14.12.2020

Official Journal of the European Union

C 433/32

(Case C-473/20)

(2020/C 433/40)

Language of the case: Bulgarian

Referring court

Parties to the main proceedings

Applicant: ‘INVEST FUND MANAGEMENT’ AD

Defendant: Komisiya za finansov nadzor

Questions referred

1.What meaning did the European legislature intend to give to the term ‘essential elements’ of the prospectus within the meaning of Article 72 of 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 (1)?

2.Is Article 69(2) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 to be interpreted as meaning that any change to the minimum information in prospectuses provided for in Schedule A of Annex I is always covered by the term ‘essential elements’ within the meaning of Article 72 of the Directive, so that these must be updated in due time?

3.If Question 2 is answered in the negative, is it to be assumed that information about a change in the composition of the board of directors of a particular management company that concerns non-executive members who are not assigned any management functions is included in the term ‘essential elements’ within the meaning of Article 72 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009?

4.Is Article 99а(r) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 to be interpreted as meaning that it is only permissible to impose a penalty on a management company (for each of the investment funds managed by it) in the event of repeated non-compliance with obligations concerning information to be provided to investors imposed in accordance with the national provisions transposing Articles 68 to 82 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009?

(1) OJ 2009 L 302, p. 32.