Activities of Astrid LULLING related to 2013/0214(COD)
Plenary speeches (1)
European long-term investment funds (debate)
Amendments (12)
Amendment 122 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation lays down uniform rules on the authorisation, investment policies and operating conditions of closed-ended EU alternative investment funds (AIFs), or compartiment of AIF, that are marketed in the Union as European long-term investment funds (ELTIFs).
Amendment 151 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
Where an ELTIF or AIF comprises more than one investment compartment, each ELTIF compartment shall be regarded as a separate ELTIF for the purposes of this Chapter.
Amendment 170 #
Proposal for a regulation
Article 9 – paragraph 1 – point e
Article 9 – paragraph 1 – point e
(e) direct holdings of individual real assets that require up-front capital expenditure of at least EUR 10 million or its equivalent in the currency, and at the time, in which the expenditure is incurred, or indirect holdings of participations in companies whose exclusive objective is to hold such individual real assets.
Amendment 172 #
Proposal for a regulation
Article 9 – paragraph 1 – point e a (new)
Article 9 – paragraph 1 – point e a (new)
(ea) units or shares of one or several AIF, provided that the AIF have not themselves invested more than 10% of their capital in ELTIFs and the AIF invests in eligible investments according to article 8.
Amendment 193 #
Proposal for a regulation
Article 12 – paragraph 2 – point a a (new)
Article 12 – paragraph 2 – point a a (new)
(aa) in case of a breach of the diversification requirements provided for in article 12 and this breach results from circumstances beyond the control of the manager, the latter shall be given by the competent authorities the appropriate time period necessary to rectify the position
Amendment 194 #
Proposal for a regulation
Article 12 – paragraph 2 – point b
Article 12 – paragraph 2 – point b
(b) 10% of its capital directly or indirectly in an individual real asset according to article 9 (e);
Amendment 195 #
Proposal for a regulation
Article 12 – paragraph 2 – point c
Article 12 – paragraph 2 – point c
(c) 10% of its capital in units or shares of any single ELTIF, EuVECA or, EuSEF or AIF;
Amendment 198 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The aggregate value of units or shares of ELTIFuVECAs, EuvECASEFs and EuSEFsAIF which do not qualify as ELTIF in an ELTIF portfolio shall not exceed 20% of the value of its capital. An ELTIF may invest up to 100% of the value of its capital in other ELTIF.
Amendment 250 #
Proposal for a regulation
Article 21 – paragraph 3 – point e
Article 21 – paragraph 3 – point e
Amendment 268 #
Proposal for a regulation
Article 23 a (new)
Article 23 a (new)
Article 23 a ELIGIBLE INVESTORS 1. Managers of ELTIF shall market the units and shares of qualifying venture capital funds exclusively to investors which are considered to be professional clients in accordance with Section I of Annex II to Directive 2004/39/EC or which may, on request, be treated as professional clients in accordance with Section II of Annex II to Directive 2004/39/EC, or to other investors that: (a) commit to investing a minimum of EUR 100 000; and (b) state in writing, in a separate document from the contract to be concluded for the commitment to invest, that they are aware of the risks associated with the envisaged commitment or investment. 2. Paragraph 1 shall not apply to investments made by executives, directors or employees involved in the management of a manager of a ELTIF when investing in the ELTIF that they manage.
Amendment 275 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
The manager of the ELTIF implements appropriate arrangements to ensure that the appropriateness of the profile of the ELTIF's retail investors before they invest
Amendment 279 #
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. TNotwithstanding the provisions of the first subparagraph of Article 43 of directive 2011/61/EU, the manager of an ELTIF shall be able to market the units or shares of that authorised ELTIF to professional and retail investors in Member States other than in the home Member State of the ELTIF manager upon notification in accordance with Article 32 of Directive 2011/61/EU.