law of 20 December 2002 - Alfi

The Court shall decide as to the expenses and fees of the supervisory commissioners;it may grant them advances.The judgment provided for in paragraph (1) of Article 104 of this law shallterminate the functions of the supervisory commissioner who must, withinone month after his replacement, submit to the liquidators appointed in suchjudgment a report on the use of the undertaking’s assets together with theaccounts and supporting documents.If the withdrawal decision is amended on appeal in accordance with paragraphs(2) and (3) above, the supervisory commissioner shall be deemed to haveresigned.Art. 100 (1) The CSSF may prohibit the marketing in Luxembourg of units of a UCITSsituated in another Member State of the European Union if it infringes the provisionsof chapter 7.(2) The decision taken under paragraph (1) above is notified by the CSSF tothe UCI concerned and to the competent supervisory authorities of the homeMember State.Art. 101 (1) Where, through the provision of services or by the establishment of branches,a management company operates in one or more host Member States ofthe European Union, the CSSF shall collaborate closely with the competentauthorities of the Member States concerned.It shall supply on request all the information concerning the managementand the ownership of such management companies that is likely to facilitatetheir supervision and all information likely to facilitate the monitoring ofsuch companies. In particular, the CSSF shall cooperate to ensure that thecompetent authorities of the host Member State can collect the informationreferred to in Article 90, paragraph (2).(2) Insofar as it is necessary for the purpose of exercising its powers of supervision,the CSSF shall be informed by the competent authorities of the hostMember State of any measures taken by the host Member State pursuant toArticle 90, paragraph (6) which involve sanctions imposed on a managementcompany or restrictions on a management company’s activities.Art. 102 (1) Where a management company authorised in another Member State of theEuropean Union carries on business within Luxembourg through a branch,the competent authorities of the management company’s home Member Statemay, after informing the CSSF, carry out themselves or through the intermediaryof persons they instruct for the purpose, on-the-spot verification of theinformation referred to in Article 101.(2) The competent authorities of the management company’s home Member Statemay also ask the CSSF to have such verification carried out. Within the scopeof its powers, the CSSF shall act upon such requests either by carrying outthe verifications itself, by allowing the authorities who have requested them tocarry them out or by allowing external auditors 84 or experts to do so.(3) This Article shall not affect the right of the CSSF to carry out, within the exerciseof its duties under this law, on-the-spot verifications of branches establishedwithin Luxembourg.84 The French text of amended Directive 85/611/EEC refers to “commissaires aux comptes” which in France describesthe professionals referred to as réviseurs d’entreprises (external auditors) in Luxembourg.55