{
  "url": "https://openlegislation.uk/eu-regulation-2014-964/article-4",
  "json_url": "https://openlegislation.uk/eu-regulation-2014-964/article-4.json",
  "legislation": "eur/2014/964",
  "legislation_title": "Commission Implementing Regulation (EU) No 964/2014 of 11 September 2014 laying down rules for the application of Regulation (EU) No 1303/2013 of the European Parliament and of the Council as regards standard terms and conditions for financial instruments",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2014-964",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Governance under the standard terms and conditions",
  "text": "1. The managing authority or, if applicable, the fund of funds manager shall be represented in the supervisory committee or a similar type of governance structure of the financial instrument.\n2. The managing authority shall not participate directly in individual investment decisions. In the case of a fund of funds, the managing authority shall exercise only its supervisory role at the level of the fund of funds without interfering in individual decisions by the fund of funds.\n3. The financial instrument shall have a governance structure that allows for decisions concerning credit and risk diversification to be made transparently in line with relevant market practice.\n4. The fund of funds manager and the financial intermediary shall have a governance structure that ensures impartiality and independence of the fund of funds manager or of the financial intermediary.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Art. 4(1) omitted (W.) (26.3.2021 in so far as it relates to domestic support for rural development) by virtue of The Agricultural Support (Miscellaneous Amendments) (Wales) (EU Exit) Regulations 2021 (S.I. 2021/400), regs. 1(2), 12(4)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Art. 4(2) omitted (W.) (26.3.2021 in so far as it relates to domestic support for rural development) by virtue of The Agricultural Support (Miscellaneous Amendments) (Wales) (EU Exit) Regulations 2021 (S.I. 2021/400), regs. 1(2), 12(4)(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Art. 4(4) omitted (W.) (26.3.2021 in so far as it relates to domestic support for rural development) by virtue of The Agricultural Support (Miscellaneous Amendments) (Wales) (EU Exit) Regulations 2021 (S.I. 2021/400), regs. 1(2), 12(4)(c)(i)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Art. 4(4) omitted (W.) (26.3.2021 in so far as it relates to domestic support for rural development) by virtue of The Agricultural Support (Miscellaneous Amendments) (Wales) (EU Exit) Regulations 2021 (S.I. 2021/400), regs. 1(2), 12(4)(c)(ii)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2014/964/article/4",
    "retrieved_at": "2026-11-01T14:47:19.419041+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}