Article 38
Amendment to Directive 2009/65/EC
Article 50a of Directive 2009/65/EC is replaced by the following:
‘Article 50a
Where UCITS management companies or internally managed UCITS are exposed to a securitisation that no longer meets the requirements provided for in the Regulation (EU) 2017/2402 of the European Parliament and of the Council ( *1 ), they shall, in the best interest of the investors in the relevant UCITS, act and take corrective action, if appropriate.
( *1 ) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).’