2.

By way of derogation from paragraph 1, a Member State may authorize a UCITS to borrow: (a)up to 10 % -of its assets, in the case of an investment company, or -of the value of the fund, in the case of a unit trust, provided that the borrowing is on a temporary basis; (b)up to 10 % of its assets, in the case of an investment company, provided that the borrowing is to make possible the acquisition of immovable property essential for the direct pursuit of its business; in this case the borrowing and that referred to in subparagraph (a) may not in any case in total exceed 15 % of the borrower's assets.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.