taxud/2414/08 - European Commission - Europa

(i)
(j)
(k)
the provision of valuations, tax refund claims and management information and
the calculation of the net asset value;
safe custody, security safe-keeping and control;
oversight of the fund by the depositary;
(l) payment of income to customers and proxy voting.
2. The definition of "management of investment funds" provided for in point (11) of
Article 135a of Directive 2006/112/EC shall not cover the following:
(a)
external audit of the fund, marketing and management of fund overheads;
These are services for the control and supervision of the fund's activities;
(b)
development of systems, such as planning and implementation of new
technology, major enhancements to existing systems and systems maintenance;
This includes services like planning and implementation of new IT (information
technology) and major enhancements to existing systems, systems maintenance such as
operational and technical maintenance of existing IT;
(c)
services relating to regulatory compliance.
These are services supplied in accordance with the regulatory requirements regarding the
conduct of business or sale of investment funds; they are services which ensure the
proper monitoring of funds and are thus part of services for the control and supervision
of their activities;
(ll) Constituent elements
Under Article 135 (1a) of Directive 2006/112/EC the exemption for financial and
insurance services also applies to the supply of any constituent element of an insurance
or financial service, which constitutes a distinct whole and has the specific and essential
character of the exempt service. This provision is complemented by Article 13 - 20 of the
Regulation which provide for the following:
Article 13
1. For the purposes of Article 135(1a) of Directive 2006/112/EC, at least the
following shall be considered to have the specific and essential character of an exempt
service:
(a)
portfolio management;
These are services for the financial constitution, operation and termination of a bouquet
of exempt insurance and/ or financial products to meet specified investment goals for the
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