8 Amendments of Antonio Maria RINALDI related to 2021/0376(COD)
Amendment 172 #
Proposal for a directive
Recital 29
Recital 29
(29) Some concentrated markets lack a competitive supply of depositary services. To address this shortage of service providers that can lead to increased costs for AIFMs and a less efficient AIF market, Member States could authorise, on a case- by case basis, competent authorities should be able to permit AIFMs or AIFs to procure depositary services located in other Member States while the Commission assesses, in the context of its review of Directive 2011/61/EU, whether it would be appropriate to propose measures to achieve a more integrated market(“Opt in clause”). To ensure that this possibility of authorising the appointment of a depositary in another Member States does not replicate a depositary passport before a thorough review of Directive 2011/61/EU is completed in this respect and before the EU law harmonisation reaches the necessary level to support the creation of an EU depository passport, it should only be utilised when conditions defined in this Directive are fulfilled and with prior approval of the competent authorities of the AIF. Such conditions restrict the type of jurisdictions that can use this possibility to Member States where supply of depositary services is limited and clarify the regulatory set-up and the applicable rules to the depositary.
Amendment 317 #
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 5 – subparagraphs 1 a to 1 e (new)
Article 21 – paragraph 5 – subparagraphs 1 a to 1 e (new)
Amendment 325 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point b – point ii
Article 1 – paragraph 1 – point 8 – point b – point ii
Directive 2011/61/EU
Article 21 – paragraph 11 – subparagraph 5
Article 21 – paragraph 11 – subparagraph 5
For the purposes of this paragraphArticle, the provision of services by a central securities depository acting in the capacity of an issuer CSD as defined in Article 1, point (e) of Commission Delegated Regulation (EU) 2017/392 shall not be considered a delegation of the depositary’s custody functions. For the purposes of this paragraph, the provision of services by a central securities depositary acting in the capacity of an investor CSD as defined in Article 1, point (f), of Commission Delegated Regulation (EU) 2017/392 shall be considered a delegation of the depositary’s custody functions.;
Amendment 328 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point c
Article 1 – paragraph 1 – point 8 – point c
Directive 2011/61/EU
Article 21 – paragraph 16
Article 21 – paragraph 16
16. The depositary shall make available to its competent authorities, to the competent authorities of the AIF that has appointed it as a depositary and to the competent authorities of the AIFM that manages that AIF, on request, all information that it has obtained while performing its duties and that may be necessary for the competent authorities of the AIF or the AIFM. If the competent authorities of the AIF or the AIFM are different from those of the depositary, i) the competent authorities of the depositary shall share the information received without delay with the competent authorities of the AIF and the AIFM, and ii) the competent authorities of the AIF shall share without delay any information relevant for the exercise of the supervisory powers by the competent authorities of the depositary.;
Amendment 401 #
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 a (new)
Article 50 – paragraph 5f a (new)
Amendment 407 #
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
Amendment 415 #
Proposal for a directive
Article 1 – paragraph 1 – point 21
Article 1 – paragraph 1 – point 21
Directive 2011/61/EU
Article 69b – paragraph 1 – point d
Article 69b – paragraph 1 – point d
(d) the functioning and appropriateness of complementing this Directive with a depositary passportthe power of competent authorities to allow the appointment of a depositary in another Member State as set out in Article 21(5), point (c), including the relevance of the quantitative criteria laid down in Article 21(5), third subparagraph, point (ii);.
Amendment 513 #
Proposal for a directive
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Directive 2009/65/EC
Article 22a – paragraph 4
Article 22a – paragraph 4
4. For the purposes of this paragraph, the provision of services by a central securities depository acting in the capacity of an issuer CSD as defined in Article 1, point (e), of Commission Delegated Regulation (EU) 2017/392 shall not be considered a delegation of the depositary’s custody functions. ;For the purposes of this paragraph, the provision of services by a central securities depositary acting in the capacity of an investor CSD as defined in Article 1, point (f), of Commission Delegated Regulation (EU) 2017/392 shall be considered a delegation of the depositary’s custody functions.