Brussels, 4.12.2025

COM(2025) 942 final

ANNEX

to the

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

amending Directives 2009/65/EC, 2011/61/EU and 2014/65/EU as regards the further development of capital market integration and supervision within the Union

{SEC(2025) 943 final} - {SWD(2025) 943 final} - {SWD(2025) 944 final}


ANNEX

Annex II of Directive 2009/65/EC is replaced by the following:

(1)‘Investment management functions which a management company shall at least perform when managing a UCITS:

(1)portfolio management;

(2)risk management.

(2)Other functions that a management company may additionally perform in the course of the collective management of a UCITS:

(1)Administration:

(a)legal and fund management accounting services;

(b)customer inquiries;

(c)valuation and pricing (including tax returns);

(d)regulatory compliance monitoring;

(e)maintenance of unit-holder register;

(f)distribution of income;

(g)unit issues and redemptions;

(h)contract settlements (including certificate dispatch);

(i)record keeping.

(2)Marketing.’.