BETA

24 Amendments of Costas MAVRIDES related to 2021/0376(COD)

Amendment 127 #
Proposal for a directive
Recital 6
(6) To develop a reliable overview of delegation activities in the Union governed bycompliance with Article 20 of Directive 2011/61/EU and to inform future policy decisions or supervisory actions, competent authoritieAIFMs should provide the European Securities and Markets Authority (‘ESMA’) with delegation notifications where an AIFM delegates morecompetent authorities of their home Member States with comprehensive and up-to-date information on delegation of portfolio management, or risk management functions of the AIF, than it manages itself to entities located in third countries.
2022/07/04
Committee: ECON
Amendment 131 #
Proposal for a directive
Recital 7
(7) In order to ensure consistent harmonisation of the notification process in the area of delegation, power should be delegated to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council30 to specify the contents, forms and procedures to standardise the notification process of the AIFMs’ delegation arrangements. The notification form should contain data fields indicating the activities making up the risk and portfolio management functions in order to determine whether an AIFM has delegated more of such functions than it has retained. Those regulatory technical standards should be adopted on the basis of a draft developed by ESMA. __________________ 30 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).deleted
2022/07/04
Committee: ECON
Amendment 135 #
Proposal for a directive
Recital 7 a (new)
(7 a) Marketing of AIFs is not always conducted by the AIFM directly but by one or several distributors either on behalf of the AIFM or on their own behalf. There may also be cases where an independent financial advisor markets a fund without the AIFM’s knowledge. Most fund distributors are subject to regulatory requirements pursuant to Directive 2014/65/EU or Directive 2016/97/EU, which define the scope and extent of their responsibilities towards their own clients. Directive 2011/61/EU should therefore acknowledge the diversity of distribution arrangements and recognise the existing safeguards for the arrangements whereby a distributor acts on its own behalf when it markets the AIF, among others, under Directive 2014/65/EU or through life insurance based investment products in accordance with Directive 2016/97/EU, in which case the provisions of this Directive regarding delegation should not apply irrespective of any distribution agreement between the AIFM and the distributor.
2022/07/04
Committee: ECON
Amendment 165 #
Proposal for a directive
Recital 28
(28) To support supervisory convergence in the area of delegation ESMA should conduct peer review on the supervisory practices wiget a better understanding of the application of the provisions of this directive, including in the a particular focus on preventing the creation of letter- box entities. ESMA’s analysis of the peer reviews will feed into the review of the measures adoprea of appropriate oversight and control over delegation arrangements, in all the Member States. To this effect, ESMA should, before the review of this Directive takes place, activate the tool at its disposal in the area of supervisory convergence that is most adequated in this Directive and inform the European Parliament, the Council and the Commission of any additional measures that may be needed to supportorder to achieve the intended objective. ESMA’s analysis of the data collected during this supervisory convergence exercice will feed into a report, to be provided before the start of the review, analysing market practices regarding compliance with the requirements of the effdirectiveness of the delegation regimes laid down in Directive 2011/61/EU regarding oversight and control over delegation arrangements and substance rules.
2022/07/04
Committee: ECON
Amendment 169 #
Proposal for a directive
Recital 28 a (new)
(28 a) Marketing of UCITS is not always conducted by the management company directly but by one or several distributors either on behalf of the management company or on their own behalf. There may also be cases where an independent financial advisor markets a fund without the management company’s knowledge. Most fund distributors are subject to regulatory requirements pursuant to Directive 2014/65/EU or Directive 2016/97/EU, which define the scope and extent of their responsibilities towards their own clients. Directive 2009/65/EC should therefore acknowledge the diversity of distribution arrangements and recognise the existing safeguards for the arrangements whereby a distributor acts on its own behalf when it markets the AIF, among others, under Directive 2014/65/EU or through life insurance based investment products in accordance with Directive 2016/97/EU, in which case the provisions of this Directive regarding delegation should not apply irrespective of any distribution agreement between the management company and the distributor.
2022/07/04
Committee: ECON
Amendment 188 #
Proposal for a directive
Recital 38
(38) To develop a reliable overview of delegation activities in the Union governed bycompliance with Article 13 of Directive 2009/65/EC and to inform future policy decisions or supervisory actions, competent authoritmanagement companies should provide ESMA with delegation notifications where a UCITS management companycompetent authorities of their home Member State with comprehensive and up-to-date information on delegates moreion, portfolio management or risk management functions, than it manages itself, to entities located in third countries.
2022/07/04
Committee: ECON
Amendment 189 #
Proposal for a directive
Recital 39
(39) In order to ensure consistent harmonisation of the notification process in the area of delegation, power should be delegated to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council45 to specify the contents, forms and procedures to standardise the notification process of UCITS delegation arrangements. The notification form should contain data fields indicating the activities making up the risk and portfolio management functions in order to determine whether a UCITS management company has delegated more of such functions than it has retained. Those regulatory technical standards should be adopted based on a draft developed by ESMA. __________________ 45 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).deleted
2022/07/04
Committee: ECON
Amendment 204 #
Proposal for a directive
Recital 50
(50) To support supervisory convergence in the area of delegation ESMA should conduct peer reviews on the supervisory practices particularly focusing on preventing creation of letter-box entities. ESMA’s analysis of the peer reviews would feed into the review of the measures adopget a better understanding of the application of the provisions of this directive, including in the area of appropriate oversight and control over delegation arrangements, in all the Member States. To this effect, ESMA should, before the review of this Directive takes place, activate the tool at its disposal in the area of supervisory convergence that is most adequated in this Directive and inform the European Parliament, the Council and the Commission what additional measures may be needed to support effectiveness of the delegation regime laid down in Directive 2009/65/ECorder to achieve the intended objective. ESMA’s analysis of the data collected during this supervisory convergence exercise would feed into a report, to be provided before the start of the review, analysing market practices regarding compliance with the requirements of the directive regarding oversight and control over delegation arrangements and substance rules.
2022/07/04
Committee: ECON
Amendment 231 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Directive 2011/61/EU
Article 7 – paragraph 5
(b) paragraph 5 is replaced by the following: ‘5. The competent authorities shall, on a quarterly basis, inform ESMA of authorisations granted or withdrawn in accordance with this Chapter. ESMA shall keep a central public register identifying each AIFM authorised under this Directive, a list of the AIFs managed and/deleted information on the AIFM and the infor marketed in the Union by such AIFMs and the competent authority for each such AIFM. The register shall be made available in electronic format. Where an AIFM delegates more portfolio management or risk management functions to entities located in third countries than it retains, the competent authotion on the delegate, a description of the delegated a descripties shall, on an annual basis, notify ESMA of all such delegations (‘delegation notifications’). The delegation notifications shall include the following: (a) AIF concerned; (b) specifying the delegate’s domicile and whether it is a regulated entity or not; (c) portfolio management and risk management functions; (d) portfolio management and risk management functions; (e) analyse the delegation arrangements; (f) authorities’ supervisory activities, including desk-based reviews and on-site inspections and the results of such activities; (g) between the competent authority of the AIFM and the supervisory authority of the delegate.’on of the retained any other information necessary to a description of the competent any details on the cooperation
2022/07/04
Committee: ECON
Amendment 306 #
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point a a (new)
Directive 2011/61/EU
Article 20 – paragraph 1 a (new)
(a a) The following paragraph 1a is inserted: 1a. Where the delegation relates to portfolio management or risk management functions, the AIFM shall, on a yearly basis, inform the competent authority of the following: (a) information on the entities to which such functions have been delegated (name and legal entity identifier of each delegate, its jurisdiction of establishment and, where relevant, its supervisory authority); (b) information on the function delegated (portfolio management or risk management), type of delegation (full or partial), and the date of the delegation agreement or contract; (c) where sub-delegation arrangements are in place, the same information in respect of the sub-delegates and the functions sub-delegated; (d) the date of conclusion of the delegation and sub-delegation arrangements; (e) description of periodic due diligence measures carried out by the AIFM to oversee, monitor and control the delegate, including the date of performance of these measures, the issues identified and, where relevant, the measures and timeline adopted to address these issues.
2022/07/04
Committee: ECON
Amendment 308 #
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point b
Directive 2011/61/EU
Article 20 – paragraph 3
3. The AIFM’s liability towards its clients, the AIF and its investors shall not be affected by the fact that the AIFM has delegated functions to a third party, or by any further sub-delegation, nor shall the AIFM delegate its functions to the extent that, in essence, it can no longer be considered to be the manager of the AIF or the provider of the services and to the extent that it becomes a letter- box entity.;
2022/07/04
Committee: ECON
Amendment 347 #
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point c
Directive 2011/61/EU
Article 24 – paragraph 6 – subparagraph 1
ESMA shall develop draft regulatory technical standards specifying the details to be reported according to paragraphs 1 and points (a) to (c) and (e) to (f) of paragraph 2. ESMA shall take into account other reporting requirements to which the AIFMs are subject and the report issued in accordance with paragraph 2 of Article 69b.
2022/07/04
Committee: ECON
Amendment 391 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point a
Directive 2011/61/EU
Article 50 – paragraph 5
5. Where the competent authorities of one Member State have reasonclear and demonstrable grounds to suspect that acts contrary to this Directive are being or have been carried out by an AIFM not subject to supervision of those competent authorities, they shall notify ESMA and the competent authorities of the home and host Member States of the AIFM concerned thereof in as specific a manner as possible. The recipient authorities shall take appropriate action, shall inform ESMA and the notifying competent authorities of the outcome of that action and, to the extent possible, of significant interim developments. This paragraph shall be without prejudice to the competences of the notifying competent authority.;
2022/07/04
Committee: ECON
Amendment 397 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5e
5e. Where the competent authority does not act in accordance or does not intend to comply with ESMA’s opinion referred to in paragraph 5d, it shall inform ESMA, stating its reasons for the non- compliance or intention. In the event of a serious threat to investor protection, a threat to the orderly functioning and integrity of financial markets or a risk to the stability of the whole or part of the financial system in the Union, ESMA may publish the fact that a competent authority does not comply or intend to comply with its advice. ESMA may also decide, on a case-by-case basis, to publish the reasons provided by the competent authority in this regard. ESMA shall give the competent authorities advance notice about such publication.
2022/07/04
Committee: ECON
Amendment 398 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5f – subparagraph 1
The competent authority of the host Member State of an AIFM may, where it has good reasons to suspect that acts contrary to this Directive are being or have been carried out by the AIFM, request the competent authority of the home Member State of the AIFM to exercise, without delay, powers laid down in Article 46(2), specifying the reasons for its request in as specific a manner as possible and notifying ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof.
2022/07/04
Committee: ECON
Amendment 400 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5f – subparagraph 2
The competent authority of the home Member State of the AIFM shall, without unreasonable delay, inform the competent authority of the host Member State of the AIFM, ESMA and, if there are potential risks to stability and integrity of the financial system, the ESRB of the powers exercised and its findings.
2022/07/04
Committee: ECON
Amendment 403 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5g
5g. ESMA may request the competent authority to submit explanations to ESMA in relation to specific cases, which have cross-border implications, concern investor protection issues or pose risks to the financial stabilityraise a serious threat to investor protection, threaten the orderly functioning and integrity of financial markets or pose risks to the stability of the whole or part of the financial system in the Union.
2022/07/04
Committee: ECON
Amendment 443 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 3
3. Where a management company delegates more portfolio management or risk management functions to entities located in third countries than it retains, the competent authorities shall, on an annual basis, notify ESMA of all such delegations (‘delegation notifications’). The delegation notifications shall include the following: (a) information on the UCITS and its management company concerned; (b) specifying the delegate’s domicile and whether it is a regulated entity or not; (c) portfolio management and risk management functions; (d) portfolio management and risk management functions; (e) any other information necessary to analyse the delegation arrangements; (f) authorities’ supervisory activities, including desk-based reviews and on-site inspections and the results of such activities; (g) any details on the cooperation between the competent authority and the supervisory authority of the delegate.deleted information on the delegate, a description of the delegated a description of the retained a description of the competent
2022/07/04
Committee: ECON
Amendment 453 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
3 a. Where the delegation relates to portfolio management or risk management functions, the management company shall, on a yearly basis, inform the competent authority of the following: (a) information on the entities to which such functions have been delegated (name and legal entity identifier of each delegate, its jurisdiction of establishment and, where relevant, its supervisory authority); (b) information on the function delegated (portfolio management or risk management), type of delegation (full or partial), and the date of the delegation agreement or contract; (c) where sub-delegation arrangements are in place, the same information in respect of the sub-delegates and the functions sub-delegated; (d) the date of conclusion of the delegation and sub-delegation arrangements; (e) description of periodic due diligence measures carried out by the AIFM to oversee, monitor and control the delegate, including the date of performance of these measures, the issues identified and, where relevant, the measures and timeline adopted to address these issues.
2022/07/04
Committee: ECON
Amendment 455 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 4
4. ESMA shall develop draft regulatory technical standards to determine the content of the delegation notifications and the standard forms, templates and procedures for the transmission of the delegation notifications in a language customary to the sphere of finance. The standard forms and templates shall include information fields covering all information referred to in paragraph 3. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted
2022/07/04
Committee: ECON
Amendment 462 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 5
5. By … [12 months before the date of the review referred to in Article 110a], ESMA shall provide the European Parliament, the Council and the Commission with regular reports, at least every two years, analysing market practices regarding delegation to entities located in third countries anda report analysing compliance with Articles 7 and 13.
2022/07/04
Committee: ECON
Amendment 535 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Directive 2009/65/EC
Article 98 – paragraph 3 – subparagraph 1
The competent authority of the UCITS host Member State may where it has good reasons to suspect that acts contrary to this Directive are being or have been carried out by the UCITS, request the competent authority of the UCITS home Member State to exercise, without delay, powers laid down in paragraph 2 specifying the reasons for its request in as specific a manner as possible and notifying ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof.
2022/07/04
Committee: ECON
Amendment 538 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Directive 2009/65/EC
Article 98 – paragraph 3 – subparagraph 2
The competent authority of the UCITS home Member State shall, without unreasonable delay, inform the competent authority of the UCITS host Member State, ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB of the powers exercised and its findings.’
2022/07/04
Committee: ECON
Amendment 540 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Directive 2009/65/EC
Article 98 – paragraph 4
4. ESMA may request the competent authority to submit explanations to ESMA in relation to specific cases, which have cross-border implications, concern investor protection issues or pose risks toraise serious threat to investor protection, threaten the orderly functioning and integrity of financial markets or pose risks to the stability of the whole or part of the financial stabilityystem.’;
2022/07/04
Committee: ECON