5. Where the management company’s home Member State is not the UCITS home Member State, the depositary shall sign a written agreement with the management company regulating the flow of information deemed necessary to allow it to perform the functions set out in Article 22 and in other laws, regulations or administrative provisions which are relevant for depositaries in the UCITS home Member State.

Two public consultation exercises in 1997 and 2002 highlighted a pressing need on the part of market operators for legislation at EU level allowing companies to transfer their registered office from one Member State to another without first having to be wound up in their home Member State.

Certain aspects of the original Directive have been updated to take account of the new types of companies created in several Member States since the Directive's adoption, and of EU accounting legislation passed since 1968.

5. If, despite the measures taken by the home Member State or because such measures prove inadequate or are not available in the Member State in question, the management company persists in breaching the legal or regulatory provisions referred to in paragraph 2 in force in the host Member State, the latter may, after informing the competent authorities of the home Member State, take appropriate measures to prevent or to penalise further irregularities and, insofar as necessary, to prevent that management company from initiating any further transaction within its territory.

Point 3 (1) Requests for admission must be submitted to the authorities of the host Member State which are competent under national law through the consular or diplomatic representation of the State or through another national competent authority designated for this purpose in the home country or the country of origin of the person seeking admission to pursue activities as a self-employed person (2) They must be accompanied by information which can be used to assess whether the planned activity meets the preconditions referred to under point 2, and also by documentary evidence that the activity will be carried out in accordance with the relevant ...[+++] national legislation (3) The following could for example be required for assessing the preconditions referred to under point 2 in accordance with national legislation: - documents indicating the nature, scale and duration of the activity the person wishes to engage in; - documents indicating the number of staff likely to be required; - a description of the premises where the activity will be carried out, which should be appropriate for it; - evidence of the funds available for the intended purpose (4) The following could for example be required for assessing compliance with legislation in force, in accordance with national legislation: - proof that the self-employed person meets the conditions of the host Member State regarding professional qualifications and access to the occupation; - in the case of companies or firms, the instrument of incorporation, evidence of publication or registration thereof, and the names of the directors and managerial staff and of the associates authorized to act on their behalf; - proof such as police documentation or similar documents, showing the integrity of the person concerned.

Those provisions were originally added to the Canadian Wheat Board Act when Bill C-4 amended the Act in 1998 in order to continue providing government guarantees to the CWB (as it had benefited from beforehand under other legislation by virtue of its status as a Crown corporation), even after its status as a Crown corporation was removed.