- branch
means a place of business which is a part of the management company, which has no legal personality and which provides the services for which the management company has been authorised;
- CCP
means a CCP as defined in Article 2, point (1), of Regulation (EU) No 648/2012 of the European Parliament and of the Council;
- central securities depository
means a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014 of the European Parliament and of the Council.
- close links
means a situation in which two or more natural or legal persons are linked by either:
- competent authorities
means the authorities which each Member State designates under Article 97;
- cross-border merger
means a merger of UCITS:
- depositary
means an institution entrusted with the duties set out in Articles 22 and 32 and subject to the other provisions laid down in Chapter IV and Section 3 of Chapter V;
- directors
shall mean those persons who, under the law or the instruments of incorporation, represent the investment company, or who effectively determine the policy of the company;
- domestic merger
means a merger between UCITS established in the same Member State where at least one of the involved UCITS has been notified pursuant to Article 93;
- durable medium
means an instrument which enables an investor to store information addressed personally to that investor in a way that is accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored;
- financial instrument
means a financial instrument specified in Section C of Annex I to Directive 2014/65/EU of the European Parliament and of the Council;
- initial capital
means the funds as referred to in Article 57(a) and (b) of Directive 2006/48/EC;
- management body
means the body with ultimate decision-making authority in a management company, investment company or depositary, comprising the supervisory and the managerial functions, or only the managerial function if the two functions are separated.
- management company
means a company, the regular business of which is the management of UCITS in the form of common funds or of investment companies (collective portfolio management of UCITS);
- mergers
means an operation whereby:
- money market instruments
means instruments normally dealt in on the money market which are liquid and have a value which can be accurately determined at any time;
- own funds
means own funds as referred to in Title V, Chapter 2, Section 1 of Directive 2006/48/EC;
- qualifying holding
means a direct or indirect holding in a management company which represents 10 % or more of the capital or of the voting rights or which makes it possible to exercise a significant influence over the management of the management company in which that holding subsists;
- transferable securities
means: