Activities of Syed KAMALL related to 2018/0041(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC of the European Parliament and of the Council and Directive 2011/61/EU of the European Parliament and of the Council with regard to cross-border distribution of collective investment funds PDF (609 KB) DOC (77 KB)
Amendments (25)
Amendment 83 #
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2009/65/EC
Article 77
Article 77
(3) Article 77 is deleted.replaced by the following: ‘All marketing communications to investors shall be clearly identifiable as such. They shall be fair, clear and not misleading.’
Amendment 84 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2009/65/EC
Article 92 – paragraph 1 – introductory part
Article 92 – paragraph 1 – introductory part
1. Member States shall ensure that the UCITS management company establisheoffers, in each Member State where it intends to market units of a UCITS, facilities to perform the following tasks:
Amendment 85 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2009/65/EC
Article 92 – paragraph 1 – point a
Article 92 – paragraph 1 – point a
(a) process investors’ subscription, payment, repurchase and redemption orders and make other payments to unitholders relating to the units of the UCITS, in accordance with the conditions set out in the UCITS marketing documents;
Amendment 86 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2009/65/EC
Article 92 – paragraph 1 – point d – point ii
Article 92 – paragraph 1 – point d – point ii
(ii) the latest published annual report of the UCITS and the latest published half- yearly report if more recent;
Amendment 87 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2009/65/EC
Article 92 – paragraph 1 – point d – point ii a (new)
Article 92 – paragraph 1 – point d – point ii a (new)
(ii a) the prospectus of the UCITS.
Amendment 88 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2009/65/EC
Article 92 – paragraph 1 – point d – point ii b (new)
Article 92 – paragraph 1 – point d – point ii b (new)
(ii b) the most up-to-date key [investor] information document for the UCITS.
Amendment 90 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2009/65/EC
Article 92 – paragraph 3 – point b
Article 92 – paragraph 3 – point b
(b) their tasks are performed by the UCITS management company itself or a third entity subject to regulation governing the tasks to be performed, or both;
Amendment 92 #
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2009/65/EC
Article 93 – paragraph 8 – subparagraph 1
Article 93 – paragraph 8 – subparagraph 1
In the event of a change to the information in the notification letter submitted in accordance with paragraph 1, or a change regarding share classes to be marketed, the UCITS shall give written notice thereof to the competent authorities of both the home Member State and the host Member State at least one month before implementing that change.
Amendment 93 #
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2009/65/EC
Article 93 – paragraph 8 – subparagraph 3
Article 93 – paragraph 8 – subparagraph 3
Amendment 96 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1 – subparagraph 1 – introductory part
Article 93a – paragraph 1 – subparagraph 1 – introductory part
1. The competent authorities of the UCITS home Member State shall ensure that UCITS may discontinue marketingcease to provide facilities associated with its units in a Member State where it has notified its activities in accordance with Article 93, where all the following conditions are fulfilled:
Amendment 98 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1 – subparagraph 1 – point a
Article 93a – paragraph 1 – subparagraph 1 – point a
Amendment 103 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1– subparagraph 1 – point c
Article 93a – paragraph 1– subparagraph 1 – point c
(c) the intention to stop the marketing activities in the Member State where the UCITS has notified its activities in accordance with Article 93 and to withdraw the facilities provided in accordance with Article 92 from that Member State with effect from a specified date, is made public by means of a publicly available medium , including by electronic means, which is customary for marketing UCITS and suitable for a typical UCITS investor.
Amendment 105 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1– subparagraph 1 – point c a (new)
Article 93a – paragraph 1– subparagraph 1 – point c a (new)
(c a) The notice to investors shall make clear the consequences for investors if they do not accept the offer to repurchase their units and shall inform them of how they may request the redemption or repurchase of their units and how they may obtain information about the UCITS, after the facilities in that Member State have been withdrawn.
Amendment 107 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 2
Article 93a – paragraph 2
2. The UCITS shall submit a notification letter to the competent authorityies of its home Member State comprising the information referred to in paragraph 1.
Amendment 108 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 3 – subparagraph 1
Article 93a – paragraph 3 – subparagraph 1
1. The competent authorities of the UCITS home Member State shall verify whether the notification submitted by the UCITS in accordance with paragraph 2 is complete. The competent authorities of the UCITS home Member State shall, no later than 20 working days from the receipt of the notification referred to in paragraph 2, transmit it to the competent authorities of the Member State where marketing of the UCITS is intended to be discontinued and to ESMA, or else shall inform the UCITS of the reason why the notification cannot be transmitted.
Amendment 109 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Upon transmission of the notification file pursuant to the first subparagraph the competent authorities of the UCITS home Member State shall immediately notify the UCITS of that transmission. As of this date, the UCITS shall cease all marketing of its units in the Member State identified in the notification letter referred to in paragraph 2. The UCITS may cease to provide facilities in accordance with Article 92 in the Member State identified in the notification letter referred to in paragraph 2, from the date specified for that purpose in the notice given to investors.
Amendment 111 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 4
Article 93a – paragraph 4
4. The UCITS shall continue providing investors who remain invested in the UCITS, with the information required under Articles 68 to 82 and underprospectuses and the latest annual and half-yearly reports in accordance with Article 9475.
Amendment 117 #
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point aea
Article 4 – paragraph 1 – point aea
(aea) ‘‘pre-marketing’ means a direct or indirect provision of information on investment strategies or investment ideas by an AIFM, or on its behalf, to potential professional investors domiciled or registered in the Unionin a Member State in order to test their interest in an AIF which is not yet established. , or a compartment of an AIF, which is not yet established, or which is established but not yet notified for marketing in that Member State in accordance with Article 32, which in each case does not amount to an offer or placement to the investor to invest in the units or shares of that AIF. Or. en (applicable to respective Articles 3 of EuVECA and EuSEF Regulations)
Amendment 120 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – introductory part
Article 30a – paragraph 1 – introductory part
1. Member States shall ensure that an authorised EU AIFM may engage in pre- marketing in the Union, excluding where the information presented to potential professional investors: Or. en (applicable to respective Articles 4a of EuVECA and EuSEF Regulations)
Amendment 124 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point a
Article 30a – paragraph 1 – point a
Amendment 125 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point b
Article 30a – paragraph 1 – point b
Amendment 133 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point d
Article 30a – paragraph 1 – point d
(d) amounts to a prospectus, constitutional documents of a not-yet- established AIF,n AIF, private placement memoranda offering documents, subscription forms or similar documents whether in a draft or ain final form allowing investors to take an investment decision.
Amendment 140 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 3
Article 30a – paragraph 3
3. Subscription by professional investors to units or shares of an AIF established followingas a direct result of the pre- marketing in accordance with paragraph 1 or to the units or shares of AIFs managed or marketed by the EU AIFM that had engaged in pre-marketing of a not-yet- established AIF with the similar features shall be considered the result of marketingshall be accompanied with the applicable marketing notification procedures.
Amendment 155 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2011/61/EU
Article 32a – paragraph 1 – point b
Article 32a – paragraph 1 – point b
(b) in the case of an AIF that is open- ended and offers frequent redemption opportunities, a blanket offer to repurchase, free of any charges or deductions, all its AIF units or shares held by investors in the Member State, where a notification of its marketing activities has been transmitted in accordance with Article 32, is made public at least for 30 working days and is addressed individually to all investors in that Member State whose identity is known;
Amendment 158 #
Proposal for a directive
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Directive 2011/61/EU
Article 43a
Article 43a