+Article 14
---+Article 14 1.
---+Article 14 2.
---+Article 14 2a.
---+Article 14 3.
---+Article 14 4.

Article 14

1. Forbhreathnú

,
Article 14 1.

Each Member State shall draw up rules of conduct which management companies authorised in that Member State shall observe at all times. Such rules shall implement at least the principles set out in this paragraph. Those principles shall ensure that a management company:

(a) 

acts honestly and fairly in conducting its business activities in the best interests of the UCITS it manages and the integrity of the market;

(b) 

acts with due skill, care and diligence, in the best interests of the UCITS it manages and the integrity of the market;

(c) 

has and employs effectively the resources and procedures that are necessary for the proper performance of its business activities;

(d) 

tries to avoid conflicts of interests and, when they cannot be avoided, ensures that the UCITS it manages are fairly treated; and

(e) 

complies with all regulatory requirements applicable to the conduct of its business activities so as to promote the best interests of its investors and the integrity of the market.
Article 14 2.

Without prejudice to Article 116, the Commission shall adopt, by means of delegated acts ►M4  in accordance with Article 112a ◄ , measures with a view to ensuring that the management company complies with the duties set out in paragraph 1, in particular to:

▼B

(a) 

establish appropriate criteria for acting honestly and fairly and with due skill, care and diligence in the best interests of the UCITS;

(b) 

specify the principles required to ensure that management companies employ effectively the resources and procedures that are necessary for the proper performance of their business activities; and

(c) 

define the steps that management companies might reasonably be expected to take to identify, prevent, manage or disclose conflicts of interest as well as to establish appropriate criteria for determining the types of conflicts of interest whose existence may damage the interests of the UCITS.

▼M1 —————
Article 14 2a.
I gcás ina mbainistíonn cuideachta bainistíochta GCUI nó ina bhfuil sé beartaithe aici GCUI a bhainistiú ar thionscnamh tríú páirtí, lena n-áirítear cásanna ina n-úsáideann an GCUI sin ainm tionscnóra tríú páirtí nó i gcás ina gceapann cuideachta bainistíochta tionscnóir tríú páirtí mar thoscaire de bhun Airteagal 13, déanfaidh an chuideachta bainistíochta, agus aon choinbhleachtaí leasa á gcur san áireamh, mínithe mionsonraithe agus fianaise mhionsonraithe ar a comhlíontacht le mír 1, pointe (d), den Airteagal seo a chur faoi bhráid údaráis inniúla a Ballstáit baile. Go háirithe, sonróidh an chuideachta bainistíochta na bearta réasúnta atá déanta aici chun coinbhleachtaí leasa a eascraíonn as an gcaidreamh leis an tríú páirtí a chosc nó, i gcás nach féidir na coinbhleachtaí leasa sin a chosc, an chaoi a dtugann sí faoi shainaithint, bainistiú agus faireachán na gcoinbhleachtaí leasa sin agus, i gcás inarb infheidhme, an chaoi a nochtann sí iad chun cosc a chur orthu dochar a dhéanamh do leasanna an GCUI agus a infheisteoirí.
Article 14 3.

In order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing technical standards to determine the delegated acts adopted by the Commission regarding the criteria, principles and steps referred to in paragraph 2.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Article 14 4.
Chun críocha mhír 1, pointe (a), déanfaidh ESMA, faoin 16 Deireadh Fómhair 2025, tuarascáil a chur faoi bhráid Pharlaimint na hEorpa, na Comhairle agus an Choimisiúin ina ndéantar measúnú ar na costais a ghearrann GCUInna agus cuideachtaí bainistíochta ar infheisteoirí agus ina mínítear na cúiseanna le leibhéal na gcostas sin agus le haon difríocht eatarthu, lena n-áirítear difríochtaí a eascraíonn as cineál na GCUInna lena mbaineann. Mar chuid den mheasúnú sin, déanfaidh ESMA anailís, faoi chuimsiú Airteagal 29 de Rialachán (AE) Uimh. 1095/2010, ar a iomchuí atá na critéir a leagtar amach in uirlisí cóineasaithe ESMA maidir le maoirseacht a dhéanamh ar chostais agus ar a éifeachtaí atá na critéir sin.

Chun críocha na tuarascála sin, agus i gcomhréir le hAirteagal 35 de Rialachán (AE) Uimh. 1095/2010, soláthróidh na húdaráis inniúla sonraí do ESMA ar bhonn aon uaire maidir le costais lena n-áirítear na táillí, muirir agus speansais uile a iompraíonn na hinfheisteoirí, nó an chuideachta bainistíochta i ndáil le hoibríochtaí an GCUI, go díreach nó go hindíreach, agus atá le leithdháileadh go díreach nó go hindíreach ar an GCUI. Cuirfidh na húdaráis inniúla na sonraí sin ar fáil do ESMA faoi chuimsiú a gcumhachtaí, lena n-áirítear an chumhacht ceangal a chur ar chuideachtaí bainistíochta faisnéis a sholáthar mar a leagtar síos in Airteagal 98(2) den Treoir seo.

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

Ceanglais

3. Caighdeáin ghaolmhara

Caighdeáin
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