55 Amendments of Christophe HANSEN related to 2021/0376(COD)
Amendment 119 #
Proposal for a directive
Recital 2
Recital 2
(2) A robust delegation regime, an equal treatment of custodians, coherence of supervisory reporting and a harmonised approach to the use of LMTs are equally necessary for the management of undertakings for collective investment in transferable securities (‘UCITS’). Therefore, it is appropriate to also amend certain rules of Directive 2009/65/EC of the European Parliament and of the Council26, which lays down rules reg in those areas, while bearding the authorisationin mind the different nature and scoperation of UCITS, in the areas of delegation, asset safekeeping, supervisory reporting and liquidity risk management of both directives, including the different supervisory reporting purposes. __________________ 26 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
Amendment 124 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3 a) In order to enhance legal certainty, it should be clarified that the management of AIFs also comprises the activities of originating loans on behalf of an AIF and servicing securitisation special purposes vehicles referred to in points 3 and 4 of Annex I of Directive 2011/61/EU.
Amendment 130 #
Proposal for a directive
Recital 7
Recital 7
Amendment 149 #
Proposal for a directive
Recital 14
Recital 14
(14) Long-term, illiquid loans held by AIF mayight create liquidity mismatches if the AIFs open-ended structure allows investors to redeem their fund units or shares on a frequent basis. It is thereforeTherefore, where an AIFM is not able to demonstrate to the competent authorities of its home Member State that the AIF has liquidity robustness, it is necessary to mitigate risks related to maturity transformation by imposing a closed-ended structure for AIFs originating loans because close-ended funds would not be vulnerable to redemption demands and could hold originated loans to maturity.
Amendment 158 #
Proposal for a directive
Recital 23
Recital 23
(23) In order to ensure consistent harmonisation in the area of liquidity risk management by the managers of open- ended funds, powerESMA 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 Council42issue guidelines to specify the process for choosing and using LMTs to facilitate market and supervisory convergence. Those regulatory technical standards should be adopted on the basis of a draft developed by ESMA. Those guidelines should recognise that the primary responsibility for liquidity risk management remains with the AIFM. __________________ 42 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).
Amendment 159 #
Proposal for a directive
Recital 24
Recital 24
(24) To ensure investor protection and to addresswhere there are financial stability risks, in exceptional circumstances and after consulting the manager concerned, the competent authorities should be able to request that a manager of an open-ended fund activates or deactivate the appropriate LMTs certain LMTs recognising that the final decision remains the responsibility of the AIFM.
Amendment 167 #
Proposal for a directive
Recital 28
Recital 28
(28) To support supervisory convergence in the area of delegation ESMA should conduct peer reviewget a better understanding onf the supervisory practices with a particular focus on preventapplication of the provisions of this Directive, including in the careation of letter- box entities. ESMA’s analysis of the peer reviews will feed into the review of the measures adopted in this Directive and inform the European Parliament, the Council and the Commission of any additional measures that may be needed to support the effectiveness of the delegation regimes laid down in Directive 2011/61/EU of appropriate oversight and control of the delegation arrangements, in all the Member States. To this effect, ESMA should activate the tool at its disposal in the area of supervisory convergence that is most adequate in order to achieve the intended objective.
Amendment 170 #
Proposal for a directive
Recital 28 a (new)
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 Directive2016/97/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.
Amendment 171 #
Proposal for a directive
Recital 28 a (new)
Recital 28 a (new)
(28 a) General marketing and sales activities conducted by distributors on their own behalf should not be considered to be a delegation arrangement.
Amendment 193 #
Proposal for a directive
Recital 39
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).
Amendment 197 #
Proposal for a directive
Recital 44
Recital 44
Amendment 199 #
Proposal for a directive
Recital 45
Recital 45
(45) In order to ensure consistent harmonisation in the area of liquidity risk management by the managers of UCITS, 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 Council48 to specify the process for choosing and using LMTs to facilitate market and supervisory convergence. Those regulatory technical standards should be adopted on the basis of a draft developed by ESMA. Those guidelines should recognise that the primary responsibility for liquidity risk management remains with the UCITS manager. __________________ 48 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).
Amendment 211 #
Proposal for a directive
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point ap a (new)
Article 4 – paragraph 1 – point ap a (new)
(ap a) ‘shareholder loan’ means a loan granted by an AIF to an undertaking in which it holds directly or indirectly at least 5 % of the capital or voting rights, where the loan cannot be sold to third parties independently of the capital instruments held by the AIF in the same undertaking.
Amendment 215 #
Proposal for a directive
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point ap a (new)
Article 4 – paragraph 1 – point ap a (new)
(apa) ‘loan origination’ means the granting of loans by an AIF as the original lender;
Amendment 216 #
Proposal for a directive
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point ap b (new)
Article 4 – paragraph 1 – point ap b (new)
(ap b) ‘tied agent’ means a natural or legal person who, under the full and unconditional responsibility of only one AIFM on whose behalf it acts, promotes investment and/or non-core services as defined in Article 6(4) to clients or prospective clients, receives and transmits instructions or orders from clients in respect of investment services or financial instruments, places financial instruments or provides advice to clients or prospective clients in respect of those financial instruments or services;
Amendment 221 #
Proposal for a directive
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point ap c (new)
Article 4 – paragraph 1 – point ap c (new)
(ap c) ‘loan-originating AIF’ means an AIF whose principal activity, in line with its core investment policy, as specified in the relevant AIF’s rules or instrument of incorporation, is to originate loans.
Amendment 222 #
Proposal for a directive
Article 1 – paragraph 1 – point -1 (new)
Article 1 – paragraph 1 – point -1 (new)
Directive 2011/61/EU
Article 4 – paragraph 1 – point ag
Article 4 – paragraph 1 – point ag
(-1) in Article 4(1), point (ag) is replaced by the following: ‘(ag) ‘professional investor’ means an investor that fulfils any of the following requirements: - the investor is considered to be a professional client or may, on request, be treated as a professional client within the meaning of Annex II of Directive 2014/65/EC; - the investor has invested or has committed to invest at least EUR 100 000 and has been informed in writing about the associated risks of the investment; or - the investor is a member of staff of the AIF and can therefore deemed to have sufficient knowledge about the AIF concerned;
Amendment 223 #
Proposal for a directive
Article 1 – paragraph 1 – point - a (new)
Article 1 – paragraph 1 – point - a (new)
Directive 2011/61/EU
Article 6 – paragraph 3 – subparagraph 1 a (new)
Article 6 – paragraph 3 – subparagraph 1 a (new)
(- a) the following subparagraph is added to paragraph 3: ‘Member States shall allow management companies to appoint tied agents for the purpose of promoting the services mentioned in this paragraph.’
Amendment 224 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a a (new)
Article 1 – paragraph 1 – point 2 – point a a (new)
Directive 2011/61/EU
Article 6 – paragraph 4 – subparagraph 1 a (new)
Article 6 – paragraph 4 – subparagraph 1 a (new)
(a a) the following subparagraph is added to paragraph 4: Member States shall allow AIFMs to appoint tied agents for the purpose of promoting the services mentioned in this paragraph.
Amendment 226 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Directive 2011/61/EU
Article 7 – paragraph 2 – point a – point i
Article 7 – paragraph 2 – point a – point i
(i) a detailed description of their role, title and level of seniority;
Amendment 266 #
Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Directive 2011/61/EU
Article 15 – paragraph 4 b
Article 15 – paragraph 4 b
Amendment 267 #
Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Directive 2011/61/EU
Article 15 – paragraph 4 c
Article 15 – paragraph 4 c
Amendment 288 #
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2d
Article 16 – paragraph 2d
2d. An AIFM shall, without delay, notify the competent authorities of its home Member State when activating or deactivating a liquidity management tool mentioned in 2b. Where, in situations of liquidity stress, an AIFM activates or deactivates one of the liquidity management tools listed in points 1 to 2 of the list set out in Annex V it shall, without delay, notify the competent authorities of its home Member State. An AIFM shall notify the same competent authorities when activating or deactivating side pockets as referred to in point 8 of that Annex, in a reasonable timeframe prior to the activation or deactivation of that liquidity management tool.
Amendment 295 #
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2g
Article 16 – paragraph 2g
2g. ESMA shall develop draft regulatory technical standardguidelines on criteria for the selection and use of suitable liquidity management tools by the AIFMs for liquidity risk management, including appropriate disclosures to investors, taking into account the capability of such tools to reduce undue advantages for investors that redeem their investments first, and to mitigate financial stability risks. Those guidelines shall recognise that the primary responsibility for liquidity risk management remains with the AIFM. They shall allow adequate time for adaptation before they apply, in particular for existing AIFs.
Amendment 304 #
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point a – point a
Article 1 – paragraph 1 – point 7 – point a – point a
Directive 2011/61/EU
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. AIFMs, which are entrusted with a function or service and which intend to delegate to third parties the task of carrying out, on their behalf, one or more of the functions listed in Annex I or of the services referred to in Article 6(4), shall notify the competent authorities of their home Member State before the delegation arrangements become effective. The following conditions shall be met:;
Amendment 309 #
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Directive 2011/61/EU
Article 20 – paragraph 3
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.;
Amendment 319 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point -a (new)
Article 1 – paragraph 1 – point 8 – point -a (new)
Directive 2011/61/EU
Article 21 – paragraph 5a (new)
Article 21 – paragraph 5a (new)
(-a) The following paragraph 5a is inserted: ‘5a. The home Member State of an AIF may entitle its national competent authorities to allow, following a case-by- case assessment, institutions referred to in point (a) of Article 21(3) and established in another Member State to be appointed as a depositary, provided that the following conditions are fulfilled: (i) the competent authorities have received a motivated request by the AIFM which shall demonstrate the lack of the relevant depositary services, in line with the investment strategy of the AIF, for the appointment of a depositary in another Member State; and (ii) the national depositary market of the home Member State of the AIF fulfils at least one of the following conditions: - such market consists of fewer than 7 depositaries providing depositary services to EU AIFs (authorised under Article 4 (k) (i)) of this Directive) and managed by an EU AIFMs (authorised under Article 7(1)) and where no depositary has the AIF assets safekept in the meaning of Article 21(8) points (a) and (b) which for each depositary does not exceed EUR 1 billion or the equivalent in any other currency. This threshold excludes depositaries acting under Article 36(1a) of this Directive and the own assets of the depositary; - the aggregate amount in such market of assets safekept in the meaning of Article 21(8) points (a) and (b) on behalf of EU AIFs (authorised under Article 4 (k) (i) of this Directive) and managed by an EU AIFMs (authorised under Article 7(1) of this Directive) does not exceed the amount of EUR 30 billion or the equivalent in any other currency. This threshold excludes depositaries acting under Article 36 (1)(a) of this Directive and the own assets of the depositary.
Amendment 323 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point a a (new)
Article 1 – paragraph 1 – point 8 – point a a (new)
Directive 2011/61/EU
Article 21 – paragraph 6 a (new)
Article 21 – paragraph 6 a (new)
(a a) the following paragraph 6a is inserted: ‘6a. By way of derogation from paragraphs 1 to 6 of this Article, where the marketing function as referred in point (b) of Annex I, paragraph 2, is performed by one or several distributors which are not acting on behalf of the AIFM, pursuant to an agreement between the AIFM and that distributor or those distributors, such function shall not be considered to be a delegation subject to the requirements set out in paragraphs 1 to 6 of this Article.’
Amendment 348 #
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point c
Article 1 – paragraph 1 – point 10 – point c
Directive 2011/61/EU
Article 24 – paragraph 6 – subparagraph 1
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 (ea) 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.
Amendment 370 #
Proposal for a directive
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Directive 2011/61/EU
Article 38a
Article 38a
Amendment 384 #
Proposal for a directive
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Directive 2011/61/EU
Article 46 – paragraph 2 – point j
Article 46 – paragraph 2 – point j
(j) in the interest of investors or of the public, require AIFMs to activate or deactivate a liquidity management tool referred to in point 1 or 2 of Annex V or selected by the AIFM in accordance with Article 16(2b), whichever is more suitable considering the type of open-ended AIF or group of open-ended AIFs concernedsuspend the issue, repurchase or redemption if units and investor protection or financial stability risks that necessitate this requirement.;
Amendment 390 #
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b
Article 1 – paragraph 1 – point 18 – point b
Directive 2011/61/EU
Article 47 – paragraph 4 – point d
Article 47 – paragraph 4 – point d
(d) require non-EU AIFMs that are marketing in the Union AIFs that they manage or EU AIFMs managing non-EU AIFs to activate or deactivate a liquidity management tool referred to in point 1 or 2 of Annex V or selected by the AIFM, whichever is more suitable considering the type of open-ended AIF concerned and thsuspend, repurchase or redemption of units if there are investor protection or financial stability risks that necessitate this requirement.;
Amendment 392 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point a
Article 1 – paragraph 1 – point 19 – point a
Directive 2011/61/EU
Article 50 – paragraph 5
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.;
Amendment 396 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
article 50 – paragraph 5e
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.
Amendment 399 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5f – subparagraph 1
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 and notifying ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof.
Amendment 402 #
Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5g
Article 50 – paragraph 5g
5g. ESMA may request the competent authority to submit explanations to ESMA in a reasonable time frame 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.
Amendment 409 #
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2011/61/EU
Article 61 – paragraph 5
Article 61 – paragraph 5
5. The competent authorities of the home Member State of an AIF or in case where the AIF is not regulated the competent authorities of the home Member State of an AIFM mayhome Member State of an AIF may entitle its competent authorities to allow institutions referred to in point (a) of Article 21(3) and established in another Member State to be appointed as a depositary, subject to an application demonstrating the need for the AIFM to appoint a depositary in another Member State. This provision shall be without prejudice to the full application of Article 21, with the exception of point (a) of paragraph 5 of that Article on the place where the depositary is to be established.;
Amendment 410 #
Proposal for a directive
Article 1 – paragraph 1 – point 20 a (new)
Article 1 – paragraph 1 – point 20 a (new)
Directive 2011/61/EU
Article 61 – paragraph 5a (new)
Article 61 – paragraph 5a (new)
(20a) The following paragraph is added to Article 61: 5a. AIFMs in so far as they manage AIFs that originate loans and that have been constituted before ... [date of adoption of this Directive] may continue to manage such AIFs without complying with point (d) of Article 15(3), paragraphs 4a to 4f of Article 15 and Article 16(2a) of this Directive until ... [5 years + date of adoption of this Directive]. By way of derogation, loan-originating AIFs constituted before ... [date of adoption of this Directive] and that do not raise additional capital after ... [5 years + date of adoption of this Directive] shall be deemed to comply with the above- mentioned Articles.
Amendment 411 #
Proposal for a directive
Article 1 – paragraph 1 – point 21
Article 1 – paragraph 1 – point 21
Amendment 425 #
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Directive 2009/65/EC
Article 2 – paragraph 1 – point u a (new)
Article 2 – paragraph 1 – point u a (new)
(u a) ‘tied agent’ means a natural or legal person who, under the full and unconditional responsibility of only one management company on whose behalf it acts, promotes investment and/or non- core services as defined in Article 6(3) to clients or prospective clients, receives and transmits instructions or orders from clients in respect of investment services or financial instruments, places financial instruments or provides advice to clients or prospective clients in respect of those financial instruments or services;
Amendment 456 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 4
Article 13 – paragraph 4
Amendment 461 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 5
Article 13 – paragraph 5
5. 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 and compliance with Articles 7 and 13.
Amendment 475 #
Proposal for a directive
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
Directive 2009/65/EC
Article 18 – paragraph 3
Article 18 – paragraph 3
Amendment 477 #
Proposal for a directive
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
Directive 2009/65/EC
Article 18 – paragraph 4
Article 18 – paragraph 4
4. ESMA shall develop draft regulatory technical standards on criteriaguidelines for the selection and use of suitable liquidity management tools by the management companies for liquidity risk management, including appropriate disclosures to investors, taking into account the capability of such tools to reduce undue advantages for investors that redeem their investments first, and to mitigate financial stability risks. Those guidelines shall recognise that the primary responsibility for liquidity risk management remains with the UCITS. They shall allow adequate time for adaptation before they apply, in particular for existing UCITS.
Amendment 519 #
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
Directive 2009/65/EC
Article 84 – paragraph 2 – point b
Article 84 – paragraph 2 – point b
(b) in the interest of the unit-holders or of the public, competent authorities of a UCITS home Member State may require a UCITS to activate a liquidity management tool referred to in points 1 or 2 of Annex IIA or selected and notified by the UCITS in accordance with Article 18a(2), whichever is more suitable considering the type of UCITS and thesuspend the issue, repurchase or redemption of units if there are financial stability risks that necessitate taking this measure.
Amendment 520 #
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
The UCITS shall notify, without delay, the competent authorities of theirits home Member State and the competent authorities of all Member States in which it markets its units, wwhen activating or deactivating suspension of redemptions and redemption gates as referred to in points 1 and 2 of Annex IIA. The UCITS shall notify the same competent authorities when activating or deactivating side pockets as referred to in point 8 of that Annex, in a reasonable timeframe prior to then activationg or deactivating aon of this liquidity management tool referred to in paragraph 2, point (a), so as to receive approval from its supervisory authority for its activation or deactivation in the best interest of investors.
Amendment 523 #
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
Directive 2009/65/EC
Article 84 – paragraph 3 – subparagraph 2
Article 84 – paragraph 3 – subparagraph 2
The competent authorities of the home Member State of the UCITS shall inform, without delay, the competent authorities of a host Member State of the UCITS and, if there are potential risks to the stability and integrity of the financial system, ESMA and the ESRB about any notification received in accordance with this paragraph.
Amendment 524 #
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
Directive 2009/65/EC
Article 84 – paragraph 3a
Article 84 – paragraph 3a
3a. The competent authorities of the UCITS home Member State shall notify the competent authorities of all Member States in which the UCITS markets its units, ESMA and the ESRB prior to in parallel with exercising powers pursuant to paragraph 2, point (b) and, if there are potential risks to the stability and integrity of the financial system, ESMA and the ESRB thereof.
Amendment 531 #
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
Directive 2009/65/EC
Article 84 – paragraph 3e
Article 84 – paragraph 3e
3e. Where the competent authority does not act in accordance or does not intend to comply with ESMA’s opinion referred to in paragraph 3d, it shall inform ESMA, stating the reasons for the non- compliance or intention. In case there is a serious threat to investor protection, a threat the orderly functioning and integrity of financial markets or a risks 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 regards. ESMA shall give the competent authorities advance notice about such publication.’
Amendment 536 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Directive 2009/65/EC
Article 98 – paragraph 3 – subparagraph 1
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 AIFM, 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 and notifying ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof.
Amendment 537 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Directive 2009/65/EC
Article 98 – paragraph 3 – subparagraph 2
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.’
Amendment 539 #
Proposal for a directive
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
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 to the financial stability.’;raise 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.
Amendment 544 #
Proposal for a directive
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive 2009/65/EC
Article 101a – paragraph 1
Article 101a – paragraph 1
Amendment 547 #
Proposal for a directive
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Directive 2009/65/EC
Article 101a – paragraph 2
Article 101a – paragraph 2
Amendment 549 #
Proposal for a directive
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
Directive 2009/65/EC
Article 110a
Article 110a