Activities of Syed KAMALL related to 2009/0064(COD)
Plenary speeches (2)
Explanations of vote
Alternative investment fund managers (debate)
Amendments (127)
Amendment 189 #
Proposal for a directive
Recital 6
Recital 6
(6) In order to avoid imposing excessive or disproportionate requirements, this Directive provides for an exemption for AIFM where the cumulative AIF under management fall below a threshold of EUR 100 m billion. The activities of the AIFM concerned are unlikely to have significant consequences for financial stability or market efficiency. For AIFM which only manage unleveraged AIF and do not grant investors redemption rights during a period of five years a specific threshold of EUR 500 m1,5 billion applies. This specific threshold is justified by the fact that managers of unleveraged funds, specialised in long term investments, are even less likely to cause systemic risks. Furthermore, the five years lock-up of investors eliminates liquidity risks. AIFM which are exempt from this Directive should continue to be subject to any relevant national legislation. They should however be allowed to be treated as AIFM subject to the opt-in procedure foreseen by this Directive.
Amendment 199 #
Proposal for a directive
Recital 7
Recital 7
(7) This Directive aims at providing a harmonised and stringent regulatory and supervisory framework for the activities of AIFM. Authorisation in accordance with this Directive should cover the services of management and administrationmanagement of AIF throughout the CommunityUnion. In addition, authorised AIFM should be entitled to market AIF in the Community to professionalUnion to investors, subject to a notification procedure.
Amendment 206 #
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9a) This Directive shall not prevent or restrict investors from disposing of units or shares which they hold in AIF on the capital market. Such investors, or their intermediaries, may offer or place such shares or units to or with investors in a Member State in accordance with the national law of that Member State. , Where such offer or placement is at the initiative of the AIFM managing such AIF, however, the offer or placement shall be treated as marketing by such AIFM for the purposes of this Directive.
Amendment 208 #
Proposal for a directive
Recital 10
Recital 10
Amendment 218 #
Proposal for a directive
Recital 12
Recital 12
(12) It is necessary to ensure that AIFM operate subject to robust governance controls. AIFM should be managed and organised so as to minimise conflicts of interest. Recent developments underline the crucial need to separate asset safe- keeping and management functions, and segregate investor assets from those of the manager. To this end, the AIFM has to appoint a depositary and entrust it withAlthough AIFM manage AIF with different business models and arrangements for, inter alia, asset safe- keeping, it is essential that a depositary separate from the AIFM is appointed to provide depository functions with respect to AIF. The depositary will be responsible for the booking of investor money on a segregated accounts, the safe-keeping of financial instruments, including the holding in custody of financial instruments that can be kept, and the verification of whether the AIF or the AIFM on behalf of the AIF has obtained ownership of all other assets. A depositary may maintain a common segregated account for several AIF.
Amendment 223 #
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12a) The Leaders’ statement following the G-20 Summit in Pittsburgh on 24 and 25 September 2009 set out the international consensus concerning remuneration of staff in banks and other systemically important financial services firms. Those principles should apply to AIFM which fall within the scope of this Directive in a proportionate manner. The principles governing remuneration policies should recognise that AIFM may apply the provisions in different ways according to their size and the size of the AIF they manage, their internal organisation and the nature, the scope and the complexity of their activities. It is acknowledged that principles governing remuneration policies for AIFM may be implemented in a different form from those adopted by credit institutions, due to their differing business models.
Amendment 229 #
Proposal for a directive
Recital 13
Recital 13
(13) Reliable and objective asset valuation is crucial for the protection of investor interests. Different AIFM employ different methodologies and systems for valuing assets, depending on the assets and markets in which they predominantly invest. It is appropriate to recognise these differences but to, nevertheless, require the valuation of assets to be undertaken by an entity which is independent of the AIFM. The process for valuation of assets and calculation of the net asset value (NAV) should be functionally independent from the investment management functions of the AIFM. Where appropriate, it should be possible to delegate or assign the valuation of assets and the calculation of the NAV to a third party, in accordance with national law.
Amendment 237 #
Proposal for a directive
Recital 15
Recital 15
(15) Given that an AIFM may employing high levels of leverage inat their investment strategies level of the AIF and may, under certain conditions, contribute to the build up of systemic risk or disorderly markets, special requirements should be imposed on AIFM using certain techniques giving rise to particular riskemploying leverage on a systemically significant basis. The information needed to detect, monitor and respond to those risks has not been collected in a consistent way throughout the CommunityUnion, and shared across Member States so as to identify potential sources of risk to the stability of financial markets in the CommunityUnion. To remedy this situation, special requirements should apply to AIFM, which consistently use highemploy leverage at the levels of leverage in their investment strategies. Thosethe AIF on a systemically significant basis. Such AIFM should be obliged to disclose information regarding their use and sources of leverage. That information in their AIF. Information gathered by competent authorities should be aggregated and shared with other authorities in the CommunityUnion, so as to facilitate a collective analysis of the impact of the leverage of thoseAIF managed by AIFM on the financial system in the CommunityUnion, as well as a common response.
Amendment 246 #
Proposal for a directive
Recital 16
Recital 16
(16) Activities of AIFM based on the use of high levels of leverage could be detrimental to the stability and efficient functioning of financial markets. It is considered necessary to allow the Commission to impose limits on the level of leverage that AIFM could use, in particular in those cases where AIFM employ high levels of leverage on a systematic basisIt is considered necessary to allow the competent authorities of the home Member State of the AIFM to impose limits on the level of leverage that AIFM could employ in AIF where the stability and integrity of the financial system may be threatened. Those limits to the maximum amount of leverage should take into account aspects related to the source of leverage and the strategies employed by the AIFM, as well as the market conditions in which the AIF operates. They should also take into account the essentially dynamic nature of the management of leverage by most AIFM using a high level of leverage. I in this respect the limits to leverage could for example either consist in a threshold that should not be breached at any point in time or a limit on the average leverage employed during a given period (i.e. monthly or quarterly)eir AIF and possible pro-cyclical effects.
Amendment 253 #
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.
Amendment 276 #
Proposal for a directive
Recital 19
Recital 19
(19) AIFM Member State should also be able to market AIF domiciled in third countries to professional investors both in the home Member State of the AIFM and in other Member States. That right should be subject to notification procedures and the existence of a tax agreement with the third country concerned which ensures an efficient exchange of information with the tax authorities in the domicile of the Community investors. Given the fact that such AIF and the third country in which they are domiciled have to meet additional requirements, some of which first have to be laid down in implementing measures, the rights granted under the Directive to market AIF domiciled in third countries to professional investors should only become effective three years after the transposition period. In the meantime Member States may allow or continue to allow AIFM to market AIF domiciled in third countries to professional investors on their territory subject to national law. During this period of three years, AIFM can however not market such AIF to professional investors in other Member States on the basis of rights granted under this Directiveallow AIFM to market in its territory AIF domiciled in third countries to investors in that Member State if appropriate cooperation arrangements are in place between the competent authorities of the AIFM home Member State and the supervisory authority of the relevant third country.
Amendment 283 #
Proposal for a directive
Recital 20
Recital 20
(20) It is appropriate to allow the AIFM to delegate administrative tasks to an entity established in a third country provided that necessary safeguards are in place. Similarly, a depositary may delegate its depositary tasks in respect of AIF domiciled in a third country to a depositary domiciled in that third country, provided that the legislation of that third country ensures a level of protection of investor interests which is equivalent to that in the Community. Under certain conditions, it should also be possible for the AIFM to appoint an independent valuator established in a third countryprovided that it exercises due care, skill and diligence in the selection, appointment and periodic review of that person and of its arrangements in respect of the matters delegated to it.
Amendment 299 #
Proposal for a directive
Recital 27
Recital 27
(27) In particular the Commission should be empowered to adopt the measures necessary for the implementation of this Directive. In this respect, the Commission should be able to adopt measures determining the procedures under which AIFM managing portfolios of AIF whose assets under management do not exceed the threshold set out in this Directive may exercise their right to be treated as AIFM covered by this Directive. These measures are also delegated acts in accordance with Article 290 of the Treaty designed to specify the criteria to be used by competent authorities to assess whether AIFM comply with their obligations as regards their conduct of business, the type of conflicts of interests AIFM have to identify, as well as the reasonable steps AIFM are expected to take in terms of internal and organizsational procedures in order to identify, prevent, manage and disclose conflicts of interest. They arshould also be designed to specify when the risk management does not need to be separated and the risk management requirements to be employed by AIFM as a function of the risks which the AIFM incurs on behalf of the AIF that it manages as well as any arrangements needed to enable AIFM to manage the particular risks associated with short selling transactions, including any relevant restrictions that might be needed to protect the AIF from undue risk exposures. They are designed to specify the liquidity management requirements of this Directive and in particular the minimum liquidity requirements for AIF. They are designed to specify the requirements that originators of securitisation instruments have to meet in order for an AIFM to be allowed to invest in such instruments issued after 1 January 2011. They are as well designed to specify the requirements that AIFM have to comply with when investing in such securitisation instruments. They ar. They should also be designed to specify the liquidity management requirements of this Directive and in particular the minimum liquidity requirements for AIF. They should also be designed to specify the criteria under which a valuator can be considered independent in the meaning of this Directive. They arshould also be designed to specify the conditions under which the delegation of AIFM functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the AIF in case of excessive delegation. They arshould also be designed to specify the content and format of the annual report that AIFM have to make available for each AIF they manage and to specify the disclosure obligations of AIFM to investors and reporting requirements to competent authorities as well as their frequency. They arshould also be designed to specify the disclosure requirements imposed on AIFM as regards leverage and the frequency of reporting to competent authorities and of disclosure to investors. They are designed to setting limits to the level of leverage AIFM can employ when managing AIF. They arshould also be designed to determine the detailed content and the way AIFM acquiring controlling influence in issuers and non- listed companies should fulfil their information obligation towards issuers and non-listed companies and their respective shareholders and representatives of employees, including the information to be provided in the annual reports of the AIF they manage. They are designed to specify the types of restrictions or conditions that can be imposed on the marketing of AIF to professional investors in the home Member State of the AIFM. They are designed to specify general criteria for assessing equivalence of valuation standards of third countries where the valuator is established in a third country, the equivalence of legislation of third countries regarding depositaries and, for the purpose of the authorisation of AIFM established in third countries, the equivalence of prudential regulation and ongoing supervision. They are designed to specify general criteria for assessing whether third countries grant Community AIFM effective market access comparable to that granted by the Community to AIFM from third countries. They arshould also be designed to specify the modalities, content and frequency of exchange of information regarding AIFM between the competent authorities of the home Member State of the AIFM and other competent authorities where the AIFM individually or collectively with other AIFM may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets. They arshould also be designed to specify the procedures for on- the- spot verifications and investigations.
Amendment 307 #
Proposal for a directive
Recital 28
Recital 28
(28) Since those measureacts are of general scope and are designed to amend non- essential elements of this Directive, by supplementing it with new non-essential elements, they must be adopted in accordance with the regulatory procedure with scrutinyprocedure provided for in Article 5a290 of Decision 1999/468/ECthe Treaty. Measures not falling under the above category should be subject to the regulatory procedure provided in Article 5 of that Decision. Those measures are designed to state that the fund valuation standards of a specific third country are equivalent to those applicable in the Community where the valuator is established in a third country. They are designed to state that the legislation on depositaries of a specific third country is equivalent to this Directive. They are designed to state that the legislation on prudential regulation and on-going supervision of AIFM in a specific third country is equivalent to this Directive. They are designed to state whether a specific third country grants Community AIFM effective market access comparable to that granted by the Community to AIFM from that third country. They are designed to 1999/468/EC. Those measures should specify standard models for notification and attestations and to specify the procedure for the exchange of information between competent authorities.
Amendment 316 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 - introductory part
Article 2 – paragraph 1 – subparagraph 1 - introductory part
1. This Directive shall apply to all AIFM established in the Community, which provide management services toUnion which manage one or more alternative investment funds (AIF), irrespective of:
Amendment 319 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
(a) whether the AIF is domicilestablished inside or outside of the CommunityUnion;
Amendment 325 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
Amendment 333 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
An AIFM authorised in accordance with this Directive to provide management services tomanage one or more AIF is also entitled to market shares or units of these AIF to professional investors in the CommunityUnion subject to the conditions laid down in Chapter VI and, where relevant, Article 35.
Amendment 345 #
Proposal for a directive
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) AIFM which either directly or indirectly through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIF whosemanage AIF whose total assets under management, including any assets acquired through use of leverage, in total do not exceed a threshold of 100 million Euro or 500 millions euros when the portfolio of AIF consists ofEUR 1 billion or EUR 1.5 billion when the AIF consists of holdings that (a) are not leveraged; and (b) do not have redemption rights exercisable during a period of 5 years following the date of constitution of the AIF. For the purposes of calculating such thresholds: (i) AIF managed by the AIFM or the management of which is delegated by the AIFM to an undertaking in the same group as the AIFM shall be aggregated; (ii) in relation to AIF that (a) are not leveraged; and with no(b) do not have redemption rights exercisable during a period of 5 years following the date of constitution of eachthe AIF, the thresholds shall be applied to the investors’ net capital interest in the AIF; .
Amendment 354 #
Proposal for a directive
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) AIFM established in the CommunityUnion which do not provide management services tomanage AIF domiciled in the CommunityUnion and do not market AIF in the CommunityUnion beyond any private placement exemptions allowed for AIF under the national law of a Member State;
Amendment 362 #
Proposal for a directive
Article 2 – paragraph 2 – point c
Article 2 – paragraph 2 – point c
(c) UCITS or their management or investment companies authorised in accordance with Directive 2009/…65/EC [the UCITS Directive], in so far as those management or investment companies do not manage AIF;
Amendment 363 #
Proposal for a directive
Article 2 – paragraph 2 – point d
Article 2 – paragraph 2 – point d
Amendment 364 #
Proposal for a directive
Article 2 – paragraph 2 – point e
Article 2 – paragraph 2 – point e
(e) institutions which are covered by Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (IORP), including where applicable the authorised entities responsible for managing IORP and acting on their behalf referred to in Article2(1) of that Directive or the appointed investment managers pursuant to Article 19(1) of the same Directive, insofar as they do not manage AIF established in the Union;
Amendment 370 #
Proposal for a directive
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
(fa) any person or entity, in so far as they invest solely for their own account;
Amendment 379 #
Proposal for a directive
Article 2 – paragraph 2 – point g f (new)
Article 2 – paragraph 2 – point g f (new)
(gf) employee participation schemes;
Amendment 384 #
Proposal for a directive
Article 2 – paragraph 2 – point g j (new)
Article 2 – paragraph 2 – point g j (new)
(gj) securitisation special purpose vehicles.
Amendment 389 #
Proposal for a directive
Article 2 – paragraph 2 – point g m (new)
Article 2 – paragraph 2 – point g m (new)
(gm) AIFM, insofar as they manage one or more AIF whose only investors are the AIFM themselves or the direct or indirect parent undertakings or subsidiary undertakings of the AIFM or other subsidiaries of those direct or indirect parent undertakings;
Amendment 398 #
Proposal for a directive
Article 2 – paragraph 2 – point g q (new)
Article 2 – paragraph 2 – point g q (new)
(gq) national central banks;
Amendment 400 #
Proposal for a directive
Article 2 – paragraph 2 – point g s (new)
Article 2 – paragraph 2 – point g s (new)
(gs) national, regional and local governments and bodies or institutions which manage funds supporting social security and pension systems;
Amendment 403 #
Proposal for a directive
Article 2 – paragraph 2 – point g v (new)
Article 2 – paragraph 2 – point g v (new)
(gv) AIFM, insofar as they are a company whose business strategy is to take controlling or influential shareholdings in one or more subsidiaries or associated companies and which is not established for the main purpose of generating returns for its investors by means of divestment of its subsidiaries or associated companies within a predetermined timeframe;
Amendment 407 #
Proposal for a directive
Article 2 – paragraph 2 – point g x (new)
Article 2 – paragraph 2 – point g x (new)
(gx) AIFM insofar as they manage internally-managed AIF which do not grant their shareholders any redemption or repurchase rights, invest predominantly in transferable securities, use no or only limited leverage and have their shares traded on an EU regulated market;
Amendment 437 #
Proposal for a directive
Article 3 – point a
Article 3 – point a
(a) ‘Alternative investment fund’ or AIF means any collective investment undertaking, including investment compartments thereof, whose object is the collective investment in assets and which does noich raises capital by marketing shares or units in that collective undertaking to professional investors with a view to investing the proceeds in accordance with a defined investment policy on the principle of risk spreading for the benefit of those investors but which does not include any closed-end vehicle or any form of corporate vehicle, any entity that requires authorisation pursuant to Article 5 of Directive 2009/…65/EC [the UCITS Directive], any collective investment undertaking for which, under its constitutive documents, the role of manager is primarily the responsibility of the collective investment undertaking itself or of one of its members, or any collective investment undertaking whose investors are solely made up of other AIF;
Amendment 448 #
Proposal for a directive
Article 3 – point b
Article 3 – point b
(b) ‘manager of alternative investment funds ‘’ or AIFM means any legal or natural person whose regular business is to manage one or several AIFperson that manages one or several AIF and is responsible for the compliance with the requirements of this Directive and which, depending on the legal form of the AIF, can be either the AIF itself or an external entity;
Amendment 456 #
Proposal for a directive
Article 3 – point c
Article 3 – point c
(c) ‘Valuator’ means any legal or natural person or company valuing the assets or establishing the value of the shares or units of an AIF;
Amendment 461 #
Proposal for a directive
Article 3 – point d
Article 3 – point d
(d) ‘management services’ means the activities of managing and administering one or more AIF on behalf of one or more investorsone or more AIF;
Amendment 464 #
Proposal for a directive
Article 3 – point e
Article 3 – point e
(e) ‘Marketing’ means any general offering or placement of units or shares in an AIF to or with investors domiciled in the Community, regardless of at whose inUnion but does not mean (i) any unsolicited offer or approach or (ii) any offer or approach legitimative the offer or placement takes place; ely made in a Member State under the laws of such Member State and other than any law implementing this Directive.
Amendment 474 #
Proposal for a directive
Article 3 – point h a (new)
Article 3 – point h a (new)
(ha) ‘home Member State of a depositary’ means: (i) if the depositary is a credit institution authorised under Directive 2006/48/EC, the home Member State as defined in Article 4(7) of that Directive; (ii) if the depositary is an investment firm authorised under Directive 2004/39/EC, the home Member State as defined in Article 4(1)(20)(a) of that Directive; (iii) if the depositary is a legal person referred to in Article 17(3)(c) or (d) which is established in the Union, the Member State in which it has its registered office;
Amendment 479 #
Proposal for a directive
Article 3 – point j a (new)
Article 3 – point j a (new)
(ja) ‘Competent authorities of a depositary’ means (i) if the depositary is a credit institution authorised under Directive 2006/48/EC, the competent authorities as defined in Article 4(4) of that Directive; (ii) if the depositary is an investment firm authorised under Directive 2004/39/EC, the home Member State as defined in Article 4(1)(22) of that Directive; (iii) if the depositary is a legal person referred to in Article 17(3)(c) which is established in the Union, the national authorities of its home Member State which are empowered by law or regulation to supervise such legal persons;
Amendment 481 #
Proposal for a directive
Article 3 – point l
Article 3 – point l
(l) ‘Leverage’ means any method by which the AIFM increases the exposure of an AIF it manages to a particular investments whether through borrowing of cash or securities, or leverage embedded in derivative positions or; the level of leverage shall bye any other meanssessed in all cases on an appropriately netted and risk-adjusted basis;
Amendment 490 #
Proposal for a directive
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c with a view to clarifying the methods of leverage as defined in point (l) of the first paragraph and for the purpose of Article 21(4) specifying when leverage is considered to be employed on a systemically significant basis and how leverage shall be calculated.
Amendment 506 #
Proposal for a directive
Article 3 – point o k (new)
Article 3 – point o k (new)
(ok) ‘feeder AIF’ means an AIF that invests at least 85% of its assets in the shares or units of another AIF (the master AIF), and references to ‘investing as a Feeder AIF’ shall refer to the investment of at least 85% of the AIF’s assets in the shares or units of the master AIF;
Amendment 507 #
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Amendment 512 #
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
Amendment 530 #
Proposal for a directive
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
2b. Without prejudice to Article 18, Member States shall ensure that each AIF falling within the scope of this Directive shall have a single AIFM which shall be responsible for the compliance with the requirements of this Directive.
Amendment 606 #
Proposal for a directive
Article 9 a (new)
Article 9 a (new)
Article 9a Remuneration 1. Member States shall require AIFM to have remuneration policies and practices that are consistent with and promote sound and effective risk management and long term value creation and which do not encourage risk-taking which is inconsistent with the risk profiles, fund rules or instruments of incorporation of the AIF it manages. 2. The remuneration policies and practices shall be proportionate to the nature, scale and complexity of the AIFM’s activities and to the AIF it manages.
Amendment 612 #
Proposal for a directive
Article 9 b (new)
Article 9 b (new)
Article 9b Notification The AIFM shall inform Member States’ competent authorities about the characteristics of its remuneration policies and practices.
Amendment 615 #
Proposal for a directive
Article 9 c (new)
Article 9 c (new)
Article 9c Competent authorities Member States’ competent authorities may react and take appropriate corrective measures to offset risks that may result in the failure of an AIFM to implement sound remuneration policies and practices.
Amendment 624 #
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The AIFM shall ensure that the functions of risk management and portfolio management are separated and subject to separate reviewso far as is appropriate and proportionate in view of the nature, scale and complexity of the AIFM and the AIF it manages.
Amendment 625 #
Proposal for a directive
Article 11 – paragraph 1 a (new)
Article 11 – paragraph 1 a (new)
1a. Where it is not considered to be appropriate or proportionate for an AIFM to establish and maintain a risk management function that is separated from the portfolio management, the AIFM must nevertheless be able to demonstrate that the risk management process satisfies the requirements of this article and is consistently effective.
Amendment 630 #
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 641 #
Proposal for a directive
Article 11 – paragraph 5 – point b
Article 11 – paragraph 5 – point b
Amendment 643 #
Proposal for a directive
Article 11 – paragraph 5 a (new)
Article 11 – paragraph 5 a (new)
5a. AIFM shall not be obliged to comply with the provisions of this Article in relation to any Feeder AIF.
Amendment 651 #
Proposal for a directive
Article 12 – paragraph 3 a (new)
Article 12 – paragraph 3 a (new)
3a. AIFM shall not be obliged to comply with the provisions of this Article in relation to any Feeder AIF to the extent this Article is complied with in respect of the relevant master AIF.
Amendment 655 #
Proposal for a directive
Article 13
Article 13
Amendment 681 #
Proposal for a directive
Article 14 – paragraph 4 – introductory part
Article 14 – paragraph 4 – introductory part
For the purposes of the first, second and third subparagraphs the following portfolios shall be deemed to be the portfolios of the AIFM but excluding any portfolio of a Feeder AIF to the extent that it consists of shares or units in a master AIF:
Amendment 690 #
Proposal for a directive
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. The above paragraphs shall not apply to AIFM only managing AIF: (a) which are not leveraged; (b) which have no redemption rights exercisable during a period of five years following the date of constitution of each AIF; (c) which have fixed capital commitments; (d) where fees are based on capital commitments; (e) where investors have the right to change the AIFM; and (f) where specific provisions are included in the contractual agreement regarding the winding-up of an AIFM to protect investors during a transition.
Amendment 701 #
Proposal for a directive
Article 16 – paragraph 1 - subparagraph 1
Article 16 – paragraph 1 - subparagraph 1
1. AIFM shall ensure that, forin respect of each AIF that it manages, a valuator is appointed which is independent of the AIFM to establish: (a) that high level policies for the valuation of assets held or employed by the AIF are adopted and documented; (b) that the calculation of the value of the assets of the AIF is undertaken in accordance with those policies either by a valuator which is independent of the AIFM or by the AIFM (in which case the valuation function and the portfolio management function within the AIFM shall be functionally independent); (c) that the value of the assets acquired by the AIF andof the AIF is calculated at an appropriate frequency and that the value of the shares andor units of the AIF. are calculated at or prior to each time they can be issued or redeemed; and (d) that such valuation policies are periodically reviewed and amended to seek to ensure their continued appropriateness.
Amendment 719 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2
Article 16 – paragraph 1 – subparagraph 2
Amendment 739 #
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
Amendment 755 #
Proposal for a directive
Article 16 – paragraph 3
Article 16 – paragraph 3
Amendment 768 #
Proposal for a directive
Article 16 – paragraph 4
Article 16 – paragraph 4
Amendment 787 #
Proposal for a directive
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4a. This Article shall not apply in respect of AIF which are private equity funds.
Amendment 796 #
Proposal for a directive
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. For each AIF it manages, the AIFM shall ensure that a depositary is appointed to fulfil, where relevant, the following taskfunctions:
Amendment 798 #
Proposal for a directive
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) receive all payments made by investorverify that AIF cash placed on deposit is when subscribing units or shares of an AIF managed by the AIFM and book them on behalf of the AIFMld with one or more Approved Bank(s) , including the depositary if it ins a segregated accountn Approved Bank;
Amendment 808 #
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 are physically delivered to it; and (ii) maintain all entitlements in financial instruments credited to it through an established system of registration or indirect holding. All such financial instruments are to be segregated from the assets of the depositary or any custodian and clearly identified on the books of the depositary as belonging to the AIF;
Amendment 809 #
Proposal for a directive
Article 17 – paragraph 1 – point b a (new)
Article 17 – paragraph 1 – point b a (new)
(ba) ensure that the financial instruments referred to in point (b) may not be re-used without prior consent from the AIFM, and such consent has not been withdrawn;
Amendment 811 #
Proposal for a directive
Article 17 – paragraph 1 – point c
Article 17 – paragraph 1 – point c
(c) verify whether the AIF or the AIFM on behalf of the AIF has obtained the ownership of all other assets the AIF invests inmaintain records evidencing ownership of assets of the AIF other than those referred to in points (a) and (b).
Amendment 819 #
Proposal for a directive
Article 17 – paragraph 1 a – introductory part (new)
Article 17 – paragraph 1 a – introductory part (new)
1a. In addition to the tasks referred to in paragraph 1, the depositary shall verify that:
Amendment 820 #
Proposal for a directive
Article 17 – paragraph 1 a – point a (new)
Article 17 – paragraph 1 a – point a (new)
(a) the sale, issue, re-purchase, redemption and cancellation of shares or units of the AIF are carried out in accordance with the applicable national law and the AIF rules or instruments of incorporation;
Amendment 824 #
Proposal for a directive
Article 17 – paragraph 1 a – point b (new)
Article 17 – paragraph 1 a – point b (new)
(b) the value of the shares or units of the AIF is calculated in accordance with the applicable national law and the AIF rules or instruments of incorporation;
Amendment 828 #
Proposal for a directive
Article 17 – paragraph 1 a – point c (new)
Article 17 – paragraph 1 a – point c (new)
(c) AIFM instructions have not been in conflict with the applicable national law or the AIF rules or instruments of incorporation;
Amendment 832 #
Proposal for a directive
Article 17 – paragraph 1 a – point d (new)
Article 17 – paragraph 1 a – point d (new)
(d) in transactions involving the AIF’s assets any consideration is remitted to it within the usual time limits;
Amendment 839 #
Proposal for a directive
Article 17 – paragraph 1 a – subparagraph 1 a (new)
Article 17 – paragraph 1 a – subparagraph 1 a (new)
By way of derogation, the competent authorities of the home Member State of the AIF may provide that any of points (a) to (d) do not apply where the AIF is solely marketed to professional and/or sophisticated investors.
Amendment 860 #
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 2 a (new)
Article 17 – paragraph 2 – subparagraph 2 a (new)
In the context of their respective roles, the AIFM and the depositary shall act honestly, fairly, professionally, independently and in the interest of all the investors of the AIF collectively.
Amendment 866 #
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The depositary shall be either: (a) a credit institution having its registered office in the Community and be authorised in accordance with Directive 2006/48/EC of the European Parliament and Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast). ;
Amendment 876 #
Proposal for a directive
Article 17 – paragraph 3 – point a b (new)
Article 17 – paragraph 3 – point a b (new)
(ab) an investment firm authorised in accordance with Directive 2004/39/EC to provide ancillary services in accordance with Section B(1) of Annex I to that Directive, having its registered office in the Union;
Amendment 886 #
Proposal for a directive
Article 17 – paragraph 3 – point a g (new)
Article 17 – paragraph 3 – point a g (new)
(ag) an institution which is subject to prudential regulation and ongoing supervision and which can provide sufficient financial and professional guarantees to be able to effectively perform the relevant depositary functions and meet the commitments inherent to those functions;
Amendment 894 #
Proposal for a directive
Article 17 – paragraph 3 a (new)
Article 17 – paragraph 3 a (new)
3a. In addition to the provisions in points (a), (ab) and (ag) of paragraph 3, for AIF which have no redemption rights exercisable during a period of 5 years following the date of constitution of each AIF and which, according to their investment strategy and objectives, make investments and divestments solely on a non-frequent basis, the depositary may be either: (a) a legal person which is subject to prudential regulation and ongoing supervision and which can provide sufficient financial and professional guarantees to be able to effectively perform the relevant depository functions and meet the commitments inherent to those functions; or (b) a legal person which carries out depository functions as part of professional or business activities in respect of which it is subject to mandatory professional registration recognised by law or to legal or regulatory provisions or rules of professional conduct and which can provide sufficient financial and professional guarantees to be able to effectively perform the relevant depository functions and meet the commitments inherent to those functions.
Amendment 896 #
Proposal for a directive
Article 17 – paragraph 3 c (new)
Article 17 – paragraph 3 c (new)
3c. For an AIF established in the Union, the appointed depositary shall be established in the home Member State of the AIF. Any appointment of a depositary shall be subject to approval from the competent authorities of the home Member State of the AIF. By way of derogation from the first subparagraph, the competent authorities of the home Member State of the AIF may allow institutions fulfilling the requirements in paragraph 3 and established in another Member State to be appointed depositary.
Amendment 909 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. DThe depositariesy may delegateappoint their tasks to other depositariesd parties to perform the tasks referred to in paragraph 1.
Amendment 922 #
Proposal for a directive
Article 17 – paragraph 4 b (new)
Article 17 – paragraph 4 b (new)
4b. Where the depositary uses the services of a sub-custodian in furtherance of the task set out in point (b) of paragraph 1, it must determine that the following conditions are satisfied: (a) the sub-custodian is subject to the required level of supervision in the jurisdiction concerned; (b) the sub-custodian has structures and expertise that are adequate and proportionate to the nature and scale of the entitlements in financial instruments belonging to the AIF; (c) the sub-custodian is subject to periodic audit to ensure that the financial instruments and other securities are in its possession; (d) the sub-custodian segregates the financial instruments and other securities from its own assets; and (e) the sub-custodian may not make use of the financial instruments without prior consent from the AIFM and such consent has not been withdrawn.
Amendment 924 #
Proposal for a directive
Article 17 – paragraph 4 d (new)
Article 17 – paragraph 4 d (new)
Amendment 931 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 1
Article 17 – paragraph 5 – subparagraph 1
5. The depositary shall be liable to the AIFM and or the investors of the AIF for anycollectively for losses suffered by them as a result of its unjustifiable failure to perform or of its improper performance of its obligations pursuant to this Directiveparagraphs 1, 2, 4 and 4a.
Amendment 937 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2
Article 17 – paragraph 5 – subparagraph 2
Amendment 944 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 b (new)
Article 17 – paragraph 5 – subparagraph 2 b (new)
In the event of loss of financial instruments held in custody in accordance with point (b)(i) of paragraph 1, or due to the depositary’s unjustifiable failure to maintain entitlements to financial instruments according to point (b)(ii) of paragraph 1, the depositary shall return the assets or the corresponding amount to the AIF. This obligation shall not be affected by any appointment of a sub-custodian in accordance with paragraph 4. However, the depositary may discharge itself of this liability if it has fulfilled its obligations pursuant to paragraphs 4 and 4a.
Amendment 962 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3
Article 17 – paragraph 5 – subparagraph 3
Amendment 965 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3 a (new)
Article 17 – paragraph 5 – subparagraph 3 a (new)
Liability under paragraph 4b and under this paragraph shall not apply in circumstances beyond the control of the depositary, including, inter alia, force majeure, market conditions, terms or conditions imposed by market infrastructure organisations or by participation in market infrastructure systems.
Amendment 973 #
Proposal for a directive
Article 17 – paragraph 5 a (new)
Article 17 – paragraph 5 a (new)
5a. The depositary shall make available on request to the competent authorities of its home Member State all information which it has obtained while undertaking its duties and that may be necessary for the competent authorities to supervise the AIFM. If the home Member State of the AIFM is different from that of the depositary, the competent authorities of the home Member State of the depositary shall share the information received without delay with the competent authorities of the home Member State of the AIFM.
Amendment 978 #
Proposal for a directive
Article 17 – paragraph 5 e (new)
Article 17 – paragraph 5 e (new)
5e. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying: (a) the means and methods for placing deposits with Approved Banks; (b) the notions of safe-keeping and custody, including the means and methods for the segregation of financial instruments in different accounts and when there is a loss of financial instruments; (c) the supervisory duties of depositaries; (d) the conditions for the appointment of sub-custodians, including the due diligence duties of depositaries and the need for cooperation agreements with other jurisdictions; (e) the conditions for approval of depositaries, including an assessment of whether the depositary can provide sufficient financial and professional guarantees to be able to effectively perform the relevant depositary functions and meet the commitments inherent to those functions. These 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 984 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 1
Article 18 – paragraph 1 – subparagraph 1
1. AIFM which intend to delegate to third parties the task of carrying out on their behalf one or more of their material functions shall request prior authorisation from the competent authorities of the home Member State for each delegationinform in advance the competent authorities of the home Member State for each delegation as soon as practicable prior to the delegation becoming effective. The competent authorities may within one month of such notification reject such delegation if it can be shown that the rejection would be in the best interests of investors in the relevant AIF.
Amendment 995 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point b
Article 18 – paragraph 1 – subparagraph 2 – point b
(b) where the delegation concerns theis of portfolio management or the risk management, the third party must also be authorised as an AIFM to manage an AIF of the same typrisk management (in whole or in part) the mandate may only be given to undertakings which are authorised or registered for the purpose of asset management and subject to prudential supervision; where this condition cannot be satisfied, delegation may only be given if the AIFM has received prior authorisation from the competent authority of its home Member State;
Amendment 998 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point b a (new)
Article 18 – paragraph 1 – subparagraph 2 – point b a (new)
(ba) where the delegation concerns the portfolio management or risk management and is given to a third country undertaking, there must be, in addition to the requirements in point (b), appropriate cooperation arrangements in place between the competent authority of the AIFM and the supervisory authority of the third country entity;
Amendment 1020 #
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
3. The third party may not sub-delegate any of the functions delegated to it provided that the conditions laid down in paragraph 1 are fulfilled.
Amendment 1030 #
Proposal for a directive
Article 19 – paragraph 1
Article 19 – paragraph 1
1. An AIFM shall, for each of the AIF it manages, make available an annual report for each financial year. The annual report shall be made available to investors and competent authorities no later than four months following the end of the financial year or, in circumstances where information is required from third parties, such as the audit of any underlying investments of the AIF, no later than six months following the end of the financial year.
Amendment 1037 #
Proposal for a directive
Article 19 – paragraph 2 – point c a (new)
Article 19 – paragraph 2 – point c a (new)
(ca) the amount of remuneration, split into fixed and variable remuneration, paid by a systemically important AIFM and, where relevant, by any AIF managed by such an AIFM, to senior executives and other employees having a material impact on the firm’s risk exposure.
Amendment 1041 #
Proposal for a directive
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The accounting information given in the annual report shall be prepared in accordance with the accounting standards or principles required by the applicable AIF rules or instruments of incorporation or formation and audited by one or more persons empowered by law to audit accounts in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC. The auditor's report, including any qualifications, shall be reproduced in full in the annual report.
Amendment 1048 #
Proposal for a directive
Article 19 – paragraph 4 – subparagraph 1
Article 19 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measuredelegated acts further specifying the content and format of the annual report. These measuresose acts shall be appropriate and proportionate and shall be adapted to the type of AIFM to which they apply and the AIF to which the report relates, taking account of the different size, resources, complexity, nature, investments, investment strategies and techniques, structures and investors of different types of AIFM and the AIF that they manage.
Amendment 1055 #
Proposal for a directive
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. AIFM shall ensure that, insofar as applicable to the AIF concerned, AIF investors receive the following information before they invest in the AIF, as well as any changes thereof:
Amendment 1063 #
Proposal for a directive
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) a description of the investment strategy and objectives of the AIF, all thethe types of assets which the AIF can invest in and of the techniques it may employ and of allthe associated risks, any applicable investment restrictions, the circumstances in which the AIF may use leverage, the types and sources of leverage permitted and the associated risks and of any restrictions toin the use of leverage;
Amendment 1071 #
Proposal for a directive
Article 20 – paragraph 1 – point d
Article 20 – paragraph 1 – point d
(d) the identity of the AIF's, if applicable, of the AIF's current or proposed depositary, valuator, auditor and any other current or proposed critical or important service providers and a description of their duties and the investors' rights should any failure arise;
Amendment 1078 #
Proposal for a directive
Article 20 – paragraph 1 – point e
Article 20 – paragraph 1 – point e
(e) a description of any critical or important delegated management or depositary function and the identity of the third party to whom the function has been delegated;
Amendment 1083 #
Proposal for a directive
Article 20 – paragraph 1 – point g
Article 20 – paragraph 1 – point g
(g) where the AIF has exercisable redemption rights, a description of the AIF's liquidity risk management, including the redemption rights both in normal and exceptional circumstances, existing redemption arrangements with investors, and how the AIFM ensures a fair treatment of investors;
Amendment 1088 #
Proposal for a directive
Article 20 – paragraph 1 – point h
Article 20 – paragraph 1 – point h
(h) a description of all fees, charges and expenses and of the maximum amounts or rates thereof which are directly or indirectly borne by investors;
Amendment 1094 #
Proposal for a directive
Article 20 – paragraph 1 – point i
Article 20 – paragraph 1 – point i
(i) whenever an investor obtains a preferential treatment or the right to obtain preferential treatment, the identity of the investor and a description of that preferential treatment;
Amendment 1096 #
Proposal for a directive
Article 20 – paragraph 1 – point j
Article 20 – paragraph 1 – point j
(j) the latest annual report if there is such a report in relation to the AIF.
Amendment 1109 #
Proposal for a directive
Article 20 – paragraph 2 – introductory part
Article 20 – paragraph 2 – introductory part
2. For each AIF that an AIFM manages and in respect of which redemption rights are exercisable, it shall periodically disclose to investors:
Amendment 1127 #
Proposal for a directive
Article 20 – paragraph 3 – subparagraph 1
Article 20 – paragraph 3 – subparagraph 1
3. The Commission shall adopt implementing measuredelegated acts further specifying the disclosure obligations of AIFM and the frequency of the disclosure referred to in paragraph 2.These measureacts shall be adapted to the type of AIFM to which they apply. and be proportionate, taking account, inter alia, of the different size, resources, complexity, nature, investments, investment strategies and techniques, structures and investors of different types of AIFM.
Amendment 1135 #
Proposal for a directive
Article 21 – paragraph 1 – subparagraph 2
Article 21 – paragraph 1 – subparagraph 2
It shall provide aggregated information on the main instruments in which it is trading, markets of which it is a member or where it actively trades, and on the principal trading exposures and most important resulting concentrations of each of the AIF it manages.
Amendment 1165 #
Proposal for a directive
Article 21 – paragraph 3 – point a
Article 21 – paragraph 3 – point a
(a) an annual report of each AIF managed by the AIFM for each financial year, within four months from the end of the periods to which it relates or, in circumstances where information is required from third parties (such as the audit of any underlying investments of the AIF), no later than six months from the end of the financial year;
Amendment 1170 #
Proposal for a directive
Article 21 – paragraph 3 a (new)
Article 21 – paragraph 3 a (new)
3a. An AIFM managing one or more AIF employing leverage on a systemically significant basis shall make available to the competent authorities of its home Member State information about the overall level of leverage employed by each AIF it manages, a break-down between leverage arising from borrowing of cash or securities and leverage embedded in financial derivatives and, where known, the extent to which AIF's assets have been re-used under leveraging arrangements. That information shall include the identity of the five largest sources of borrowed cash or securities for each of the AIF managed by the AIFM, and the amounts of leverage received from each of those entities for each of the AIF managed by the AIFM.
Amendment 1173 #
Proposal for a directive
Article 21 – paragraph 3 d (new)
Article 21 – paragraph 3 d (new)
3d. Member States shall ensure that the competent authorities of the home Member State of an AIFM have access to information on the use of short selling on account of AIF managed by the AIFM for the purposes of identifying the extent to which the use of short selling contributes to the build-up of systemic risk in the financial system or risks of disorderly markets. The competent authorities of the home Member States shall also ensure that such information, aggregated in respect of all AIFM that they supervise, is made available to other competent authorities, the ESMA and the ESRB through the procedures set out in Article 46 on supervisory co-operation.
Amendment 1174 #
Proposal for a directive
Article 21 – paragraph 4 – subparagraph 1
Article 21 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measuresdelegated acts in accordance with Articles 49a, 49b and 49c further specifying the reporting obligations referred to in paragraphs 1, 2 and 3 and their frequency. Such acts shall be appropriate and proportionate and adapted to the type of AIFM and AIF to which they apply, taking account, inter alia, of the different size, resources, complexity, nature, investments, investment strategies and techniques, structures and investors of different types of AIFM.
Amendment 1183 #
Proposal for a directive
Article 21 a (new)
Article 21 a (new)
Article 21a Confidentiality Nothing in this Directive shall prevent an AIFM from notifying its competent authority that certain information provided by it pursuant to this Directive is a trade secret or confidential information, without prejudice to the possibility for the competent authority to share information with other competent authorities pursuant to this Directive.
Amendment 1186 #
Proposal for a directive
Article 22
Article 22
Amendment 1217 #
Proposal for a directive
Article 24
Article 24
Amendment 1239 #
Proposal for a directive
Article 25 – paragraph 2
Article 25 – paragraph 2
2. HThe competent authorities of the home Member States shall ensure that all information receivgathered under Article 241, aggregated in respect of all AIFM that ithey supervises, areis made available to other competent authorities of other Member States, to the ESMA and to the ESRB through the procedure set out in Article 46 on supervisory co-operation. ItThey shall, without delay, also provide information through this mechanism, and bilaterally to the competent authorities of other Member States directly concerned, if an AIFM under itstheir responsibility, or an AIF managed by that AIFM, could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in those other Member States.
Amendment 1262 #
Proposal for a directive
Article 25 – paragraph 3 a (new)
Article 25 – paragraph 3 a (new)
3a. The competent authorities shall assess the systemic risks that the use of leverage by an AIFM with respect to the AIF it manages could entail, and when it is deemed necessary in order to ensure the stability and integrity of the financial system, the competent authorities of the home Member State of the AIFM shall impose limits on the level of leverage that an AIFM may employ with respect to the AIF under its management. The competent authorities of the home Member State of the AIFM shall duly inform CESR and the competent authorities of the home Member State of the AIF of actions taken in that respect.
Amendment 1266 #
Proposal for a directive
Article 25 – paragraph 3 b (new)
Article 25 – paragraph 3 b (new)
3b. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c setting out principles clarifying the circumstances in which the competent authorities should implement the provisions in paragraph 3a, taking into account different strategies of AIF, different market conditions in which AIF operate and possible pro-cyclical effects following from exercising the provisions.
Amendment 1270 #
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4
Amendment 1317 #
Proposal for a directive
Article 27 – paragraph 1
Article 27 – paragraph 1
1. Member States shall ensurequire that when an AIFM is inreaches a position to exercise 30 % orf more of the voting rights of a non- listed company, suchthe AIFM notifiesmakes available to the non- listed company and all other share-holdersshareholders, the identities and addresses of which are available to the AIFM or can be made available by the non-listed company or a register to which the AIFM has or can get access, the information providspecified in paragraph 2. This notificinformation shall be made, available as soon as possible, but not later than four tradten working days, the first of which being the day on which the AIFM has reached the position of being able to exercise 30 % of the voting rightscontrol.
Amendment 1325 #
Proposal for a directive
Article 27 – paragraph 2
Article 27 – paragraph 2
2. The notificinformation required under paragraph 1 shall contain the following information: (a) the resulting situation in terms of voting rights; (b) the conditions under which the 30 % threshold has been reachmprise such information as is required to be made available or disclosed to the persons specified, including information about the identity of the different shareholders involved; (c) the date on which the threshold was reached or exceeded paragraph 1 in accordance with current Union law.
Amendment 1505 #
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
An AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in a Member State, if the third country has signed an agreement with this Member State which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters Member State may allow AIFM to market on its own territory shares or units of an AIF domiciled in a third country if appropriate cooperation arrangements are in place between the competent authorities of the home Member State of the AIFM and the supervisory authority of that third country.
Amendment 1516 #
Proposal for a directive
Article 35 a (new)
Article 35 a (new)
Article 35a Third-country AIF Professional investors domiciled in a Member State may invest in an AIF domiciled in a third country subject to this being permitted by the national law of that Member State.
Amendment 1525 #
Proposal for a directive
Article 36
Article 36
Amendment 1536 #
Proposal for a directive
Article 37
Article 37
Amendment 1548 #
Proposal for a directive
Article 38
Article 38
Amendment 1569 #
Proposal for a directive
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
(d) a cooperation-agreement between the competent authorities of that Member Statethe AIFM is subject to authorisation or registration in the third country in which it is established and theits supervisor of the AIFM exists which ensures an efficient eis a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange oOf all iInformation that are relevant for monitoring the potential implications of the activities of the AIFM for the stability of systemically relevant financial institutions and the orderly functioning of markets in which the AIFM is active.or another appropriate cooperation-agreement between the competent authorities of that Member State and the supervisor of the AIFM exists;