Activities of Jean-Paul GAUZÈS related to 2009/0064(COD)
Plenary speeches (3)
Alternative investment fund managers (A7-0171/2010, Jean-Paul Gauzès)
Alternative investment fund managers (debate)
Alternative investment fund managers (debate)
Reports (1)
REPORT Report on the proposal for a directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/…/EC PDF (857 KB) DOC (966 KB)
Amendments (19)
Amendment 242 #
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) The financing provided to AIFM employing high levels of leverage in their investment strategies on a systematic basis should be closely monitored. To this end specific coordination should be put in place between the ESMA and the EBA to keep track of the level of financing provided to such AIFM by financial institutions involved in those activities.
Amendment 252 #
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Short selling plays an important role in the functioning of the financial markets and is a legitimate investment technique. Nevertheless, there is a concern that, notably in extreme market conditions, short selling may contribute to market disorder. Therefore, short selling should operate in a harmonised regulatory framework to reduce the potential destabilising effect that it may cause. In that respect, the Commission should adopt a horizontal instrument in order to avoid inconsistency and to achieve level playing field across Union legislation.
Amendment 256 #
Proposal for a directive
Recital 16 b (new)
Recital 16 b (new)
(16b) Consideration should be given by the Commission to develop a European private placement regime.
Amendment 433 #
Proposal for a directive
Article 2 – paragraph 4 – subparagraph 1
Article 2 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measures with a view to determining the procedures under which AIFM managing portfolios ofdelegated acts in accordance with Articles 49a, 49b and 49c to adjust requirements in relation to liquidity management, valuation, disclosure to investors applying to AIFM managing private equity funds, real-estate funds and AIFs whose assets under management do not exceed the threshold set ith specific characteristics in terms of size and number of institutional investors and that do not pose systemic risks. These adjustments shall take into account in paragraph 2(a) may exercise their right under paragraph 3the existing national laws and EU legislation applying to these products.
Amendment 524 #
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 2 a (new)
Article 4 – paragraph 2 – subparagraph 2 a (new)
In addition to the management services, Member States may authorise AIFM to provide investment advice as a non-core service. This activity shall represent a minor part of the AIFM turnover.
Amendment 628 #
Proposal for a directive
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. Where the AIFM uses the services of a prime broker, this shall be materialised by a contract. In particular the possibility of transfer and reuse of AIF assets shall be made clear and shall be in compliance with the AIF rules. The depositary shall be informed about that contract. The contract between the AIFM and the depositary shall foresee this information obligation. Before they invest in the AIF, investors are informed about that clause and are updated about the identity of the prime broker. In particular investors shall be informed about the transfer of liability to the prime broker that may exist, including in case of loss of financial instruments. In that case, the delay for restitution shall be in accordance with the terms of the contract between the AIFM and the prime broker. AIFM shall exercise due skill, care and diligence in the selection and appointment of prime brokers with whom they have concluded a contract.
Amendment 732 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2 a (new)
Article 16 – paragraph 1 – subparagraph 2 a (new)
Amendment 733 #
Proposal for a directive
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. The AIFM is responsible for the proper valuation of AIF assets as well as for the calculation of the net asset value of the AIF and the publication of that net asset value. The AIFM's liability shall not be affected by the fact that it has delegated any of its tasks in relation with the AIF's valuation to a third party. All valuations, whether carried out by the AIFM or by an external valuer, shall be subject to the oversight and monitoring of the AIF's depositary.
Amendment 806 #
Proposal for a directive
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) safe-keep any financial instruments which belong to the AIF; , namely: (i) hold in custody all financial instruments that can be held in a Central Securities Depository and in the books of the depositary. For this purpose, the depositary shall ensure the segregation of the AIF’s assets from its own assets and those of any sub-custodian, and shall open separate accounts in the name of each AIF; (ii) keep an inventory for the financial instruments that cannot be held in custody; Or. en Justification
Amendment 861 #
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 2 a (new)
Article 17 – paragraph 2 – subparagraph 2 a (new)
The appointment of the depositary by the AIFM is materialised by a contract.
Amendment 915 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. Depositaries may delegate their tasks to other depositaries, apart from functions of selection, monitoring and oversight over their subdepositaries and subcustodians. A depositary shall not delegate its functions to the extent that it becomes a letter-box entity.
Amendment 923 #
Proposal for a directive
Article 17 – paragraph 4 c (new)
Article 17 – paragraph 4 c (new)
4c. Depositaries shall exercise due skill, care and diligence in the selection, appointment and ongoing supervision of any third party to whom they have delegated part of their tasks.
Amendment 945 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 c (new)
Article 17 – paragraph 5 – subparagraph 2 c (new)
In the event of any loss of financial instruments which the depositary safe- keeps, as a primary obligation, without prejudice to national law, the depositary shall return the assets to the AIF without undue delay. This requirement shall apply without prejudice to legal proceedings.
Amendment 949 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 f (new)
Article 17 – paragraph 5 – subparagraph 2 f (new)
Where a depositary is legally prevented by the law of the country where the AIFM invests on behalf of the AIF to exercise its custodial functions, its liability towards AIFM and investors may be shifted to the authorised third party that has been entrusted to carry out its custodial tasks. The shift shall be the object of a contract between the depositary and the third party. The AIFM shall be informed of that arrangement before its implementation. The contract between the AIFM and the depositary shall provide for this information obligation. Before they invest in the AIF, investors shall be informed of that contract and of the sharing of responsibility between the parties involved.
Amendment 952 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 i (new)
Article 17 – paragraph 5 – subparagraph 2 i (new)
Where a third country is the subject of the decisions taken pursuant to paragraph 3d, the contract referred to in paragraph 5(2f) shall not be required, though it can be concluded.
Amendment 953 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 j (new)
Article 17 – paragraph 5 – subparagraph 2 j (new)
Where the contract between the depositary and the third party allows for the transfer and reuse of assets in compliance with the AIF's rules, the AIFM shall be informed of that clause before its implementation. The contract between the AIFM and the depositary shall provide for this information obligation. Before they invest in the AIF, investors shall be informed of that clause and updated about the identity of the third party. In particular, investors shall be informed of any transfer of liability to the third party that may exist, including in the event of loss of financial instruments. In that case, the delay for restitution shall be in accordance with the terms of the contract between the depositary and the third party.
Amendment 957 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 e (new)
Article 17 – paragraph 5 – subparagraph 2 e (new)
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying the duties and responsibilities of depositaries and the conditions under which an AIF depositary may delegate some of its functions to a third party. Those acts, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the procedure referred to in Article 290 of the Treaty on the functioning of the European Union.
Amendment 967 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3 b (new)
Article 17 – paragraph 5 – subparagraph 3 b (new)
The depositary's liability towards AIFM and investors shall not be affected by the fact that it has chosen to delegate to an authorised third party, such as a subdepositary or a sub-custodian, a part of its tasks.
Amendment 1076 #
Proposal for a directive
Article 20 – paragraph 1 – point e
Article 20 – paragraph 1 – point e
(e) a description of any delegated management or depositary function and, the identity of the third party to whom the function has been delegated, including AIF's sub-custodians and prime brokers; a description of their duties and responsibilities and a description of residual risks that investors may be exposed to in exceptional circumstances related to unforeseeable events out of the control of the depositary and of the AIFM;