7.

The laws of a Member State may provide for derogation from paragraph 1 in the case of investment companies with fixed capital. The expression ‘investment company with fixed capital’, within the meaning of this paragraph, means only those companies: the exclusive object of which is to invest their funds in various stocks and shares, land or other assets with the sole aim of spreading investment risks and giving their shareholders the benefit of the results of the management of their assets; and which offer their own shares for subscription by the public. In so far as the laws of Member States make use of this option they shall: require such companies to include the expression ‘investment company’ in all documents indicated in Article 5 of Directive 2009/101/EC; not permit any such company whose net assets fall below the amount specified in paragraph 1 to make a distribution to shareholders when on the closing date of the last financial year the company's total assets as set out in the annual accounts are, or following such distribution would become, less than one-and-a-half times the amount of the company's total liabilities to creditors as set out in the annual accounts; and require any such company which makes a distribution when its net assets fall below the amount specified in paragraph 1 to include in its annual accounts a note to that effect.

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