For the purposes of this Directive:
‘depositary’ shall mean any institution entrusted with the duties mentioned in Articles 7 and 14 and subject to the other provisions laid down in Sections IIIa and IVa;
‘management company’ shall mean any company, the regular business of which is the management of UCITS in the form of unit trusts/common funds and/or of investment companies (collective portfolio management of UCITS); this includes the functions mentioned in Annex II;
a ‘management company's home Member State’ shall mean the Member State, in which the management company's registered office is situated;
a ‘management company's host Member State’ shall mean the Member State, other than the home Member State, within the territory of which a management company has a branch or provides services;
a ‘UCITS home Member State’ shall mean:
with regard to a UCITS constituted as unit trust/common fund, the Member State in which the management company's registered office is situated,
with regard to a UCITS constituted as investment company, the Member State in which the investment company's registered office is situated;
a ‘UCITS host Member State’ shall mean the Member State, other than the UCITS home Member State, in which the units of the common fund/unit trust or of the investment company are marketed;
‘branch’ shall mean a place of business which is a part of the management company, which has no legal personality and which provides the services for which the management company has been authorised; all the places of business set up in the same Member State by a management company with headquarters in another Member State shall be regarded as a single branch;
‘competent authorities’ shall mean the authorities which each Member State designates under Article 49 of this Directive;
‘close links’ shall mean a situation as defined in Article 2(1) of Directive 95/26/EC 4;
‘qualifying holdings’ shall mean any direct or indirect holding in a management company which represents 10 % or more of the capital or of the voting rights or which makes it possible to exercise a significant influence over the management of the management company in which that holding subsists.
For the purpose of this definition, the voting rights referred to in Article 7 of Directive 88/627/EEC 5 shall be taken into account;
‘ISD’ shall mean Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field 6;
‘parent undertaking’ shall mean a parent undertaking as defined in Articles 1 and 2 of Directive 83/349/EEC 7;
‘subsidiary’ shall mean a subsidiary undertaking as defined in Articles 1 and 2 of Directive 83/349/EEC; any subsidiary of a subsidiary undertaking shall also be regarded as a subsidiary of the parent undertaking which is the ultimate parent of those undertakings;
‘initial capital’ shall mean capital as defined in items 1 and 2 of Article 34(2) of Directive 2000/12/EC 8;
‘own funds’ shall mean own funds as defined in Title V, Chapter 2, Section 1 of Directive 2000/12/EC; this definition may, however, be amended in the circumstances described in Annex V of Directive 93/6/EEC 9.