Translation of "Participations et placements dans les filiales " (French → English) :

Emphasises the importance of offering children in any kind of fostering or adoption arrangement the placement that offers the best opportunities to maintain links with the child’s cultural background and to learn and use their mother tongue; asks the Member State authorities involved in childcare proceedings to make all possible efforts to avoid separating siblings.

(6) 'financial counterparty' means investment firms authorised under Directive 2004/39/EC, credit institutions authorised under Directive 2006/48/EC, insurance undertakings authorised under Directive 73/239/EEC, assurance undertakings authorised under Directive 2002/83/EC, reinsurance undertakings authorised under Directive 2005/68/EC, undertakings for collective investments in transferable securities (UCITS) authorised under Directive 2009/65/EC, institutions for occupational retirement provision as defined in Directive 2003/41/EC and alternative investment funds managers authorised under Directive 2010/./EU and to branches in the Union ...[+++] of undertakings established outside the Union that would require to be so authorised if they were within the Union, other than an investment fund whose sole investment policy is to develop or invest in physical real estate (directly or through its subsidiary entities, co-ownership or joint venture participations);

Nor, for the purposes of this Directive, should an undertaking which principally acts as a holding entity for a group of subsidiary undertakings, and which owns strategic stakes in undertakings with a view to long-term holding rather than for the purpose of generating returns through divestment within a defined timeframe, be regarded as a collective investment undertaking.

This Directive should not apply to managers of non-pooled investments such as endowments, sovereign wealth funds, central banks or credit institutions, institutions for occupational retirement provision or those institutions exclusively managing funds for occupational retirement provisions, or insurance or reinsurance undertakings for assets held on own account, or an undertaking which principally acts as an holding entity for a group of subsidiary undertakings and which owns strategic stakes in undertakings with ...[+++]a view to long-term holding rather than for the purpose of generating returns through divestment within a defined time-frame, to be regarded as a collective undertaking.

In addition, for the purposes of determining a qualifying holding and the other levels of holding referred to in this Article and in Articles 10 a to 10b, a parent undertaking shall not be required to aggregate its holdings under Articles 9 and 10 of Directive 2004/109/EC with the holdings managed by a subsidiary undertaking in the circumstances where its subsidiary:

"In addition, for the purposes of determining a qualifying holding and the other levels of holding referred to in this Article and in Articles 15 to 15c, a parent undertaking shall not be required to aggregate its holdings under Articles 9 and 10 of Directive 2004/109/EC with the holdings managed by a subsidiary undertaking in the circumstances where its subsidiary: