Updated 05/02/2025
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Article 98 - Directive 2009/65/EC (UCITS Directive)

Attention! This article was amended after the current consolidated version was issued. The amendments apply since 15/04/2024. Please consult Directive 2024/927 to review the changes made to the article.

Article 98

1.   The competent authorities shall be given all supervisory and investigatory powers that are necessary for the exercise of their functions. Such powers shall be exercised:

(a)

directly;

(b)

in collaboration with other authorities;

(c)

under the responsibility of the competent authorities, by delegation to entities to which tasks have been delegated; or

(d)

by application to the competent judicial authorities.

2.   Under paragraph 1, competent authorities shall have the power, at least, to:

(a)

access any document in any form and receive a copy thereof;

(b)

require any person to provide information and, if necessary, to summon and question a person with a view to obtaining information;

(c)

carry out on-site inspections;

(d)

require existing telephone and existing data traffic records;

(e)

require the cessation of any practice that is contrary to the provisions adopted in the implementation of this Directive;

(f)

request the freezing or the sequestration of assets;

(g)

request the temporary prohibition of professional activity;

(h)

require authorised investment companies, management companies or depositaries to provide information;

(i)

adopt any type of measure to ensure that investment companies, management companies or depositaries continue to comply with the requirements of this Directive;

(j)

require the suspension of the issue, repurchase or redemption of units in the interest of the unit-holders or of the public;

(k)

withdraw the authorisation granted to a UCITS, a management company or a depositary;

(l)

refer matters for criminal prosecution; and

(m)

allow auditors or experts to carry out verifications or investigations.