent in that function. 3.  The Member States shall determine which of the categories of institutions referred to in  paragraph 2 shall be eligible to be depositaries. Article 9 A depositary shall, in accordance with the national law of the State in which the  management company's registered office is situated, be liable to the management company and the  unit-holders for any loss suffered by them as a result of its unjustifiable failure to perform its  obligations or its improper performance of them. Liability to unit-holders may be invoked either  directly or indirectly through the management company, depending on the legal nature of the  relationship between the depositary, the management company and the unit-holders. Article 10 1.  N° single company shall act as both management company and depositary. 2.  In the context of their respective roles the management company and the depositary must act  independently and solely in the interest of the unit-holders. Article 11 The law or the fund rules shall lay down the conditions for the replacement of the  management company and the depositary and rules to ensure the protection of unit-holders in the  event of such replacement. SECTION IV Obligations regarding the structure of investment companies and their depositaries Article 12 The Member States shall determine the legal form which an investment company must  take. It must have sufficient paid-up capital to enable it to conduct its business effectively and  meet its liabilities. Article 13 N° investment company may engage in activities other than those referred to in Article  1 (2). Article 14 1.  An investment company's assets must be entrusted to a depositary for  safe-keeping. 2.  A depositary's liability as referred to in Article 16 shall not be affected by the fact that it  has entrusted to a third party all or some of the assets in its safe-keeping. 3.  A depositary must, moreover: (a)ensure that the sale, issue, re-purchase, redemption and cancellation of untis effected by or on  behalf of a company are carried out in accordance with the law and with the company's instruments  of incorporation; (b)ensure that in transactions involving a company's assets any consideration is remitted to it  within the usual time limits; (c)ensure that a company's income is applied in accordance with the law and its instruments of  incorporation. 4.  A Member State may decide that investment companies situated within its territory which market  their units exclusively through one or more stock exchanges on which their units are admitted to  official listing shall not be required to have depositaries within the meaning of this Directive. Articles 34, 37 and 38 shall not apply to such companies. However, the rules for the valuation of  such companies' assets must be stated in law or in their instruments of incorporation. 5.  A Member State may decide that investment companies situated within its territory which market  at least 80 % of their-units through one or more stock exchanges designated in their instruments of  incorporation shall not be required to have depositaries within the meaning of this Directive  provided that their units are admitted to official listing on the stock exchanges of those Member  States within the territories of which the units are marketed, and that any transactions which such  a company may effect outwith stock exchanges are effected at stock exchange prices only. A  company's instruments of incorporation must specify the stock exchange in the country of marketing  the prices on which shall determine the prices at which that company will effect any transactions  outwith stock exchanges in that country. A Member State shall avail itself of the option provided for in the preceding subparagraph only if  it considers that unitholders have protection equivalent to that of unit-holders in UCITS which  have depositaries within the meaning of this Directive. In particular, such companies and the companies referred to in paragraph 4, must: (a)in the absence of provision in law, state in their instruments of incorporation the methods of  calculation of the net asset values of their units; (b)intervene on the market to prevent the stock exchange values of their units from deviating by  more than 5 % from their net asset values; (c)establish the net asset values of their units, communicate them to the competent authorities at  least twice a week and publish them twice a month. At least twice a month, an independent auditor must ensure that the calculation of the value of  units is effected in accordance with the law and the company's instruments of incorporation. On  such occasions, the auditor must make sure that the company's assets are invested in accordance  with the rules laid down by law and the company's instruments of incorporation. 6.  The Member States shall inform the Commission of the identities of the companies benefiting  from the derogations provided for in paragraphs 4 and 5. The Commission shall report to the Contact Committee on the application of paragraphs 4 and 5  within five years of the implementation of this Directive. After obtaining the Contact Committee's  opinion, the Commission shall, if need be, propose appropriate measures. Article 15 1.  A depositary must either have its registered office in the same Member State as  that of the investment company or be established in that Member State if its registered office is  in another Member State. 2.  A depositary must be an institution which is subject to public control. It must also furnish  sufficient financial and professional guarantees to be able effectively to pursue its business as  depositary and meet the commitments inherent in that function. 3.  The Member States shall determine which of the categories of institutions referred to in  paragraph 2 shall be eligible to be depositaries. Article 16 A depositary shall, in accordance with the national law of the State in which the  investment company's registered office is situated, be liable to the investment company and the  unit-holders for any loss suffered by them as a result of its unjustifiable failure to perform its  obligations, or its improper performance of them. Article 17 1.  N° single company shall act as both investment company and depositary. 2.  In carrying out its role as depositary, the depositary must act solely in the interests of the  unit-holders. Article 18 The law or the investment company's instruments of incorporation shall lay down the  conditions for the replacement of the depositary and rules to ensure the protection of unit-holders  in the event of such replacement. SECTION V Obligations concerning the investment policies of UCITS Article 19 1.  The investments of a unit trust or of an investment company must consist solely  of: (a)transferable securities admitted to official listing on a stock exchange in a Member State  and/or; (b)transferable securities dealt in on another regulated market in a Member State which operates  regularly and is recognized and open to the public and/or; (c)transferable securities admitted to official listing on a stock exchange in a non-member State  or dealt in on another regulated market in a non-member State which operates regularly and is  recognized and open to the public provided that the choice of stock exchange or market has been  approved by the competent authorities or is provided for in law or the fund rules or the investment  company's instruments of incorporation and/or; (d)recently issued transferable securities, provided that: -the terms of issue include an undertaking that application will be made for admission to official  listing on a stock exchange or to another regulated market which operates regularly and is  recognized and open to the public, provided that the choice of stock exchange or market has been  approved by the competent authorities or is provided for in law or the fund rules or the investment  company's instruments of incorporation; -such admission is secured within a year of issue. 2.  However: (a)a UCITS may invest no more than 10 % of its assets in transferable securities other than those  referred to in paragraph 1; (b)a Member State may provide that a UCITS may invest no more than 10 % of its assets in debt  instruments which, for purposes of this Directive, shall be treated, because of their  characteristics, as equivalent to transferable securities and which are, inter alia, transferable,  liquid and have a value which can be accurately determined at any time or at least with the  frequency stipulated in Article 34; (c)an investment company may acquire movable and immovable property which is essential for the  direct pursuit of its business; (d)a UCITS may not acquire either precious metals or certificates representing them. 3.  The total of the investments referred to in paragraph 2 (a) and (b) may not under any  circumstances amount to more than 10 % of the assets of a UCITS. 4.  Unit trusts and investment companies may hold ancillary liquid assets. Article 20 1.  The Member States shall send to the Commission : (a)no later than date of implementation of this Directive, lists of the debt instruments which, in  accordance with Article 19 (2) (b), they plan to treat as equivalent to transferable securities,  stating the characteristics of those instruments and the reasons for so doing; (b)details of any amendments which they contemplate making to the lists of instruments referred to  in (a) or any further instruments which they contemplate treating as equivalent to transferable  securities, together with their reasons for so doing. 2.  The Commission shall immediately forward that information to the other Member States together  with any comments which it considers appropriate. Such communications may be the subject of  exchanges of views within the Contact Committee in accordance with the procedure laid down in  Article 53 (4). Article 21 1.  The Member States may authorize UCITS to employ techniques and instruments  relating to transferable securities under the conditions and within the limits which they lay down  provided that such techniques and instruments are used for the purpose of efficient portfolio  management. 2.  The Member States may also authorize UCITS to employ techniques and instruments intended to  provide protection against exchange risks in the context of the management of their assets and  liabilities. Article 22 1.  A UCITS may invest no more than 5 % of its assets in transferable securities  issued by the same body. 2.  The Member States may raise the limit laid down in paragraph 1 to a maximum of 10 %. However,  the total value of the transferable securities held by a UCITS in the issuing bodies in each of  which it invests more than 5 % of its assets must not then exceed 40 % of the value of its assets. 3.  The Member States may raise the limit laid down in paragraph 1 to a maximum of 35 % if the  transferable securities are issued or guaranteed by a Member State, by its local authorities, by a  non-member State or by public international bodies of which one or more Member States are members. Article 23 1.  By way of derogation from Article 22 and without prejudice to Article 68 (3) of  the Treaty, the Member States may authorize UCITS to invest in accordance with the principle of  risk-spreading up to 100 % of their assets in different transferable securities issued or  guaranteed by any Member State, its local authorities, a non-member State or public international  bodies of which one or more Member States are members. The competent authorities shall grant such a derogation only if they consider that unit-holders in  the UCITS have protection equivalent to that of unit-holders in UCITS complying with the limits  laid down in Article 22. Such a UCITS must hold securities from at least six different issues, but securities from any one  issue may not account for more than 30 % of its total assets. 2.  The UCITS referred to in paragraph 1 must make express mention in the fund rules or in the  investment company's instruments of incorporation of the States, local authorities or public  international bodies issuing or guaranteeing securities in which they intend to invest more than 35  % of their assets; such fund rules or instruments of incorporation must be approved by the  competent authorities. 3.  In addition each such UCITS referred to in paragraph 1 must include a prominent statement in  its prospectus and any promotional literature drawing attention to such authorization and  indicating the States, local authorities and/or public international bodies in the securities of  which it intends to invest or has invested more than 35 % of its assets. Article 24 1.  A UCITS may not acquire the units of other collective investment undertakings of  the open-ended type unless they are collective investment undertakings within the meaning of the  first and second indents of Article 1 (2). 2.  A UCITS may invest no more than 5 % of its assets in the units of such collective investment  undertakings. 3.  Investment in the units of a unit trust managed by the same management company or by any other  company with which the management company is linked by common management or control, or by a  substantial direct or indirect holding, shall be permitted only in the case of a trust which, in  accordance with its rules, has specialized in investment in a specific geographical area or  economic sector, and provided that such investment is authorized by the competent authorities.  Authorization shall be granted only if the trust has announced its intention of making use of that  option and that option has been expressly stated in its rules. A management company may not charge any fees or costs on account of transactions relating to a unit  trust's units where some of a unit trust's assets are invested in the units of another unit trust  managed by the same management company or by any other company with which the management company is  linked by common management or control, or by a substantial direct or indirect holding. 4.  Paragraph 3 shall also apply where an investment company acquires units in another investment  company to which it is linked within the meaning of paragraph 3. Paragraph 3 shall also apply where an investment company acquires units of a unit trust to which it  is linked, or where a unit trust acquires units of an investment company to which it is linked. Article 25 1.  An investment company or a management company acting in connection with all of the  unit trusts which it manages and which fall within the scope of this Directive may not acquire any  shares carrying voting rights which would enable it to exercise significant influence over the  management of an issuing body. Pending further coordination, the Member States shall take account of existing rules defining the  principle stated in the first subparagraph under other Member States' legislation. 2.  Moreover, an investment company or unit trust may acquire no more than: -10 % of the non-voting shares of any single issuing body; -10 % of the debt securities of any single issuing body; -10 % of the units of any single collective investment undertaking within the meaning of the first  and second indents of Article 1 (2). The limits laid down in the second and third indents may be disregarded at the time of acquisition  if at that time the gross amount of the debt securities or the net amount of the securities in  issue cannot be calculated. 3.  A Member State may waive application of paragraphs 1 and 2 as regards: (a)transferable securities issued or guaranteed by a Member State or its local authorities; (b)transferable securities issued or guaranteed by a non-member State; (c)transferable securities issued by public international bodies of which one or more Member States  are members; (d)shares held by a UCITS in the capital of a company incorporated in a non-member State investing  its assets mainly in the securities of issuing bodies having their registered offices in that  State, where under the legislation of that State such a holding represents the only way in which  the UCITS can invest in the securities of issuing bodies of that State. This derogation, however,  shall apply only if in its investment policy the company from the non-member State complies with  the limits laid down in Articles 22, 24 and 25 (1) and (2). Where the limits set in Articles 22 and  24 are exceeded. Article 26 shall apply mutatis mutandis; (e)shares held by an investment company in the capital of subsidiary companies carrying on the  business of management, advice or marketing exclusively on its behalf. Article 26 1.  UCITS need not comply with the limits laid down in this Section when exercising  subscription rights attaching to transferable securities which form part of their assets. While ensuring observance of the principle of risk-spreading, the Member States may allow recently  authorized UCITS to derogate from Articles 22 and 23 for six months following the date of their  authorization. 2.  If the limits referred to in paragraph 1 are exceeded for reasons beyond the control of a UCITS  or as a result of the exercise of subscription rights, that UCITS must adopt as a priority  objective for its sales transactions the remedying of that situation, taking due account of the  interests of its unit-holders. SECTION VI Obligations concerning information to be supplied to unit- holders A.Publication of a prospectus and periodical reports Article 27 1.  An investment company and, for each of the trusts it manages, a management company  must publish: -a prospectus, -an annual report for each financial year, and -a half-yearly report covering the first six months of the financial year. 2.  The annual and half-yearly reports must be published within the following time limits, with  effect from the ends of the periods to which they relate: -four months in the case of the annual report, -two months in the case of the half-yearly report. Article 28 1.  A prospectus must include the information necessary for investors to be able to  make an informed judgement of the investment proposed to them. It shall contain at least the  information provided for in Schedule A annexed to this Directive, insofar as that information does  not already appear in the documents annexed to the prospectus in accordance with Article 29 (1). 2.  The annual report must include a balance-sheet or a statement of assets and liabilities, a  detailed income and expenditure account for the financial year, a report on the activities of the  financial year and the other information provided for in Schedule B annexed to this Directive, as  well as any significant information which will enable investors to make an informed judgement on  the development of the activities of the UCITS and its results. 3.  The half-yearly report must include at least the information provided for in Chapters I to IV  of Schedule B annexed to this Directive; where a UCITS has paid or proposes to pay an interim  dividend, the figures must indicate the results after tax for the half-year concerned and the  interim dividend paid or proposed. Article 29 1.  The fund rules or an investment company's instruments of incorporation shall form  an integral part of the prospectus and must be annexed thereto. 2.  The documents referred to in paragraph 1 need not, however, be annexed to the prospectus  provided that the unit-holder is informed that on request he or she will be sent those documents or  be apprised of the place where, in each Member State in which the units are placed on the market,  he or she may consult them. Article 30 The essential elements of the prospectus must be kept up to date. Article 31 The accounting information given in the annual report must be audited by one or more  persons empowered by law to audit accounts in accordance with Council Directive 84/253/EEC of 10  April 1984 based on Article 54 (3) (g) of the EEC Treaty on the approval of persons responsible for  carrying out the statutory audits of accounting documents(1). The auditor's report, including any  qualifications, shall be reproduced in full in the annual report. Article 32 A UCITS must send its prospectus and any amendments thereto, as well as its annual and  half-yearly reports, to the competent authorities. Article 33 1.  The prospectus, the latest annual report and any subsequent half-yearly report  published must be offered to subscribers free of charge before the conclusion of a contract. 2.  In addition, the annual and half-yearly reports must be available to the public at the places  specified in the prospectus. 3.  The annual and half-yearly reports shall be supplied to unit-holders free of charge on  request. B.Publication of other information Article 34 A UCITS must make public in an appropriate manner the issue, sale, re-purchase or  redemption price of its units each time it issues, sells, re-purchases or redeems them, and at  least twice a month. The competent authorities may, however, permit a UCITS to reduce the frequency  to once a month on condition that such a derogation does not prejudice the interests of the  unit-holders. Article 35 All publicity comprising an invitation to purchase the units of a UCITS must indicate  that a prospectus exists and the places where it may be obtained by the public. SECTION VII The general obligations of UCITS Article 36 1.  Neither: -an investment company, nor -a management company or depositary acting on behalf of a unit trust, may borrow. However, a UCTIS may acquire foreign currency by means of a 'back-to-back' loan. 2.  By way of derogation from paragraph 1, a Member State may authorize a UCITS to borrow: (a)up to 10 % -of its assets, in the case of an investment company, or -of the value of the fund, in the case of a unit trust, provided that the borrowing is on a temporary basis; (b)up to 10 % of its assets, in the case of an investment company, provided that the borrowing is  to make possible the acquisition of immovable property essential for the direct pursuit of its  business; in this case the borrowing and that referred to in subparagraph (a) may not in any case  in total exceed 15 % of the borrower's assets. Article 37 1.  A UCITS must re-purchase or redeem its units at the request of any unit-holder. 2.  By way of derogation from paragraph 1: (a)a UCITS may, in the cases and according to the procedures provided for by law, the fund rules or  the investment company's instruments of incorporation, temporarily suspend the re-purchase or  redemption of its units. Suspension may be provided for only in exceptional cases where  circumstances so require, and suspension is justified having regard to the interests of the  unit-holders; (b)the Member States may allow the competent authorities to require the suspension of the  re-purchase or redemption of units in the interest of the unit-holders or of the public. 3. In the cases mentioned in paragraph 2 (a), a UCITS must without delay communicate its decision  to the competent authorities and to the authorities of all Member States in which it markets its  units. Article 38 The rules for the valuation of assets and the rules for calculating the sale or issue  price and the re-purchase or redemption price of the units of a UCITS must be laid down in the law,  in the fund rules or in the investment company's instruments of incorporation. Article 39 The distribution or reinvestment of the income of a unit trust or of an investment  company shall be effected in accordance with the law and with the fund rules or the investment  company's instruments of incorporation. Article 40 A UCITS unit may not be issued unless the equivalent of the net issue price is paid  into the assets of the UCITS within the usual time limits. This provision shall not preclude the  distribution of bonus units. Article 41 1.  Without prejudice to the application of Articles 19 and 21, neither:-an investment company, nor -a management company or depositary acting on behalf of a unit trust may grant loans or act as a guarantor on behalf of third parties. 2.  Paragraph 1 shall not prevent such undertakings from acquiring transferable securities which  are not fully paid. Article 42 Neither: -an investment company, nor -a management company or depository acting on behalf of a unit trust may carry out uncovered sales of transferable securities. Article 43 The law or the fund rules must prescribe the remuneration and the expenditure which a  management company is empowered to charge to a unit trust and the method of calculation of such  remuneration. The law or an investment company's instruments of incorporation must prescribe the nature of the  cost to be borne by the company. SECTION VIII Special provisions applicable to UCITS which market their units in Member States other than those  in which they are situated Article 44 1.  A UCITS which markets its units in another Member State must comply with the laws,  regulations and administrative provisions in force in that State which do not fall within the field  governed by this Directive. 2.  Any UCITS may advertise its units in the Member State in which they are marketed. it must  comply the provisions governing advertising in that State. 3.  The provisions referred to in paragraphs 1 and 2 must be applied without discrimination. Article 45 In the case referred to in Article 44, the UCITS must, inter alia, in accordance with  the laws, regulations and administrative provisions in force in the Member State of marketing, take  the measures necessary to ensure that facilities are available in that State for making payments to  unit-holders, re-purchasing or redeeming units and making available the information which UCITS are  obliged to provide. Article 46 If a UCITS proposes to market its units in a Member State other than that in which it  is situated, it must first inform the competent authorities and the authorities of that other  Member State accordingly. It must simultaneously send the latter authorities: -an attestation by the competent authorities to the effect that it fulfils the conditions imposed  by this Directive, -its fund rules or its instruments of incorporation, -its prospectus, -where appropriate, its latest annual report and any subsequent half-yearly report and -details of the arrangements made for the marketing of its units in that other Member State. A UCITS may begin to market its units in that other Member State two months after such  communication unless the authorities of the Member State concerned establish, in a reasoned  decision taken before the expiry of that period of two months, that the arrangements made for the  marketing of units do not comply with the provisions referred to in Articles 44 (1) and 45. Article 47 If a UCITS markets its units in a Member State other than that in which it is  situated, it must distribute in that other Member State, in at least one of that other Member  State's official languages, the documents and information which must be published in the Member  State in which it is situated, in accordance with the same procedures as those provided for in the  latter State. Article 48 For the purpose of carrying on its activities, a UCITS may use the same generic name  (such as investment company or unit trust) in the Community as it uses in the Member State in which  it is situated. In the event of any danger of confusion, the host Member State may, for the purpose  of clarification, require that the name be accompanied by certain explanatory particulars. SECTION IX Provisions concerning the authorities responsible for authorization and supervision Article 49 1.  The Member States shall designate the 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 authorities referred to in paragraph 1 must be public authorities or bodies appointed by  public authorities. 3.  The authorities of the State in which a UCITS is situated shall be competent to supervise that  UCITS. However, the authorities of the State in which a UCITS markets its units in accordance with  Article 44 shall be competent to supervise compliance with Section VIII. 4.  The authorities concerned must be granted all the powers necessary to carry out their task. Article 50 1.  The authorities of the Member States referred to in Article 49 shall collaborate  closely in order to carry out their task and must for that purpose alone communicate to each other  all information required. 2.  The Member States shall provide that all persons employed or formerly employed by the  authorities referred to in Article 49 shall be bound by professional secrecy. This means that any  confidential information received in the course of their duties may not be divulged to any person  or authority except by virtue of provisions laid down by law. 3.  Paragraph 2 shall not, however, preclude communications between the authorities of the various  Member States referred to in Article 49, as provided for in this Directive. Information thus  exchanged shall be covered by the obligation of professional secrecy on persons employed or  formerly employed by the authorities receiving the information. 4.  Without prejudice to cases covered by criminal law, an authority of the type referred to in  Article 49 receiving such information may use it only for the performance of its duties or in the  context of administrative appeals or legal proceedings relating to such performance. Article 51 1.  The authorities referred to in Article 49 must give reasons for any decision to  refuse authorization, and any negative decision taken in implementation of the general measures  adopted in application of this Directive, and communicate them to applicants. 2.  The Member States shall provide that decisions taken in respect of a UCITS pursuant to laws,  regulations and administrative provisions adopted in accordance with this Directive are subject to  the right to apply to the courts; the same shall apply if no decision is taken within six months of  its submission on an authorization application made by a UCITS which includes all the information  required under the provisions in force. Article 52 1.  Only the authorities of the Member State in which a UCITS is situated shall have  the power to take action against it if it infringes any law, regulation or administrative provision  or any regulation laid down in the fund rules or in the investment company's instruments of  incorporation. 2.  Nevertheless, the authorities of the Member State in which the units of a UCITS are marketed  may take action against it if it infringes the provisions referred to in Section VIII. 3.  Any decision to withdraw authorization, or any other serious measure taken against a UCITS, or  any suspension of re-purchase or redemption imposed upon it, must be communicated without delay by  the authorities of the Member State in which the UCITS in question is situated to the authorities  of the other Member States in which its units are marketed. SECTION X Contact Committee Article 53 1.  A Contact Committee, hereinafter referred to as 'the Committee', shall be set up  alongside the Commission. Its function shall be: (a)to facilitate, without prejudice to Articles 169 and 170 of the Treaty, the harmonized  implementation of this Directive through regular consultations on any practical problems arising  from its application and on which exchanges of views are deemed useful; (b)to facilitate consultation between Member States either on more rigorous or additional  requirements which they may adopt in accordance with Article 1 (7), or on the provisions which they  may adopt in accordance with Articles 44 and 45; (c)to advise the Commission, if necessary, on additions or amendments to be made to this  Directive. 2.  It shall not be the function of the Committee to appraise the merits of decisions taken in  individual cases by the authorities referred to in Article 49. 3.  The Committee shall be composed of persons appointed by the Member States and of  representatives of the Commission. The Chairman shall be a representative of the Commission.  Secretarial services shall be provided by the Commission. 4.  Meetings of the Committee shall be convened by its chairman, either on his own initiative or at  the request of a Member State delegation. The Committee shall draw up its rules of procedure. SECTION XI Transitional provisions, derogations and final provisions Article 54 Solely for the purpose of Danish UCITS, pantebreve issued in Denmark shall be treated  as equivalent to the transferable securities referred to in Article 19 (1) (b). Article 55 By way of derogation from Articles 7 (1) and 14 (1), the competent authorities may  authorize those UCITS which, on the date of adoption of this Directive, had two or more  depositaries in accordance with their national law to maintain that number of depositaries if those  authorities have guarantees that the functions to be performed under Articles 7 (3) and 14 (3) will  be performed in practice. Article 56 1.  By way of derogation from Article 6, the Member States may authorize management  companies to issue bearer certificates representing the registered securities of other companies. 2.  The Member States may authorize those management companies which, on the date of adoption of  this Directive, also carry on activities other than those provided for in Article 6 to continue  those other activities for five years after that date. Article 57 1.  The Member States shall bring into force no later than 1 October 1989 the measures  necessary for them to comply with this Directive. They shall forthwith inform the Commission  thereof. 2.  The Member States may grant UCITS existing on the date of implementation of this Directive a  period of not more than 12 months from that date in order to comply with the new national  legislation. 3.  The Hellenic Republic and the Portuguese Republic shall be authorized to postpone the  implementation of this Directive until 1 April 1992 at the latest. One year before that date the Commission shall report to the Council on progress in implementing  the Directive and on any difficulties which the Hellenic Republic or the Portuguese Republic may  encounter in implementing the Directive by the date referred to in the first subparagraph. The Commission shall, if necessary, propose that the Council extend the postponement by up to four  years. Article 58 The Member States shall ensure that the Commission is informed of the texts of the  main laws, regulations and administrative provisons which they adopt in the field covered by this  Directive. Article 59 This Directive is addressed to the Member States. Done at Brussels, 20 December 1985. For the CouncilThe PresidentR. KRIEPS (1)OJ N° C 171, 26. 7. 1976, p. 1.  (2)OJ N° C 57, 7. 3. 1977, p. 31.  (3)OJ N° C 75, 26. 3. 1977, p. 10.  (1)OJ N° L 126, 12. 5. 1984, p. 20.   ANNEX >TABLE>SCHEDULE B Information to be included in the periodic reports I.Statement of assets and liabilities -transferable securities, -debt instruments of the type referred to in Article 19 (2) (b), -bank balances, -other assets, -total assets, -liabilities, -net asset value. II.Number of units in circulation III.Net asset value per unit IV.Portfolio, distinguishing between: (a)transferable securities admitted to official stock exchange listing; (b)transferable securities dealt in on another regulated market; (c)recently issued transferable securities of the type referred to in Article 19 (1) (d); (d)other transferable securities of the type referred to in Article 19 (2) (a); (e)debt instruments treated as equivalent in accordance with Article 19 (2) (b); and analyzed in accordance with the most appropriate criteria in the light of the investment policy  of the UCITS (e. g. in accordance with economic, geographical or currency criteria) as a percentage  of net assets; for each of the above investments the proportion it represents of the total assets  of the UCITS should be stated. Statement of changes in the composition of the portfolio during the reference period. V.Statement of the developments concerning the assets of the UCITS during the reference period  including the following: -income from investments, -other income, -management charges, -depositary's charges, -other charges and taxes, -net income, -distributions and income reinvested, -changes in capital account, -appreciation or depreciation of investments, -any other changes affecting the assets and liabilities of the UCITS. VI.A comparative table covering the last three financial years and including, for each financial  year, at the end of the financial year : -the total net asset value, -the net asset value per unit. VII.Details, by category of transaction within the meaning of Article 21 carried out by the UCITS  during the reference period, of the resulting amount of commitments.