Activities of Mikuláš PEKSA related to 2021/0376(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds
Amendments (48)
Amendment 134 #
Proposal for a directive
Recital 7
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 qualitative and quantitative 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).
Amendment 141 #
Proposal for a directive
Recital 8 a (new)
Recital 8 a (new)
(8 a) Conflict of interests provisions should be amended to address issues potentially arising from white label services.
Amendment 143 #
Proposal for a directive
Recital 9
Recital 9
(9) Common rules should also be laid down to establish an efficient internal market for loan-originating AIFs, to ensure a uniform level of investor protection in the Union, to make it possible for AIFs to develop their activities by originating loans in all Member States of the Union and to facilitate the access to finance by EU companies, a key objective of the Capital Markets Union (‘CMU’).31 However, given the fast-growing private credit market, it is necessary to address the potential micro risks and macro prudential risks that loan originating AIFs could pose and spread to the broader financial system. The rules applicable to AIFMs managing loan- originating funds should be harmonised in order to improve risk management across the financial market and increase transparency for investors. The rules should take into account the specificities of impact and sustainable funds. __________________ 31 Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, A Capital Markets Union for people and businesses-new action plan (COM/2020/590 final).
Amendment 148 #
Proposal for a directive
Recital 14
Recital 14
(14) Long-term, illiquid loans held by AIF may create liquidity mismatches if the AIFs open-ended structure allows investors to redeem their fund units or shares on a frequent basis. It is therefore 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. More stringent liquidity management rules are envisaged for smaller impact investment funds in order to allow them to keep their open-ended structure.
Amendment 162 #
Proposal for a directive
Recital 24 a (new)
Recital 24 a (new)
(24 a) Liquidity management tools should go hand in hand with stronger preventive measures to strengthen the ex- ante liquidity position of AIFs.
Amendment 166 #
Proposal for a directive
Recital 28
Recital 28
(28) To support supervisory convergence in the area of delegation ESMA should conduct peer review on the supervisory practices with 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 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. To ensure a homogeneous understanding of what defines a letter-box entity, ESMA is also empowered to develop regulatory technical standards to define the notion of letter-box entities.
Amendment 177 #
Proposal for a directive
Recital 31 a (new)
Recital 31 a (new)
(31 a) In order to better protect investors, undue costs being charged to the AIFs and its unit-holders must be avoided.
Amendment 184 #
Proposal for a directive
Recital 33 a (new)
Recital 33 a (new)
(33 a) Better transparency needs to be ensured for investors to have clarity on the sustainability of their investments. To prevent greenwashing, a definition of "environmentally sustainable AIFs" based on the taxonomy regulation is introduced. ESMA is empowered to clarify where the name of an AIF or UCITS could be materially deceptive or misleading to the investor.
Amendment 210 #
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) ‘AIFM marketed as environmentally sustainable’ means an AIF where the fund manager provides investors with a commitment or any form of pre-contractual claim that the fund will invest in economic activities that contribute to an environmental objective as defined in Regulation (EU) 2020/852
Amendment 219 #
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)
Amendment 227 #
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 a (new)
Article 7 – paragraph 2 – point a – point i a (new)
(i a) a description of its current and previous fund management history and any other experience relevant for the management of the AIF;
Amendment 234 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
Directive 2011/61/EU
Article 7 – paragraph 5 – subparagraph 1
Article 7 – paragraph 5 – subparagraph 1
The competent authorities shall, on a quarterly basis, inform ESMA of authorisations granted or withdrawn or denied in accordance with this Chapter.
Amendment 236 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
Where an AIFM delegates more portfolio management or risk management functions to entities located in third countries than it retains in terms of assets under management or number of staff performing relevant day-to-day operational activities, the competent authorities shall, on an annual basis, notify ESMA of all such delegations (‘delegation notifications’).
Amendment 240 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
(g a) the share of total assets under management that have been delegated to third parties;
Amendment 241 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
Directive 2011/61/EU
Article 7 – paragraph 5 – subparagraph 4 – point g b (new)
Article 7 – paragraph 5 – subparagraph 4 – point g b (new)
(g b) share of staff performing day-to- day portfolio/risk management tasks within the licensed entity;
Amendment 242 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
Directive 2011/61/EU
Article 7 – paragraph 5 – subparagraph 4 – point g c (new)
Article 7 – paragraph 5 – subparagraph 4 – point g c (new)
(g c) the share of fees generated by licensed entities vis-à-vis forwarded or paid to the delegates.
Amendment 243 #
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b a (new)
Article 1 – paragraph 1 – point 3 – point b a (new)
Directive 2011/61/EU
Article 7 – paragraph 6
Article 7 – paragraph 6
(b a) In paragraph 6, the first subparagraph is replaced by the following: "6. In order to ensure consistent harmonisation of this Article, ESMA may develop draft regulatory technical standards to specify the information to be provided to the competent authorities in the application for the authorisation of the AIFM, including the programme of activity. lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:174:0001:0073:EN:PDF), and to specify situations where the name of the AIFs it intends to manage could be materially deceptive or misleading to the investor. Or. en (https://eur-
Amendment 256 #
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a (new)
Article 1 – paragraph 1 – point 4 – point a (new)
(a) in Article 8, the following paragraph is added: ‘(6a) The competent authority of the AIFM shall communicate to the fund the reason for its refusal to grant authorisation as an AIF. The competent authority of the AIF shall also communicate its decision to the ESMA which shall keep record of rejected applications. ESMA shall provide information regarding fund managers whose authorisation has been denied to competent authorities upon request.’
Amendment 260 #
Proposal for a directive
Article 1 – paragraph 1 – point 4 a (new)
Article 1 – paragraph 1 – point 4 a (new)
Directive 2011/61/EU
Article 14
Article 14
(4 a) Article 14 is amended as follows: (a) paragraph 2a is added: 2a. AIFMs intending to provide White-Label services shall submit to the competent authorities of their home Member State detailed explanations and evidence on their compliance with paragraphs 1 and 2. In particular, they shall specify how they prevent systematic conflicts of interest or any other material conflicts of interest arising from their White-Label business activities and how any existing or potential conflicts are effectively managed in the best interest of investors and this is clearly and comprehensively disclosed to investors. (b) paragraph 5 is added: 5. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft regulatory technical standards to specify: (a) the types of White-Label services and conflicts of interest as referred to in paragraph 2a; (b) the steps AIFMs are expected to take in terms of structures and organisational and administrative procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest arising from the provision of White-Label services; (c) criteria to be used by the relevant competent authorities to assess whether AIFMs comply with their obligations under paragraph 2a. Power is conferred on the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 275 #
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 e – subparagraph 1
Article 15 – paragraph 4 e – subparagraph 1
An AIFM shall ensure that the AIF it manages retains, on an ongoing basis, 510% of the notional value of the loans it has originated and subsequently sold on the secondary market.
Amendment 277 #
Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
4e a. All the revenues arising from efficient portfolio management techniques, net of direct and indirect operational costs, shall be returned to the AIF. Those costs and fees shall not include hidden revenue for the AIFM or affiliated parties.
Amendment 281 #
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2a a (new)
Article 16 – paragraph 2a a (new)
2a a. By way of derogation from paragraph 2a, a loan originating AIF may be open-ended, subject to the approval of the competent authorities and based on a demonstration by the AIF manager of the compatibility of its liquidity management system with its redemption policy, which must meet at least the following criteria: (a) the debt-to-equity ratio should not be higher than 1:1; (b) the AIF has as its primary objective the active management of the loans it originates and as such it retains, on an ongoing basis, a portion of the originated loans until the end of their maturity which is at most equal to 50% of its net asset value; (c) the AIF invests at least 5% of its assets in cash or other liquid assets that qualify as cash equivalents within the meaning of the applicable accounting framework; (d) the AIF offers its investors redemption rights at most on a quarterly basis; (e) the AIFM clearly communicates the application of redemption schedules or gates, if applicable, to its investors in the disclosures referred to in Article 23(1); (f) the assets under management of the AIF do not exceed EUR 3 billion.
Amendment 300 #
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2h a (new)
Article 16 – paragraph 2h a (new)
2h a. AIFMs shall, for each open-ended AIF investing in inherently less liquid assets that they manage, demonstrate that the investment strategy can be maintained in all foreseeable market conditions. ESMA shall develop draft regulatory technical standards to specify inherently less liquid assets and to ensure uniform conditions of application of this paragraph. ESMA shall submit those draft regulatory technical standards to the Commission by ... [36 months after the entry into force of this Directive]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’
Amendment 302 #
Proposal for a directive
Article 1 – paragraph 1 – point 6 a (new)
Article 1 – paragraph 1 – point 6 a (new)
Directive 2011/61/EU
Article 18 – paragraph 10 a (new)
Article 18 – paragraph 10 a (new)
(6a) In Article 18, the following paragraph 10a is inserted: ‘Member States shall require management companies to act in such a way as to prevent undue costs being charged to the AIFs and its unit-holders. ESMA shall develop draft regulatory technical standards to establish the definition of undue costs.’
Amendment 307 #
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.; ESMA shall provide draft regulatory technical standards on the notion of ‘letter-box entity’, specifying quantitative criteria referred to in this paragraph.
Amendment 329 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 a (new)
Article 1 – paragraph 1 – point 8 a (new)
Directive 2011/61/EU
Article 22 – paragraph 2 – point f a (new)
Article 22 – paragraph 2 – point f a (new)
(8 a) Article 22 is amended as follows: The following point (f a) is added to paragraph 2: (f a) The share of assets complying with the criteria laid down in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation 2020/852 in which the AIFM invested.
Amendment 331 #
Proposal for a directive
Article 1 – paragraph 1 – point 9 – point a – point ii a (new)
Article 1 – paragraph 1 – point 9 – point a – point ii a (new)
Directive 2011/61/EU
Article 23 – paragraph 1 – point ii a (new)
Article 23 – paragraph 1 – point ii a (new)
(ii a) information on the alignment of the AIFM investment decisions with the Green Deal objectives, including the share of its investments effectively allocated to assets that meet the taxonomy requirements as laid down in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852
Amendment 343 #
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b a (new)
Article 1 – paragraph 1 – point 10 – point b a (new)
Directive 2011/61/EU
Article 24 – paragraph 5 – subparagraph 2
Article 24 – paragraph 5 – subparagraph 2
(b a) the second subparagraph of paragraph 5 is replaced by the following: In exceptional circumstances and where required in order to ensure the stability and integrity of the financial system, or to promote long-term sustainable growth, ESMA after consulting the ESRB may request the competent authorities of the home Member State to impose additional reporting requirements. ’ Or. en (https://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:174:0001:0073:EN:PDF)
Amendment 350 #
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point d
Article 1 – paragraph 1 – point 10 – point d
Directive 2011/61/EU
Article 24 – paragraph 7 – subparagraph 1 – point a
Article 24 – paragraph 7 – subparagraph 1 – point a
(a) the format and data standards for the reports referred to in paragraphs 1 and 2, which shall include in particular global legal entity identifiers (LEIs) and international securities identification numbers (ISINs). In developing those draft technical standards, ESMA shall take into account international developments and standards agreed at Union or global level;
Amendment 351 #
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point d
Article 1 – paragraph 1 – point 10 – point d
Directive 2011/61/EU
Article 24 – paragraph 7 – subparagraph 1 – point b a (new)
Article 24 – paragraph 7 – subparagraph 1 – point b a (new)
(b a) the reporting template that includes a minimum set of indicators that would be relevant in exceptional circumstances referred to in paragraph 5.
Amendment 354 #
Proposal for a directive
Article 1 – paragraph 1 – point 10 – point d
Article 1 – paragraph 1 – point 10 – point d
Directive 2011/61/EU
Article 24 – paragraph 7 – subparagraph 1 – point b b (new)
Article 24 – paragraph 7 – subparagraph 1 – point b b (new)
(b b) methods and arrangements for submitting the reports referred to in paragraphs 1 and 2, including methods and arrangements to improve data standardisation and efficient sharing and use of data already reported within any Union reporting framework by any relevant competent authority, at Union or national level, taking into account the findings of the report issued in accordance with paragraph 2 of Article 69b.
Amendment 371 #
Proposal for a directive
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Directive 2011/61/EU
Article 38a – paragraph 1
Article 38a – paragraph 1
1. ESMA shall, on a regular basis and at least every two years, conduct abefore the review of this Directive, conduct a one-off comprehensive peer review analysis of the supervisory activities of the competent authorities in relation to the application of Article 20. That peer review analysis shall focus on the measures taken to prevent that AIFMs, which delegate performance of portfolio management or risk management to third parties located in third countries, become letter-box entities.
Amendment 383 #
Proposal for a directive
Article 1 – paragraph 1 – point 16 a (new)
Article 1 – paragraph 1 – point 16 a (new)
Directive 2011/61/EU
Article 43
Article 43
(16 a) Article 43 is amended as follows: The following paragraph is inserted: 1a. For investment vehicles that are distributed to retail investors, both directly and indirectly, Member States must impose EU independent members – with equal powers – in the board of directors or executive management of the fund to ensure proactive behaviour towards acting in the best interests of clients. The following paragraph is added: 2a. An AIF marketed as environmentally sustainable shall avoid principal adverse impacts and invest at least 60% in assets that meet the taxonomy requirements as laid down in the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852.
Amendment 428 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
Directive 2009/65/EC
Article 5 – paragraph 8
Article 5 – paragraph 8
(1a) In Article 5, paragraph 8 is replaced by the following "In order to ensure consistent harmonisation of this Article the European Supervisory Authority (European Securities and Markets Authority) (hereinafter ‘ESMA’), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council ( 13 ) may develop draft regulatory technical standards to specify the information to be provided to the competent authorities in the application for authorisation of a UCITS. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A02009L0065-20140917) and situations where the name of a UCITS could be materially deceptive or misleading to the investor. Or. en
Amendment 446 #
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 3 – subparagraph 1
Article 13 – paragraph 3 – subparagraph 1
Where a management company delegates more portfolio management or risk management functions to entities located in third countries than it retains in terms of assets under management or number of staff performing relevant day-to-day operational activities, the competent authorities shall, on an annual basis, notify ESMA of all such delegations (‘delegation notifications’).
Amendment 450 #
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 3 – subparagraph 2 – point g a (new)
Article 13 – paragraph 3 – subparagraph 2 – point g a (new)
(g a) the share of total assets under management that have been delegated to third parties
Amendment 451 #
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 3 – subparagraph 2 – point g b (new)
Article 13 – paragraph 3 – subparagraph 2 – point g b (new)
(g b) share of staff performing day-to- day portfolio/risk management tasks within the licensed entity
Amendment 452 #
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 3 – subparagraph 2 – point g c (new)
Article 13 – paragraph 3 – subparagraph 2 – point g c (new)
(g c) the share of fees generated by licensed entities vis-à-vis forwarded or paid to the delegates.
Amendment 468 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 a (new)
Article 2 – paragraph 1 – point 3 a (new)
(3a) Article 14 is amended as follows: (a) paragraph 3a is added: 3a. Management Companies intending to provide White-Label services shall submit to the competent authorities of their home Member State detailed explanations and evidence on their compliance with paragraph 1. In particular, they shall specify how they prevent systematic conflicts of interest or any other material conflicts of interest arising from their White-Label business activities and how any existing or potential conflicts are effectively managed in the best interest of investors and this is clearly and comprehensively disclosed to investors. (b) paragraph 3 b is added: 3b. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft regulatory technical standards to specify: (a) the types of White-Label services and conflicts of interest as referred to in paragraph 1; (b) the steps management companies are expected to take in terms of structures and organisational and administrative procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest arising from the provision of White-Label services; (c) criteria to be used by the relevant competent authorities to assess whether management companies comply with their obligations under paragraph 2a. Power is conferred on the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 481 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 1
Article 20a – paragraph 1
1. A management company shall regularly report to the competent authorities of its home Member State on the markets and instruments in which it trades on behalf of the UCITS it manages. It shall provide information on the instruments in which it is trading, on markets of which it is a member or where it actively trades, and on the exposures of each of the UCITS it manages.
Amendment 487 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 1 a (new)
Article 20a – paragraph 1 a (new)
1 a. A management company shall, for each of the UCITS it manages, provide the following to the competent authorities of its home Member State: (a) if relevant, information on tools used for managing the liquidity of the UCITS according to Article 84(2); (b) the current risk profile of the UCITS and the risk management systems employed by the management company to manage the market risk, liquidity risk, counterparty risk and other risks including operational risk; (c) the level of global exposure; (d) the results of the stress tests performed.
Amendment 489 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 1 b (new)
Article 20a – paragraph 1 b (new)
1 b. The competent authorities of the home Member State of the management company shall ensure that all information gathered under this Article in respect of all management companies that they supervise is made available to competent authorities of other relevant Member States, ESMA and the ESRB.
Amendment 496 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
ESMA shall develop draft regulatory technical standards specifying the details to be reported in accordance with paragraph 1, 2 and 6. ESMA shall take into account other reporting requirements to which the management companies are subject and the report issued in accordance with Article 20b.
Amendment 500 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(a) the format and data standards for the reports referred to in paragraph 1;, 2 and 6 which shall include in particular global legal entity identifiers (LEIs) and international securities identification numbers (ISINs). In developing those draft technical standards, ESMA shall take into account international developments and standards agreed at Union or global level.
Amendment 503 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 3 – subparagraph 1 – point b a (new)
Article 20a – paragraph 3 – subparagraph 1 – point b a (new)
(b a) methods and arrangements for submitting the reports referred to in paragraphs 1, 2 and 6, including methods and arrangements to improve data standardisation and efficient sharing and use of data already reported within any Union reporting framework by any relevant competent authority, at Union or national level, taking into account the findings of the report issued in accordance with Article 20b(2).
Amendment 506 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 3a (new)
Article 20a – paragraph 3a (new)
3 a. Where necessary for the effective monitoring of systemic risk, the competent authorities of the home Member State may require additional reporting to that described in paragraph 1, on a periodic or on an ad-hoc basis. The competent authorities shall inform ESMA about the additional reporting requirements. In exceptional circumstances and where required in order to ensure the stability and integrity of the financial system, or to promote long-term sustainable growth, ESMA after consulting the ESRB may request the competent authorities of the home Member State to impose additional reporting requirements.
Amendment 508 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
3 b. Under stressed market circumstances, for each UCITS that it manages, the management company shall report a subset of key indicators, on a daily basis, to the competent authority of its home Member State. The competent authority shall without undue delay make available any information reported in accordance with this paragraph to competent authorities of other relevant Member States, ESMA and the ESRB. The Commission shall adopt a delegated act in order to supplement this Regulation by specifying what should be understood by the stressed market circumstances referred to in this paragraph.
Amendment 545 #
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
1. ESMA shall, on a regular basis and at least every two years, conduct abefore the review of this Directive, conduct a one-off comprehensive peer review analysis of the supervisory activities of the competent authorities in relation to the application of Article 13. That peer review analysis shall focus on the measures taken to prevent that management companies, which delegate performance of portfolio management or risk management to third parties located in third countries, become letter-box entities.