SECTION 2 Transitional and final provisions

Article 115

By 1 July 2013, the Commission shall submit to the European Parliament and to the Council a report on the application of this Directive.

Article 117

Directive 85/611/EEC, as amended by the Directives listed in Annex III, Part A, is repealed with effect from 1 July 2011, without prejudice to the obligations of the Member States relating to the time limits for transposition into national law and application of the Directives set out in Annex III, Part B.

References to the repealed Directive shall be construed as references to this Directive and shall be read in accordance with the correlation table in Annex IV.

References to the simplified prospectus shall be construed as references to the key investor information referred to in Article 78.

Article 119

This Directive is addressed to the Member States.