4 Amendments of Irene TINAGLI related to 2021/0376(COD)
Amendment 136 #
Proposal for a directive
Recital 7 a (new)
Recital 7 a (new)
(7 a) The 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 could 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 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.
Amendment 168 #
Proposal for a directive
Recital 28 a (new)
Recital 28 a (new)
(28 a) The 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 could 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 UCITS 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 311 #
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point c a (new)
Article 1 – paragraph 1 – point 7 – point c a (new)
Directive 2011/61/EU
Article 20 – paragraph 6 a (new)
Article 20 – paragraph 6 a (new)
(c a) the following paragraph 6a is inserted: ‘(6a) By way of derogation from the paragraphs 1 to 6 of this Article, where the marketing function as referred in Annex I, paragraph 2(b), is performed by one or several distributors which are acting on their own behalf and which market the AIF under Directive 2014/65/EU or through insurance-based investment products in accordance with Directive2016/97/EU, such function shall not be considered a delegation subject to the requirements laid down in paragraphs 1 to 6 of this Article irrespective of any distribution agreement between the AIFM and the distributor.’
Amendment 439 #
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point b a (new)
Article 2 – paragraph 1 – point 3 – point b a (new)
Directive 2009/65/EU
Article 13 – paragraph 2a (new)
Article 13 – paragraph 2a (new)
(b a) the following paragraph 2a is inserted: ‘2a. By way of derogation from the paragraphs 1 and 2 of this Article, where the marketing function, as referred in Annex II, is performed by one or several distributors which are acting on their own behalf and which market the UCITS under Directive 2014/65/EU or through insurance-based investment products in accordance with Directive 2016/97/EU, such function shall not be considered a delegation subject to the requirements laid down in the abovementioned paragraphs irrespective of any distribution agreement between the management company and the distributor.’