AI Summary of Article 97
Member States are tasked with designating competent authorities to oversee the implementation of this Directive, with a requirement to inform ESMA and the Commission regarding any division of responsibilities. These designated authorities must be public entities or bodies appointed by such entities.
The supervisory role for UCITS lies primarily with the home Member State's authorities, particularly in alignment with Article 19. However, oversight by the host Member State authorities is also crucial, focusing on compliance with provisions that extend beyond the scope of this Directive, specifically as outlined in Articles 92 and 94.
Article 97
1. Member States shall designate the competent authorities which are to carry out the duties provided for in this Directive. They shall inform ESMA and the Commission thereof, indicating any division of duties.
2. The competent authorities shall be public authorities or bodies appointed by public authorities.
3. The authorities of the UCITS home Member State shall be competent to supervise that UCITS including, where relevant, pursuant to Article 19. However, the authorities of the UCITS host Member State shall be competent to supervise compliance with the provisions falling outside the field governed by this Directive and requirements set out in Articles 92 and 94.