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Commission Directive 2010/43/EU - UCITS Implementing (No 1) DirectiveRecitalsChapter I Subject matter, Scope and Definitions (arts. 1-3)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsChapter II Administrative procedures and control mechanism (Article 12(1)(a) and Article 14(1)(c) of Directive 2009/65/EC) (arts. 4-16)Section 1 General principles (arts. 4-5a)Article 4 General requirements on procedures and organisationArticle 5 ResourcesArticle 5a Obligation for investment companies to integrate sustainability risks in the management of UCITSSection 2 Administrative and accounting procedures (arts. 6-8)Article 6 Complaints handlingArticle 7 Electronic data processingArticle 8 Accounting proceduresSection 3 Internal control mechanisms (arts. 9-16)Article 9 Control by senior management and supervisory functionArticle 10 Permanent compliance functionArticle 11 Permanent internal audit functionArticle 12 Permanent risk management functionArticle 13 Personal transactionsArticle 14 Recording of portfolio transactionsArticle 15 Recording of subscription and redemption ordersArticle 16 Recordkeeping requirementsChapter III Conflict of interests (Article 12(1)(b) and Article 14(1)(d) and (2)(c) of Directive 2009/65/EC) (arts. 17-21)Article 17 Criteria for the identification of conflicts of interestArticle 18 Conflicts of interest policyArticle 19 Independence in conflicts managementArticle 20 Management of activities giving rise to detrimental conflict of interestArticle 21 Strategies for the exercise of voting rightsChapter IV Rules of conduct (Article 14(1)(a), (b) and (2)(a), (b) of Directive 2009/65/EC) (arts. 22-29)Section 1 General principles (arts. 22-23)Article 22 Duty to act in the best interests of UCITS and their unit-holdersArticle 23 Due diligence requirementsSection 2 Handling of subscription and redemption orders (art. 24)Article 24 Reporting obligations in respect of execution of subscription and redemption ordersSection 3 Best execution (arts. 25-26)Article 25 Execution of decisions to deal on behalf of the managed UCITSArticle 26 Placing orders to deal on behalf of UCITS with other entities for executionSection 4 Handling of orders (arts. 27-28)Article 27 General principlesArticle 28 Aggregation and allocation of trading ordersSection 5 Inducements (art. 29)Article 29 Safeguarding the best interests of UCITSChapter V Particulars of the standard agreement between a depositary and a managment company (Article 23(5) and Article 33(5) of Directive 2009/65/EC)(arts. 30-37) (arts. 30-37)Article 30 Elements related to the procedures to be followed by the parties to the agreementArticle 31 Elements related to the exchange of information and to obligations on confidentiality and money-launderingArticle 32 Elements related to the appointment of third partiesArticle 33 Elements related to potential amendments and the termination of the agreementArticle 34 Applicable lawArticle 35 Electronic transmission of informationArticle 36 Scope of the agreementArticle 37 Service level agreementChapter VI Risk management (Article 51(1) of Directive 2009/65/EC) (arts. 38-45)Section 1 Risk management policy and risk measurement (arts. 38-39)Article 38 Risk management policyArticle 39 Assessment, monitoring and review of risk management policySection 2 Risk management processes, Counterparty risk exposure and issuer concentration (arts. 40-43)Article 40 Measurement and management of riskArticle 41 Calculation of global exposureArticle 42 Commitment approachArticle 43 Counterparty risk and issuer concentrationSection 3 Procedures for the valuation of the OTC derivatives (art. 44)Article 44 Procedures for the assessment of the value of OTC derivativesSection 4 Transmission of information on derivative instruments (art. 45)Article 45 Reports on derivative instrumentsChapter VII Final provisions (arts. 46-48)Article 46 TranspositionArticle 47 Entry into forceArticle 48 AddresseesDone at
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Section 3 Internal control mechanisms (arts. 9-16)

Article 9 Control by senior management and supervisory function
Article 10 Permanent compliance function
Article 11 Permanent internal audit function
Article 12 Permanent risk management function
Article 13 Personal transactions
Article 14 Recording of portfolio transactions
Article 15 Recording of subscription and redemption orders
Article 16 Recordkeeping requirements
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