Collective investment undertakings became an alternative to saving with a bank.

This will mean the end of many of the European collective investment undertakings.

The first concerns the product, that is to say the funds. The other concerns the collective investment undertakings.

This does not apply to collective investment undertakings.

Unlike groups of credit companies or investment undertakings, who are already covered by Community legislation, there was no text for insurance groups.

For shares in open-end collective investment undertakings, there is no market in the usual sense.

Harmonised collective investment undertakings that can operate throughout the EU.

Assuming that the request for information concerns investment funds (investment undertakings):

• collective investment undertakings.

Croatia’s legislative framework regulating securities markets and collective investment undertakings provides a basis for the necessary alignment with the acquis.

- Insurance undertakings. - Collective investment undertakings.

The treatment of positions in collective investment undertakings and credit derivatives and a number of other modifications for increased risk-sensitivity are new.

The defining characteristic of a mutual fund or collective investment undertaking is the pooling of assets by investors in order to spread the investment risk.

World Food Day every October is one of our biggest community investment undertakings, and one that our employees look forward to every year.

Such coordination will make it easier for a collective investment undertaking situated in one Member State to market its units in other Member States.

Collective investment undertakings have for some time been the primary savings vehicle through which millions of ordinary citizens, without any specialist knowledge, have invested their life savings.

• 65 Opinion on insolvency and bankruptcy proceedings of credit institutions, clearing institutions and investment undertakings (CON/2004/9)

However, in that case the UCITS must invest in at least five different collective investment undertakings mentioned in paragraph 1.

Amended Commission proposals to improve and extend rules on collective investment undertakings (UCITS)

However, this directive does not affect existing Community legislation on units issued by collective investment undertakings or on units acquired of disposed of in such undertakings.

• Instruments: a 1985 directive enables fund managers to provide certain investment funds, collective investment undertakings or UCITS, across the EU.

This enormously expensive red-tape for the paying agents will in itself create competitive disadvantages in terms of management costs and will result in collective investment undertakings leaving the EU.

Furthermore, a UCITS may, within certain limits, acquire the units of another UCITS or collective investment undertaking.

This proposed provision would therefore apply to the investment by collective investment undertakings in certain instruments issued by central banks and used in the implementation of monetary policy ( 14).

It is necessary that UCITS or other collective investment undertakings in which a UCITS invests be subject to effective supervision.