4Article 6(3) and (4) of that directive provides:3.By way of derogation from paragraph 2, Member States may authorise management companies to provide, in addition to the management of UCITS, the following services:(a) management of portfolios of investments, including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfolios include one or more of the instruments listed in Annex I, Section C to Directive 2004/39/EC [of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ 2004 L 145, p. 1)]; and(b) as non-core services:(i) investment advice concerning one or more of the instruments listed in Annex I, Section C to Directive [2004/39];(ii) safekeeping and administration in relation to units of collective investment undertakings.…4. Article 2(2) and Articles 12, 13 and 19 of Directive [2004/39] shall apply to the provision of the services referred to in paragraph 3 of this Article by management companies.’
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.