1. A regulated market shall, when admitting to trading units in
a collective investment undertaking, whether or not that
undertaking is constituted in accordance with Directive 85/
611/EEC, satisfy itself that the collective investment undertaking
complies or has complied with the registration, notification or
other procedures which are a necessary precondition for the
marketing of the collective investment undertaking in the
jurisdiction of the regulated market.
2. Without prejudice to Directive 85/611/EEC or any other
Community legislation or national law relating to collective
investment undertakings, Member States may provide that
compliance with the requirements referred to in paragraph 1 is
not a necessary precondition for the admission of units in a
collective investment undertaking to trading on a regulated
market.
3. When assessing whether units in an open-ended collective
investment undertaking are capable of being traded in a fair,
orderly and efficient manner in accordance with Article 40(1) of
Directive 2004/39/EC, the regulated market shall take the
following aspects into account:
(a) the distribution of those units to the public;
(b) whether there are appropriate market-making arrangements,
or whether the management company of the
scheme provides appropriate alternative arrangements for
investors to redeem the units;
(c) whether the value of the units is made sufficiently
transparent to investors by means of the periodic
publication of the net asset value.
4. When assessing whether units in a closed-end collective
investment undertaking are capable of being traded in a fair,
orderly and efficient manner in accordance with Article 40(1) of
Directive 2004/39/EC, the regulated market shall take the
following aspects into account:
(a) the distribution of those units to the public;
(b) whether the value of the units is made sufficiently
transparent to investors, either by publication of information
on the fund's investment strategy or by the periodic
publication of net asset value.