Question a: According to Article 12(3) an undertaking is exempted from making the notification if the notification is made by its (ultimate) parent undertaking – in which cases does Article 12(3) apply?

Question b: What details regarding its subsidiary undertakings does a parent undertaking have to provide if it makes use of Art. 12(3)?

For the purpose of paragraph 39 of the guidelines, would the counterparty to a financial derivative instrument be considered as having discretion over the composition of the underlying assets of the financial derivative instrument under the following arrangement? The role of the counterparty only involves implementing a set of rules and this set of rules is agreed in advance with the UCITS management company and does not allow the exercise of any discretion by the counterparty.

For the purposes of paragraph 39 of the guidelines, would the counterparty to a financial derivative instrument be considered as having discretion over the composition of the underlying of the financial derivative instrument under the following arrangement? The counterparty to the financial derivative instrument offers advice to the UCITS management company on the composition of the underlying of the financial derivative instrument or the UCITS’ investment portfolio but any investment decision must be approved by the UCITS management company.

For the purposes of paragraph 39 of the guidelines, would the counterparty to a financial derivative instrument be considered as having discretion over the composition of the underlying of the financial derivative instrument under the following arrangement? The counterparty to the financial derivative instrument can decide on the composition of the underlying of the financial derivative instrument or the UCITS investment portfolio without the prior consent of the UCITS management company.

What is the scope of application of paragraphs 37, 39 and 40 of the guidelines?