Updated 14/01/2025
In force

Version from: 09/01/2024
Amendments
There is currently no Level 2 legal act based on or specifying Article 54.
QA1162 - MMF
Status: Final
Answered: 01/10/2016
Art. 54
QA953 - Disclosures
Status: Final
Answered: 01/02/2023
Art. 54
QA1112 - Disclosures
Status: Final
Answered: 09/01/2015
Art. 54
QA1113 - Disclosures
Status: Final
Answered: 05/01/2015
Art. 54
QA1115 - Disclosures
Status: Final
Answered: 09/01/2015
Art. 54
QA1116 - Disclosures
Status: Final
Answered: 09/01/2015
Art. 54
QA1117 - Disclosures
Status: Final
Answered: 09/01/2015
Art. 54
QA1134 - Disclosures
Status: Final
Answered: 01/10/2016
Art. 54
QA1135 - Disclosures
Status: Final
Answered: 01/10/2016
Art. 54
QA1175 - Disclosures
Status: Final
Answered: 15/03/2013
Art. 54
QA1176 - Disclosures
Status: Final
Answered: 15/03/2013
Art. 54
QA1160 - Depositaries
Status: Final
Answered: 01/10/2016
Art. 54
QA2 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA3 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA4 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA6 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA7 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA8 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA9 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA10 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA11a - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA11b - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA12 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA13 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA14 - Money Market Funds
Status: Final
Updated: 01/08/2011
Art. 54
QA15 - Money Market Funds
Status: Final
Updated: 01/02/2012
Art. 54
QA16 - Money Market Funds
Status: Final
Updated: 01/02/2012
Art. 54
QA1141 - UCITS global exposure
Status: Final
Answered: 01/10/2016
Art. 54
QA1199 - UCITS global exposure
Status: Final
Answered: 01/07/2012
Art. 54
QA1177 - Efficient portfolio management (EPM) techniques
Status: Final
Answered: 15/03/2013
Art. 54
QA601 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 18/06/2024
Art. 54
QA1136 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1137 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1138 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1139 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1140 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1142 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1143 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1159 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1161 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 01/10/2016
Art. 54
QA1163 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 12/10/2016
Art. 54
QA1178 - UCITS eligible assets and investment restrictions
Status: Final
Answered: 15/03/2013
Art. 54
QA708 - UCITS global exposure
Status: Under Review
Published: 28/03/2023
Art. 54(1)
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Article 54

Article 54

1.  

By way of derogation from Article 52, Member States may authorise UCITS to invest in accordance with the principle of risk-spreading up to 100 % of their assets in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its local authorities, a third country, or a public international body to which one or more Member States belong.

The competent authorities of the UCITS home Member State shall grant such a derogation only if they consider that unit-holders in the UCITS have protection equivalent to that of unit-holders in UCITS complying with the limits laid down in Article 52.

Such a UCITS shall hold securities from at least six different issues, but securities from any single issue shall not account for more than 30 % of its total assets.

2.  

The UCITS referred to in paragraph 1 shall make express mention in the fund rules or in the instruments of incorporation of the investment company of the Member States, local authorities, or public international bodies issuing or guaranteeing securities in which they intend to invest more than 35 % of their assets.

Such fund rules or instruments of incorporation shall be approved by the competent authorities.

3.  
Each UCITS referred to in paragraph 1 shall include a prominent statement in its prospectus and marketing communications drawing attention to such authorisation and indicating the Member States, local authorities, or public international bodies in the securities of which it intends to invest or has invested more than 35 % of its assets.