Translation of "unit a unit trust " (English → French) :

13. Welcomes the fact that the financial impact of irregularities, as estimated by the Commission, was 27% lower than in 2007; notes, with regard to the legality and regularity of underlying transactions, that the error rate quoted for the cohesion policy area in the Court of Auditors' 2008 Statement of Assurance (DAS) remains above 5%; is concerned that Italy, Poland, the United Kingdom and Spain reported the largest amount of irregularities; welcomes, at the same time, the good collaboration initiated by some of these Member States with the Commission to resolve these problems and trusts ...[+++] that the other Member States will do likewise; points out that, as highlighted by the Court of Auditors, structural actions are the spending area with the most stringent rules and most complex management procedures in the EU budget and that, as noted by the Commission, finding a high number of financial irregularities in one Member State does not necessarily imply a higher number of errors and instances of fraud than in other Member States but may be the result of more thorough and stringent controls; points out, also, that the Court of Auditors' report on implementation of the 2008 Budget does not take into account the 2007-2013 programming period, for which new administration and control systems for spending have been introduced; notes the high incidence of errors linked to ineligible spending and breaches of the rules on public procurement and considers it advisable, therefore, for the Commission to introduce precautionary guidelines for the Member States and local authorities to clarify how these rules are to be applied and to avoid the managing authority replacing expenditure refused by the Commission as ineligible with new expenditure that is also ineligible;

(10) With regard to collective portfolio management (management of unit trusts/common funds and investment companies), the authorisation granted to a management company authorised in its home Member State should permit the company to carry on in host Member States the following activities: to distribute the units of the harmonised unit trusts/common funds managed by the company in its home Member State; to distribute the shares of the harmonised investment companies, managed by such a company; to perform all the other functions and tasks included in the activity of collective portfolio manageme ...[+++]nt; to perform, on the basis of mandates, on behalf of management companies incorporated in Member States other than its home Member State, the functions included in the activity of collective portfolio management.

(10) With regard to collective portfolio management (management of unit trusts/common funds and investment companies), the authorisation granted to a management company authorised in its home Member State should permit the company to carry on in host Member States the following activities: to distribute the units of the harmonised unit trusts/common funds managed by the company in its home Member State; to distribute the shares of the harmonised investment companies, managed by such a company; to perform all the other functions and tasks included in the activity of collective portfolio manageme ...[+++]nt; to manage the assets of investment companies incorporated in Member States other than its home Member State; to perform, on the basis of mandates, on behalf of management companies incorporated in Member States other than its home Member State, the functions included in the activity of collective portfolio management.

That means also setting a clear timetable to include both insurance and advertising of unit trusts in the general country-of-origin approach.

Those transactions which currently appear in List C are as follows : a) long-term credits (five years and more) related to commercial transactions or to the provision of services in which a resident is participating : as the current liberalization obligations already cover short- and medium- term credits, it seems logical to extend them to long-term credits, which are also involved in the free movements of goods and services; - 3 - b) acquisition by residents of foreign securities and by non- residents of domestic securities : the current liberaliza- tion obligations cover only securities traded on a stock exchange and provide for exceptions for the acquisition of units of unit ...[+++]trusts and for the acquisition by residents of foreign bonds issued on a foreign market and denominated in national currency.

Those transactions which currently appear in List C are as follows : a) long-term credits (five years and more) related to commercial transactions or to the provision of services in which a resident is participating : as the current liberalization obligations already cover short- and medium- term credits, it seems logical to extend them to long-term credits, which are also involved in the free movements of goods and services; - 3 - b) acquisition by residents of foreign securities and by non- residents of domestic securities : the current liberaliza- tion obligations cover only securities traded on a stock exchange and provide for exceptions for the acquisition of units of unit ...[+++]trusts and for the acquisition by residents of foreign bonds issued on a foreign market and denominated in national currency.