17 Amendments of Werner LANGEN related to 2013/0214(COD)
Amendment 125 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
1a. ‘retail investor’ means an investor who is not a professional client, in accordance with Article 4(1(11)) of Regulation 2004/39/EC.
Amendment 126 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 b (new)
Article 2 – paragraph 1 – point 1 b (new)
1b. ‘professional client’ means an investor who is a professional client, in accordance with Article 4(1(11)) of Regulation 2004/39/EC.
Amendment 140 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1
Article 4 – paragraph 2 – subparagraph 1
An EU alternative investment fund manager (AIFM) authorised under Directive 2011/61/EU shall apply to the competent authority of the ELTIF for approval to manage an ELTIF that has submitted an application for authorisation in accordance with paragraph 1ould also be authorised to manage an ELTIF.
Amendment 141 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
Amendment 143 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2 – point a
Article 4 – paragraph 2 – subparagraph 2 – point a
Amendment 144 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2 – point b
Article 4 – paragraph 2 – subparagraph 2 – point b
Amendment 145 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2 – point c
Article 4 – paragraph 2 – subparagraph 2 – point c
Amendment 147 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 3
Article 4 – paragraph 2 – subparagraph 3
Amendment 159 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(t) using financial derivative instruments, except where the underlying instrument consists of interest rates or currencies and it solely serves the purpose of hedging the duration and exchange risks inherent to otherin the case of hedging permissible investments of the ELTIF.
Amendment 168 #
Proposal for a regulation
Article 9 – paragraph 1 – point e
Article 9 – paragraph 1 – point e
(f) direct holdings or indirect holdings via qualifying portfolio undertakings 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.
Amendment 191 #
Proposal for a regulation
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
1a. If the ELTIF rules or instruments of incorporation provide for redemption rights, the ELTIF should maintain a liquidity reserve in the pre-determined redemption periods. ESMA shall develop draft regulatory technical standards specifying the composition of the liquidity reserve.
Amendment 203 #
Proposal for a regulation
Article 12 – paragraph 5 a (new)
Article 12 – paragraph 5 a (new)
5a. ELTIFs managed on behalf of professional clients may be exempted from the provisions set out in paragraphs 2-5 on the basis of contractual agreements.
Amendment 218 #
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 1
Article 16 – paragraph 1 – subparagraph 1
Investors shall not be able to ask for redemption of their units or shares before the end of life of the ELTIF. Redemption to investors shall be possible as of the day following the date defining the end of life of the ELTIF. if this is foreseen in the rules or instruments of incorporation of the ELTIF and if the conditions for redemption set out therein are satisfied. If no redemption is foreseen in the rules or instruments of incorporation of the ELTIF, redemption shall be possible as of the day following the date defining the end of life of the ELTIF. The rules or instruments of incorporation of the ELTIF shall include all the conditions governing the exercising of redemption rights. ESMA can develop draft regulatory technical standards setting out precise conditions for redemption rights in an ELTIF if this is necessary in order to achieve consistency within the EU.
Amendment 229 #
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 3
Article 16 – paragraph 1 – subparagraph 3
The ELTIF rules or instruments of incorporation and disclosures to investors shall lay down the procedures for redemption and disposal of assets and state clearly that redemption to investors shall commence on the day following the date defining the end of life of the ELTIF, unless other opportunities for redemption before the end of the life cycle are stipulated therein.
Amendment 254 #
Proposal for a regulation
Article 21 – paragraph 4 – subparagraph 2 – point d
Article 21 – paragraph 4 – subparagraph 2 – point d
(u) state thatwhether investors shall have nothe right to redeem their investment until the end of the life of the ELTIF and state the conditions for this right to be exercised;
Amendment 289 #
Proposal for a regulation
Article 30 – paragraph 1 – point a
Article 30 – paragraph 1 – point a
(d) the impact of the provision in Article 16(1) that excludes investors from redeeming their units or shares before the end of life of the ELTIF. The review, taking into account ELTIF’s distribution to different investor categories, shall also assess whether exempting a limited number of individual retail investors from such a rule would have the effect of increasing demand for ELTIF amongst retail investors;
Amendment 292 #
Proposal for a regulation
Article 30 – paragraph 1 – point b
Article 30 – paragraph 1 – point b
(e) the impact on asset diversification of the application of the minimum threshold of 70% of eligible investment assets laid down in Article 12(1), in particular to assess whether increased measures on liquidity would be necessary should a limited number of individual retail investors be exempted from the prohibition on redeeming their units before the end of life of the ELTIF;