[ParlTrack]

Proposal for a directive
Recital 27 a (new)

(27a) These measures are appropriate and proportionate in nature, and are adapted to the type of AIFM and AIF applying to them, taking account of, among other factors, the variations in size, resources, complexity, characteristics, investment levels, investment techniques and strategies, structures and investors of the various types of AIFM.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Recital 27 b (new)

(27b) The implementing measures of this type take due account of investment strategy, risk management procedures and anti-risk provisions. Similarly, they also take into consideration the different investment strategies employed and the types of assets concerned by transactions on the financial markets.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 2 – paragraph 1 – subparagraph 2

An AIFM authorised in An AIFM authorised in accordance with this Directive to accordance with this Directive to provide management services to provide management services to one or more AIF is also entitled to one or more AIF is also entitled to market shares or units of these market these AIF to professional AIF to professional investors in investors in the Community the Community subject to the subject to the conditions laid conditions laid down in Chapter down in Chapter VI and, where VI and, where relevant, Article 35. relevant, Article 35.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 3 – point b

(b) 'manager of alternative investment funds' or AIFM means any legal or natural person who~~se regular business is to manage one or several AIF~~ manages one or several AIFs or a single AIF which is managed autonomously;

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 3 – point c

~~(c) 'Valuator' means any legal or natural person or company valuing the assets or establishing the value of the shares or units of an AIF;~~Deleted

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 4 – paragraph 2 – subparagraph 1

AIFM may be authorised to provide management services either for all or certain types of AIF. An AIF may be managed by a single AIFM.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 4 – paragraph 2 – subparagraph 2

An AIFM may hold an authorisation pursuant to this Directive and be authorised as a management or investment company pursuant to Directive 2009/…/EC – [UCITS Directive]. An AIFM may provide administrative services for one or more AIFs.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 5 – subparagraph 2

The AIFM must have its head office in the same Member State as its registered office. Where an AIFM manages one or more AIFs, an authorisation shall be required for each AIF concerned.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 6 – paragraph 1 a (new)

1a. The Commission shall adopt implementing measures specifying the authorisation criteria, among others concerning those responsible for administering the AIFMs.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2

No investor may obtain a No investor may obtain a material preferential treatment, unless this preferential treatment vis-à-vis is disclosed in the AIF rules or other investors pertaining to the instruments of incorporation. same AIF unless the nature and character of that preferential treatment is mentioned in the AIF rules or instruments of incorporation.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 9 – paragraph 1 – subparagraph 3 a (new)

The names of investors benefiting from preferential treatment shall be disclosed to the competent authorities on a basis of confidentiality.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 11 – paragraph 5 – subparagraph 1 – point b

(b) any arrangements needed to enable AIFM to manage the particular risks associated with short selling transactions, including any relevant restrictions that might be needed to protect the AIF from undue risk exposures.deleted

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1

1. AIFM shall ensure that, for each AIF that it manages, a ~~valuator is appointed which is independent of the AIFM~~n independent valuation is carried out to establish the value of assets acquired by the AIF and the value of the shares and units of the AIF.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2

The valuator shall ensure that The valuation shall be carried the assets, shares and units are out at least once a year, and each valued at least once a year, and time shares or units of the AIF are each time shares or units of the issued or redeemed if this is more AIF are issued or redeemed if this frequent. is more frequent.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 16 – paragraph 1 a (new)

1a. The valuation shall be carried out by the AIFM. It shall be made for each company included in the portfolio.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 16 – paragraph 2

2. AIFM shall ensure that the valuator has appropriate and consistent procedures to value the assets of the AIF in accordance with existing applicable valuation standards and rules, in order to reflect the net asset value of the shares or units of the AIF.Deleted

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 16 – paragraph 2 a (new)

2a. The valuation shall be carried out by the AIFM in accordance with the EVCA principles.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 16 – paragraph 3

3. The rules applicable to the valuation of assets and the calculation of the net asset value per unit or share of the AIF shall be laid down in the law of the country where the AIF is domiciled or in the AIF rules or instruments of incorporation.Deleted

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 16 – paragraph 4

4. The Commission shall adopt implementing measures further specifying the criteria under which a valuator can be considered independent in the meaning of paragraph 1. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).Deleted

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 17 – paragraph 1 – introductory wording

For each AIF it manages, the AIFM shall ensure that aone or more depositar~~y is~~ies are appointed to fulfil, where relevant, the following tasks:

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 17 – paragraph 5 a (new)

5a. The provisions of this article shall not apply to AIFMs where the AIF or AIFs managed do not hold exit rights relating to a period of five years from the creation of the AIF or AIFs.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 19 – paragraph 2 – point c a (new)

(ca) the annual valuation report relating to the companies included in the portfolio of each AIF;

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 19 – paragraph 3

3. The accounting information given in the annual report shall be prepared in accordance with the standards and principles provided for in the rules or instruments applicable to AIFs concerning establishment and mergers, and shall be audited by one or more persons empowered by law to audit accounts in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC12. The auditor's report, including any qualifications, shall be reproduced in full in the annual report.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 20 – paragraph 1 – point g a (new)

(ga) a description of the differences between the AIFs managed by the same AIFM, from the viewpoint of risks and liquid assets;

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 20 – paragraph 1 – point i

~~(i) whenever an investor obtains a preferential treatment or the right to obtain preferential treatment, the identity of the investor and a description of that preferential treatment;~~Deleted

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 21 – paragraph 2 – introductory wording

For each AIF an AIFM manages, in cases where exit rights may be exercised it shall periodically report the following to the competent authorities of its home Member State:

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 21 – paragraph 3 – subparagraph 1 a (new)

All identification data relating to individual investors shall be held on a basis of strict confidentiality.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 25 – paragraph 2

2. Home Member States shall ensure that all information received under Article 24, aggregated in respect of all AIFM that it supervises, are made available to other competent authorities through the procedure set out in Article 46 on supervisory co-operation. It shall, without delay, also provide information through this mechanism, and bilaterally to other Member States directly concerned, if an AIFM under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other Member States. This information shall also be made available to the European Systemic Risk Board.

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 26

1. This section shall apply to the following: (a) AIF which either individually or in aggregation acquires 30 % or more of the voting rights of an issuer or of a non-listed company domiciled in the Community, as appropriate; (b) AIFM having concluded an agreement with one or more other AIFM which would allow the AIF managed by these AIFM to acquire 30 % or more of the voting rights of the issuer or the non-listed company, as appropriate. 2. This section shall not apply where the issuer or the non-listed company concerned are small and medium enterprises that employ fewer than 250 persons, have an annual turnover not exceeding 50 million euro and/or an annual balance sheet not exceeding 43 million euro.Article 26 Deleted Scope AIFM managing one or more

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 27

Notification of the acquisition of controlling influence in non-listed 1. Member States shall ensure that when an AIFM is in a position to exercise 30 % or more of the voting rights of a non- listed company, such AIFM notifies the non-listed company and all other share- holders the information provided in paragraph 2. This notification shall be made, as soon as possible, but not later than four trading days the first of which being the day on which the AIFM has reached the position of being able to exercise 30% of the voting rights. The notification required under paragraph 1 shall contain the following information: (a) voting rights; (b) 30% threshold has been reached, including information about the identity of the different shareholders involved; (c) the date on which the threshold was reached or exceeded.Article 27 Deleted companies the resulting situation in terms of the conditions under which the

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 29

Specific provisions regarding the annual report of AIF exercising controlling Member States shall ensure that AIFM include in the annual report provided for in Article 19 for each AIF that they manage, the additional information provided in paragraph 2 of this Article. The AIF annual report shall include the following additional information for each issuer and non listed company in which the AIF has invested: a) with regard to operational and financial developments, presentation of revenue and earnings by business segment, statement on the progress of company's activities and financial affairs, assessment of expected progress on activities and financial affairs, report on significant events in the financial year; (b) with regard to financial and other risks at least financial risks associated with capital structure; (c) with regard to employee matters, turnover, terminations, recruitment. (d) statement on significant divestment of assets. In addition, the AIF annual report shall, for each issuer in which it has acquired a controlling influence, contain the information provided for in point (f) of Article 46a(1) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies1 and an overview of the capital structure as referred to in points (a) and (d) of Article 10(1) of Directive 2004/25/EC. For each non-listed company in which it has acquired a controlling influence, the AIF report shall provide an overview of management arrangements and the information provided for in points (b), (c) and (e) to (h) of Article 3 of Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent2. 3. The AIFM shall, for each AIF it manages and for which it is subject to this section, provide the information referred to in paragraph 2 above to all representatives of employees of the company concerned referred to in paragraph 1 of Article 26 within the period referred to in Article 19 (1) 4. The Commission shall adopt implementing measures specifying the detailed content of the information to be provided under paragraphs 1 and 2. Those measures, designed to amend non- essential elements of this Directive by 1 OJ L 222, 14.8.1978, p. 11. 2 OJ L 26, 31.1.1977, p. 1. supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).Article 29 Deleted influence in issuers or non-listed companies

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 30

Specific provisions regarding companies whose shares are no longer admitted to Where, following an acquisition of 30 % or more of the voting rights of an issuer, the shares of that issuer are no longer admitted to trading on a regulated market, it shall nevertheless continue to comply with its obligations under Directive 2004/109/EC for two years from the date of withdrawal from the regulated market.Article 30 Deleted trading on a regulated market

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 33 – paragraph 8

8. AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in another Member State than the home Member State of the AIFM as from the date referred to in the second subparagraph of Article 54(1).Deleted

2010/03/01
Committee: JURI

Sebastian Valentin BODU

Proposal for a directive
Article 37

Valuator established in a third country 1. Member States shall only allow the appointment of a valuator established in a third country, provided that all of the following conditions are met: (a) the requirements set out in Article 16 are fulfilled; (b) the third country is the subject of a decision taken pursuant to paragraph 3 stating that the valuation standards and rules used by valuators established on its territory are equivalent to those applicable in the Community. 2. The Commission shall adopt implementing measures specifying the criteria for assessing the equivalence of the valuation standards and rules of third countries as referred to in paragraph (1) (b). Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3). 3. On the basis of the criteria referred to in paragraph 2, the Commission shall, in accordance with the procedure referred to in Article 49(2), adopt implementing measures, stating that the valuation standards and rules of a third country legislation are equivalent to those applicable in the Community.Article 37 Deleted

2010/03/01
Committee: JURI

Activities of Sebastian Valentin BODU related to 2009/0064(COD)

Plenary speeches (3)

Amendments (34)

ParlTrack - 2011-2024