(11)For the calculation of the consolidated K-factors, those activities and services that are included in Annex I to Directive 2014/65/EU of the European Parliament and of the Council 4 , or associated activities and services, should also be taken into account, regardless of whether those activities and services are carried out or performed by the investment firms or by other entities of the investment firm group. It is therefore necessary to include in the calculation of the consolidated K-factors the activities and services referred to in Article 6(3), points (a), (b)(i), and (b)(ii), of Directive 2009/65/EC of the European Parliament and of the Council 5 and in Article 6(4), points (a), (b)(i), (b)(ii), and (b)(iii), of Directive 2011/61/EU of the European Parliament and of the Council 6 carried out or performed by any entities of the investment firm group included in the consolidation.
Recital 11
- 6 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 ( OJ L 174, 1.7.2011, p. 1 , ELI: http://data.europa.eu/eli/dir/2011/61/oj ). ↩
- 4 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU ( OJ L 173, 12.6.2014, p. 349 , ELI: http://data.europa.eu/eli/dir/2014/65/oj ). ↩
- 5 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) ( OJ L 302, 17.11.2009, p. 32 , ELI: http://data.europa.eu/eli/dir/2009/65/oj ). ↩