Directive 2009/65/EC is amended as follows:
(1) Article 14 is amended as follows:
(a) the following paragraphs 1a to 1f are inserted:
'1a. For the purpose of paragraph 1, Member States shall require management companies to act in such a way as to prevent undue costs from being charged to the UCITS and its unit-holders.
The costs which comply with the following conditions shall be regarded as due:
(a) The costs are in line with disclosures in the prospectus referred to in Article 69 and the key investor information referred to in Article 78;
(b) The costs are necessary for the UCITS to operate in line with its investment strategy and objective or to fulfil regulatory requirements;
(c) The costs are borne by investors in a way that ensures fair treatment of investors.
1b. Member States shall require management companies to maintain, operate and review an effective pricing process that allows for the identification and quantification of all costs borne by the UCITS or its unit-holders. Be
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