BETA

Activities of Sharon BOWLES related to 2009/0064(COD)

Plenary speeches (1)

Alternative investment fund managers (debate)
2016/11/22
Dossiers: 2009/0064(COD)

Amendments (186)

Amendment 32 #
Proposal for a directive
Recital 5
(5) The scope of this Directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk-spreading for the benefit of those investors. This Directive should not apply to the management of pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds or assets hold on own account by credit institutions, insurance or reinsurance undertakings. This Directive should neither apply to actively managed investments in the form of securities, such as certificates, managed futures, or index-linked bonds. It should, however, cover managers of all collective investment undertakings which are not required to be authorised as UCITS. Investment firms authorised under Directive 2004/39/EC on Markets in Financial Instruments should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF. Investment firms can however only provide investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive. confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk-spreading for the benefit of those investors. This Directive should not apply to the management of AIF managed exclusively for their parent undertaking or subsidiaries, or of pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds or assets held on own account by credit institutions, insurance or reinsurance undertakings, or to the management of investment products authorised in accordance with national law and sold only nationally on the territory of a respective Member State, or to national, regional and local governments and government investment vehicles and bodies or institutions which manage funds supporting social security and pension systems or employee participation schemes. This Directive should neither apply to actively managed investments in the form of securities, such as certificates, managed futures, or index-linked bonds. In order to avoid regulatory overlap, the scope of this Directive should not apply to closed-ended collective investment undertakings listed on a regulated market which are subject to regulation under Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities 1, Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market 2 and Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading 3. To provide a harmonised approach, the Commission should as soon as possible, and at the very latest by the date of entry into force of this Directive, review these Directives and, where appropriate, bring forward legislative proposals to ensure equivalent regulation. This Directive should cover managers of all collective investment undertakings which are not required to be authorised as UCITS. Investment firms authorised under Directive 2004/39/EC on markets in financial instruments should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF. Investment firms can however only provide investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive. _____________ 1 OJ L 184, 6.7.2001, p. 1. 2 OJ L 390, 31.12.2004, p. 38. 3 OJ L 345, 31.12.2003, p. 64.
2010/03/01
Committee: JURI
Amendment 33 #
Proposal for a directive
Recital 6 a (new)
(6a) In order to avoid potential asset- stripping, the net assets of a target company controlled by an AIF should comply with the provisions of the capital adequacy regime under the Second Company Law Directive1. ________________________________ 1 Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent (OJ L 26, 31.1.1977, p. 1.).
2010/03/01
Committee: JURI
Amendment 35 #
Proposal for a directive
Recital 12
(12) It is necessary to ensure that AIFM operate subject to robust governance controls appropriate to their nature, scale and complexity. 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 with the booking of investor money on a segregated account, the safe-keeping of financial instruments and the verification of whether the AIF or the AIFM on behalf of the AIF has obtained ownership of all other assets.
2010/03/01
Committee: JURI
Amendment 36 #
Proposal for a directive
Recital 15
(15) Given that AIFM employing high levels of leverage in their investment strategies may, under certain conditions, contribute to the build up of systemic risk or disorderly markets, special reporting requirements should be imposed on AIFM using certain techniques giving rise to particular risksemploying leverage. The information needed to detect, monitor and respond to those risks has not been collected in a consistent way throughout the Community, and shared across Member States so as to identify potential sources of risk to the stability of financial markets in the Community. To remedy this situation, special reporting requirements should apply to AIFM, which consistently use high levels of leverage in their investment strategies. Those AIFM should be obliged to disclose information regarding their use and sources of leverage. That information should be aggregated and shared with other authorities in the Community, so as to facilitate a collective analysis of the impact of the leverage of those AIFM on the financial system in the Community, as well as a common responsein a central register under the auspices of the European Systemic Risk Board (ESRB) established under Regulation 2009/.../EC and shared with other authorities in the Community, the European Securities and Markets Authority established under Regulation 2009/.../EC and competent authorities in third countries, where appropriate, so as to facilitate a collective analysis of the impact of the leverage of those AIFM on the financial system in the Community, as well as a common response. A central register under the auspices of the ESRB for banks that provide prime broker services to AIF shall also be set up in Directives 2006/48/EC and 2006/49/EC.
2010/03/01
Committee: JURI
Amendment 37 #
Proposal for a directive
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 basis. The limits to the maximum amount of leverage should take iLeverage is a difficult concept to define. The competento account aspects related to the source of leverage and the strategies employed byuthorities of the home Member State of the AIFM. They should also take into account the essentially dynamic naturehowever have the possibility of imposing limits ofn the managementlevel of leverage by mosthat AIFM using a high level of leverage. In this respect the limits to leverage ccould use in times of extreme market stress. Member States should infor 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)m the European Securities Markets Authority (ESMA) and the Commission of any such measure.
2010/03/01
Committee: JURI
Amendment 38 #
Proposal for a directive
Recital 16 a (new)
(16 a) It is necessary to ensure that all market participants engaging in short selling are subject to the same requirements. For this purpose, the Commission should propose a horizontal measure to ensure a level playing-field between AIFM and other users of short selling.
2010/03/01
Committee: JURI
Amendment 39 #
Proposal for a directive
Recital 17
(17) It is necessary to ensure that an AIFM provides all companies over which it can exercise a controlling or dominant influence with the information necessary for the company to assess how this controlling influence in the short to medium term impacts the company's economic and social situation. To this end, particular requirements should apply to AIFM managing AIF which are in a position to exercise a controlling influence over a listed or non-listed company, in particular to notify the existence of this position and to disclose information to the company and all its other shareholders about the intentions of the AIFM with regard to the future business development and other planned changes of the controlled company. In order to ensure transparency regarding the controlled company, enhanced reporting requirements should apply. The annual reports of the relevant AIF should be supplemented with information that is specific to the type of investment and the controlled compan. In order to ensure transparency regarding the controlled company, enhanced reporting requirements should apply.
2010/03/01
Committee: JURI
Amendment 40 #
Proposal for a directive
Recital 17 a (new)
(17a) It is necessary to ensure that portfolio companies are not subject to more stringent requirements than any other non-listed company receiving private investment other than the investment provided by an AIFM. For this purpose, the Commission should conduct a review of relevant company law legislation as well as of relevant financial sector directives as soon as possible or at the very latest by the date of entry into force of this Directive, and should make necessary changes in the form of legislative amendments, which should ensure such level playing-field between portfolio companies and other companies.
2010/03/01
Committee: JURI
Amendment 42 #
Proposal for a directive
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 i which complies with standards set by international organisations, inter alia the IOSCO standards on the Community. Under certain conditions, idge funds oversight. It should also be possible for the AIFM to appoint an independent valuator established in a third country.
2010/03/01
Committee: JURI
Amendment 44 #
Proposal for a directive
Recital 26
(26) The measures necessary for the implementation of this Directive should be adopted in accordance with Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission.deleted
2010/03/01
Committee: JURI
Amendment 46 #
Proposal for a directive
Recital 27
(27) The Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union. 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 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 organizational procedures in order to identify, prevent, manage and disclose conflicts of interest. They are designed to specify 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 are designed to specify the criteria under which a valuator can be considered independent in the meaning of this Directive. They are 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 are 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 are 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 are 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 investor 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 are 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 are designed to specify the procedures for on- the- spot verifications and investigations. They 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 ongoing 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 specify standard models for notification and attestations and to specify the procedure for the exchange of information between competent authorities.
2010/03/01
Committee: JURI
Amendment 49 #
Proposal for a directive
Recital 28
(28) Since those measures 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 scrutiny provided for in Article 5a of Decision 1999/468/EC. 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 specify standard models for notification and attestations and to specify the procedure for the exchange of information between competent authorities.deleted
2010/03/01
Committee: JURI
Amendment 55 #
Proposal for a directive
Article 2 – paragraph 2 – point b a (new)
(ba) AIFM that solely manage investment products authorised in accordance with national law and sold only nationally on the territory of a respective Member State;
2010/03/01
Committee: JURI
Amendment 56 #
Proposal for a directive
Article 2 – paragraph 2 – point b b (new)
(bb) AIFM which manage one or more AIF exclusively for their parent undertakings or subsidiaries or other subsidiaries of their parent undertaking and closed-ended collective investment undertakings listed on a regulated market which are subject to Directives 2001/34/EC, 2004/109/EC and 2003/71/EC;
2010/03/01
Committee: JURI
Amendment 67 #
Proposal for a directive
Article 2 – paragraph 4 – subparagraph 1
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures with a view to determining the procedures under which AIFM managing portfolios of AIF whose assets under management do not exceed the threshold set out in paragraph 2(a) may exercise their right under paragraph 3.
2010/03/01
Committee: JURI
Amendment 68 #
Proposal for a directive
Article 2 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 75 #
Proposal for a directive
Article 3 – point o a (new)
(oa) ‘Closed-ended collective investment undertaking' means a collective investment undertaking whose shares and units cannot, at the request of holders, be re-purchased or redeemed, directly or indirectly, out of those undertakings' assets.
2010/03/01
Committee: JURI
Amendment 77 #
Proposal for a directive
Article 3 – point o b (new)
(ob) 'Target company' means an issuer or non-listed company that is the subject of a takeover from an investor gaining a controlling influence.
2010/03/01
Committee: JURI
Amendment 88 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 1
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures specifying the criteria to be used by competent authorities to assess whether AIFM comply with their obligation under paragraph 1.
2010/03/01
Committee: JURI
Amendment 90 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 92 #
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 3 a (new)
The measures outlined in this paragraph shall be appropriate to the nature, scale and complexity of the AIF.
2010/03/01
Committee: JURI
Amendment 96 #
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 1 – introductory wording
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures:
2010/03/01
Committee: JURI
Amendment 97 #
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 99 #
Proposal for a directive
Article 11 – paragraph 4
4. In the case of AIFM which engage in short selling when investing on behalf of one or more AIF, Member States shall ensure that the AIFM operates procedures which provide it with access to the securities or other financial instruments at the date when the AIFM committed to deliver them, and that the AIFM implements a risk management procedure which allows the risks associated with the delivery of short sold securities or other financial instruments to be adequately managed.deleted
2010/03/01
Committee: JURI
Amendment 100 #
Proposal for a directive
Article 11 – paragraph 5 – subparagraph 1 – introductory wording
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying the following:
2010/03/01
Committee: JURI
Amendment 102 #
Proposal for a directive
Article 11 – paragraph 5 – subparagraph 1 – point b
(b) 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.deleted
2010/03/01
Committee: JURI
Amendment 103 #
Proposal for a directive
Article 11 – paragraph 5 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 104 #
Proposal for a directive
Article 12 – paragraph 3 – subparagraph 1 – introductory wording
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying:
2010/03/01
Committee: JURI
Amendment 105 #
Proposal for a directive
Article 12 – paragraph 3 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 107 #
Proposal for a directive
Article 13 – subparagraph 1 – introductory wording
In order to ensure cross-sectoral consistency and to remove misalignment between the interest of firms that repackage loans into tradeable securities and other financial instruments (originators) and AIFM that invest in these securities or other financial instruments on behalf of one or more AIF, the Commission shall adopt implementinglay down by means of delegated acts, in accordance with Articles 49, 49a and 49b, measures laying down the requirements in the following areas:
2010/03/01
Committee: JURI
Amendment 108 #
Proposal for a directive
Article 13 – subparagraph 2
Those measures, designed to amend to amend non-essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 111 #
Proposal for a directive
Article 15 – paragraph 1
AIFM shall, at all times, use adequate and appropriate resources that are necessary for the proper performance of their management activities according to their nature, scale and complexity.
2010/03/01
Committee: JURI
Amendment 114 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1
1. AIFM shall ensure that, for each AIF that it manages, there is a valuator is appointed which isthat is functionally independent of the AIFM to establish the value of assets acquired by the AIF and the value of the shares and units of the AIF.
2010/03/01
Committee: JURI
Amendment 125 #
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying the criteria under which a valuator can be considered to be functionally independent within the meaning of paragraph 1.
2010/03/01
Committee: JURI
Amendment 126 #
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 137 #
Proposal for a directive
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 of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast); or (b) an investment firm authorised in accordance with Directive 2004/39/EC; or (c) or, for a closed-ended fund, a legal person which is subject to prudential regulation and ongoing supervision and which can furnish sufficient financial and professional guarantees to be able to effectively perform the relevant depository functions and meet the commitments inherent in those functions.
2010/03/01
Committee: JURI
Amendment 138 #
Proposal for a directive
Article 17 – paragraph 3 a (new)
Where an AIF managed by an authorised AIFM is domiciled in a third country, the depositary shall have its registered office in the Community, unless all the following conditions are satisfied: (a) the competent authorities of the home Member State and of the third country where the AIF is domiciled have signed cooperation and exchange of information agreements; (b) legislation of the third country where the AIF is domiciled is in line with the standards set by international organisations; (c) the third country is the subject of a decision taken pursuant to point d stating that its standards designed to prevent money laundering and terrorist financing are equivalent to those laid down in Community law; (d) the home Member State has signed an agreement with the AIF third country which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and which ensures an effective exchange of information in tax matters.
2010/03/01
Committee: JURI
Amendment 140 #
Proposal for a directive
Article 17 – paragraph 4
4. Depositaries may delegate their tasks to other depositaries subject to the authorisation of the competent Member State authority. Depositaries must respect best practices and thorough due diligence standards when choosing sub-depositaries and in ongoing monitoring of their performance. The Commission shall lay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, guidelines specifying the criteria to be used by competent authorities to assess whether depositaries comply with the due diligence requirements laid down in the second subparagraph. The Commission shall not consider it mandatory to bring forward delegated acts in these areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 143 #
Proposal for a directive
Title
on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/…/EC
2010/02/12
Committee: ECON
Amendment 144 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 1
The depositary shall be liable to the AIFM and the investors of the AIF for any losses suffered by them as a result of its unjustifiable failure to perform its obligations pursuant to this Directive.
2010/03/01
Committee: JURI
Amendment 146 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3
Liability to AIF investors may be invoked either directly or indirectly through the AIFM, depending on the legal nature of the relationship betweenThe depositary's liability shall not normally be affected by any delegation referred to in paragraph 4. However, liability may be shifted to the authorised third party that has been entrusted to carry out its custodial tasks. The shift shall be materialised by a contract between the AIFM, the depositary, the AIFMthird party and the investors. The depositary's liability shall not be affected by any delegation referred to in paragraph 4. is arrangement is subject to the authorisation of the home Member State. In case of loss of financial instruments, where a depositary contract exists that allows transfer and re-use of assets, the period for restitution shall be in accordance with the terms of the contract.
2010/03/01
Committee: JURI
Amendment 156 #
Proposal for a directive
Article 18 – paragraph 3
3. The third party may not sub-delegate any of the functions delegated to it.deleted
2010/03/01
Committee: JURI
Amendment 157 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 1 – introductory wording
4. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying the following:
2010/03/01
Committee: JURI
Amendment 158 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 161 #
Proposal for a directive
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 the case of an AIF investing in other AIF, no later than six months following the end of the financial year.
2010/03/01
Committee: JURI
Amendment 169 #
Proposal for a directive
Recital 5
(5) The scope of this Directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk-spreading for the benefit of those investors. This Directive should not apply to the management of pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds or assets hold on own account by credit institutions, insurance or reinsurance undertakings. This Directive should neither apply to actively managed investments in the form of securities, such as certificates, managed futures, or index-linked bonds. It should, however,n order to avoid regulatory overlap, the scope of this Directive should not apply to closed-ended collective investment undertakings listed on a regulated market which are subject to regulation under Directives 2001/34/ECof the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities1, 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market2 and 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading3 . To provide a harmonised approach, the Commission shall as soon as possible and at the very latest by the date of this Directive entering into force, review these Directives and, where appropriate, put forward legislative proposals to ensure equivalent regulation. This Directive should cover managers of all collective investment undertakings which are not required to be authorised as UCITS. Investment firms authorised under Directive 2004/39/EC on Markets in Financial Instruments14 should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF. Investment firms can however only provide investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive. 1 OJ L 184, 6.7.2001, p. 1. 2 OJ L 390, 31.12.2004, p. 30. 3 OJ L 345, 31.12.2003, p. 64.
2010/02/12
Committee: ECON
Amendment 169 #
Proposal for a directive
Article 19 – paragraph 4 – subparagraph 1
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying the content and format of the annual report. These measures shall be adapted to the type of AIFM to which they apply.
2010/03/01
Committee: JURI
Amendment 170 #
Proposal for a directive
Article 19 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)e Commission shall not consider it mandatory to bring forward delegated acts in these areas shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 172 #
Proposal for a directive
Article 20 – paragraph 1 – introductory wording
1. AIFM shall ensure that AIF investors receive the following information is made available to AIF investors before they invest in the AIF, as well as any changes thereof:
2010/03/01
Committee: JURI
Amendment 174 #
Proposal for a directive
Article 20 – paragraph 1 – point c
(c) a description of the legal implications of the contractual relationship entered into for the purpose of investment, including information on jurisdiction, applicable law and on the existence, or not, of any legal instruments providing for the recognition and enforcement of judgments on the territory where the fund is domiciled;deleted
2010/03/01
Committee: JURI
Amendment 178 #
Proposal for a directive
Recital 5 a (new)
(5a) This Directive should not prevent or restrict investors from placing units or shares which they hold in AIF on the capital markets. Such investors, or their intermediaries, may offer or place such shares or units in a Member State in accordance with the national law of that Member State. However, where such offering or placement is at the initiative of the AIFM managing such AIF, such offering or placement shall be treated as marketing.
2010/02/12
Committee: ECON
Amendment 180 #
Proposal for a directive
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;
2010/03/01
Committee: JURI
Amendment 186 #
Proposal for a directive
Recital 6
(6) In order to avoid imposing excessive or disproportionate requirements, this Directive provides for an exemption for lighter regime for non-systemically relevant AIFM where the cumulative AIF under management fall below a threshold of EUR 10250 million. 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 million 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 legislationthat fall under the lighter regime should register with their competent authorities and comply with the transparency requirements of this Directive. They should however be allowed to be treated as AIFM subject to the opt-in procedure foreseen by this Directive.
2010/02/12
Committee: ECON
Amendment 191 #
Proposal for a directive
Article 20 – paragraph 3 – subparagraph 1
3. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying the disclosure obligations of AIFM and the frequency of the disclosure referred to in paragraph 2. These measures shall be adapted to the type of AIFM to which they apply.
2010/03/01
Committee: JURI
Amendment 192 #
Proposal for a directive
Article 20 – paragraph 3 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 193 #
Proposal for a directive
Recital 6 a (new)
(6a) In order to avoid potential asset stripping, the net assets of a target company controlled by an AIF should comply with the provisions of the capital adequacy regime under the Second Company Law Directive.
2010/02/12
Committee: ECON
Amendment 205 #
Proposal for a directive
Article 21 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying the reporting obligations referred to in paragraphs 1, 2 and 3 and their frequency.
2010/03/01
Committee: JURI
Amendment 206 #
Proposal for a directive
Article 21 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 211 #
Proposal for a directive
Article 22 – paragraph 2
AIFM shall assess on a quarterly basis whether the AIF employs high levels of leverage on a systematic basis and shall inform the competent authorities accordingly.deleted
2010/03/01
Committee: JURI
Amendment 212 #
Proposal for a directive
Article 22 – paragraph 3
For the purposes of the second subparagraph, an AIF shall be deemed to employ high levels of leverage on a systematic basis where the combined leverage from all sources exceeds the value of the equity capital of the AIF in two out of the past four quarters.deleted
2010/03/01
Committee: JURI
Amendment 214 #
Proposal for a directive
Article 23
AIFM managing one or more AIF employing high levels of leverage on a systematic basis shall for each such AIF: (a) disclose to investors the maximum level of leverage which the AIFM may employ on behalf of the AIF as well as any right of re-use of collateral or any guarantee granted under the leveraging arrangement; (b) quarterly disclose to investors the total amount of leverage employed by each AIF in the preceding quarter. rticle 23 deleted Disclosure to investors Or.en (Article 20, paragraph 1, point A )
2010/03/01
Committee: JURI
Amendment 215 #
Proposal for a directive
Article 24 – paragraph 2 – subparagraph 1
2. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures further specifying the disclosure requirements with regard to leverage and the frequency of reporting to competent authorities and of disclosure to investors.
2010/03/01
Committee: JURI
Amendment 216 #
Proposal for a directive
Article 24 – paragraph 2 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 217 #
Proposal for a directive
Article 25 – paragraph 1
1. Member States shall ensure that the competent authorities of the home Member State use theforward the aggregated information to be reported under Article 24 to the ESRB for the purposes of identifying the extent to which the use of leverage contributes to the build-up of systemic risk in the financial system or risks of disorderly markets.
2010/03/01
Committee: JURI
Amendment 219 #
Proposal for a directive
Article 25 – paragraph 2
2. Home Member States shall ensure that all information received under Article 241, aggregated in respect of all AIFM that it supervises, are made available to other competent authorities through the procedure set out in Article 46 on supervisory co-operation. Itwithin the Community and the ESMA. The competent authorities of the home Member States shall, without delay, also provide information through this mechanisme procedure set out in Article 46 on supervisory cooperation, and bilaterally to other Member States directly concerned, if an AIFM under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other Member States.
2010/03/01
Committee: JURI
Amendment 220 #
Proposal for a directive
Article 25 – paragraph 3
3. In order to ensure the stability and integrity of the financial system, the Commission shall adopt implementing measures setting limits to the level of leverage AIFM can employ. These limits should take into account, inter alia, the type of AIF, their strategy and the sources of their leverage. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).deleted
2010/03/01
Committee: JURI
Amendment 221 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1
3. In order to ensure the stability and integrity of the financial system, the Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures setting limits to the level of leverage AIFM can employ. These limits should take into account, inter alia, the type of AIF, their strategy and the sources of their leverage.
2010/03/01
Committee: JURI
Amendment 222 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 2
Those measures designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).deleted
2010/03/01
Committee: JURI
Amendment 223 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 2
Those measures designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 224 #
Proposal for a directive
Article 25 – paragraph 4
4. In exceptional circumstances and when this is required in order to ensure the stability and integrity of the financial system, the competent authorities of the home Member State may impose additionalof the AIFM may impose limits to the level of leverage that AIFM can employ. Measures taken by the competent authorities of the home Member States shall have a temporary nature and should comply with the provisions adopted by the Commission pursuant to paragraph 3The home Member State of the AIF, the ESMA, the ESRB and the Commission should be informed about any such measure.
2010/03/01
Committee: JURI
Amendment 228 #
Proposal for a directive
Article 26 – paragraph 1 – point a
(a) AIFM managing one or more AIF which either individually or in aggregation acquires 30 % or more of the voting rights of an issuer or ofa controlling influence over a non-listed company domiciled in the Community, as appropriate;
2010/03/01
Committee: JURI
Amendment 231 #
Proposal for a directive
Article 26 – paragraph 1 – point b
(b) AIFM having concluded an agreement with one or more other AIFM which would allow the AIF managed by these AIFM to acquire 30 % or more of the voting rights of the issuer oa controlling influence over the non-listed company, as appropriate.
2010/03/01
Committee: JURI
Amendment 234 #
Proposal for a directive
Article 26 – paragraph 2
2. This section shall not apply where the issuer or the non-listed company concerned are small and medium enterprises that employ fewer than 250 persons, have an annual turnover not exceeding EUR 50 million euro and/or an annual balance sheet not exceeding EUR 43 million euro.
2010/03/01
Committee: JURI
Amendment 240 #
Proposal for a directive
Article 27 – paragraph 1 – subparagraph 1
1. Member States shall ensure that when an AIFM is in a position to exercise 30 % or more of the voting rights ofa controlling influence over a non-listed company, such AIFM notifies to the non- listed company and all other share-holders the information provided for in paragraph 2.
2010/03/01
Committee: JURI
Amendment 245 #
Proposal for a directive
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 tLeverage is a difficult concept to define. The Ccommission to impose limitpetent authorities onf the level of leveragehome Member States of thate AIFM cshould use in particular in those cases where AIFM employ high levels of leverage on a systematic basis. The 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. They should also take into account the essentially dynamic nature of the management of leverage by most AIFM using a high level of leverage. In this respect the limits to leverage chowever have the possibility to impose limits on the level of leverage that AIFM could use in times of extreme market stress. The Member States should infor 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)m the European Securities Markets Authority (ESMA) and the Commission of any such measure.
2010/02/12
Committee: ECON
Amendment 245 #
Proposal for a directive
Article 27 – paragraph 1 – subparagraph 2
This notification shall be made, as soon as possible, but not later than four trading 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 rightsa controlling influence.
2010/03/01
Committee: JURI
Amendment 248 #
Proposal for a directive
Article 27 – paragraph 2 – point b
(b) the conditions under which the 30% thresholdcontrolling influence has been reached, including information about the identity of the different shareholders involved;
2010/03/01
Committee: JURI
Amendment 250 #
Proposal for a directive
Recital 16 a (new)
(16a) It is necessary to ensure that all market participants engaging in short selling are subject to the same requirements. For this purpose, the Commission should propose a horizontal measure to ensure a level playing field between AIFM and other users of short selling.
2010/02/12
Committee: ECON
Amendment 250 #
Proposal for a directive
Article 27 – paragraph 2 – point c
(c) the date on which the thresholdcontrolling influence was reached or exceeded.
2010/03/01
Committee: JURI
Amendment 254 #
Proposal for a directive
Article 27 a (new)
Article 27a Capital adequacy in target companies In order to avoid potential asset-stripping, the net assets of a target company controlled by an AIF shall comply with the provisions of the capital adequacy regime under the Second Company Law Directive.
2010/03/01
Committee: JURI
Amendment 259 #
Proposal for a directive
Recital 17 a (new)
(17a) It is necessary to ensure that portfolio companies are not subject to more stringent requirements than any other non-listed company receiving private investment other than the investment provided by an AIFM. For this purpose, the Commission should conduct a review of relevant company law legislation as well as of relevant financial sector directives as soon as possible and in any event by ...* and make necessary changes in the form of legislative amendments, which should ensure such level playing field between portfolio and other companies. * OJ: please insert date of entry into force of this Directive.
2010/02/12
Committee: ECON
Amendment 259 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 1
1. In addition to Article 27, Member States shall ensure that where an AIFM acquires 30 % or more of the voting rights of an issuer or a non-listed company, that AIFM makes the information set out in the second and third subparagraphsa controlling influence over a non-listed company, that AIFM makes the following information available to the issuer, the non-listed company, their respective concerned, its shareholders and representatives of employees or, where there are no such representatives, to the employees themselves.
2010/03/01
Committee: JURI
Amendment 261 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2
With regard to issuers, the AIFM shall make available the following to the issuer concerned, its shareholders and representatives of employees: (a) the information referred to in Article 6(3) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids; (b) the policy for preventing and managing conflicts of interests, in particular between the AIFM and the issuer; (c) the policy for external and internal communication of the issuer in particular as regards employees.deleted
2010/03/01
Committee: JURI
Amendment 266 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – introductory wording
With regard to non-listed companies, the AIFM shall make available the following to the non-listed company concerned, its shareholders and representatives of employees:deleted
2010/03/01
Committee: JURI
Amendment 268 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – point d
(d) the identity of the AIFM which either individually or in agreement with other AIFM have reached the 30 % thresholda controlling influence;
2010/03/01
Committee: JURI
Amendment 269 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – point e
(e) the development plan for the non- listed company;deleted
2010/03/01
Committee: JURI
Amendment 270 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – point g
(g) the policy for external and internal communication of the issuer or non-listed company, in particular as regards employees.deleted
2010/03/01
Committee: JURI
Amendment 272 #
Proposal for a directive
Article 28 – paragraph 2 – introductory wording
2. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures determining:
2010/03/01
Committee: JURI
Amendment 274 #
Proposal for a directive
Article 28 – paragraph 2 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 277 #
Proposal for a directive
Article 29 – title
Specific provisions regarding the annual report of AIF exercising controlling influence in issuers or non-listed influence in non-listed companies companies
2010/03/01
Committee: JURI
Amendment 279 #
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 – introductory wording
2. The AIF annual report shall include the following additional information for each issuer and non listed company in which the AIF has invested:
2010/03/01
Committee: JURI
Amendment 280 #
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 – point a
(a) with regard to operational and financial developments, presentation of revenue and earnings by business segment, statement on the progress of company's activities and financial affairs, assessment of expected progress on activities and financial affairs, report on significant events in the financial year;
2010/03/01
Committee: JURI
Amendment 282 #
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 – point b
(b) with regard to financial and other risks at least financial risks associated with capital structure;deleted
2010/03/01
Committee: JURI
Amendment 284 #
Proposal for a directive
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, icomplies with standards set by international organisations, inter alia the IOSCO standards on hedge funds oversight. It should also be possible for the AIFM to appoint an independent valuatoer established in a third country.
2010/02/12
Committee: ECON
Amendment 290 #
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 2
In addition, the AIF annual report shall, for each issuer in which it has acquired a controlling influence, contain the information provided for in point (f) of Article 46a(1) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies and an overview of the capital structure as referred to in points (a) and (d) of Article 10(1) of Directive 2004/25/EC.deleted
2010/03/01
Committee: JURI
Amendment 292 #
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 3
For each non-listed company in which it has acquired a controlling influence, the AIF report shall provide an overview of management arrangements and the information provided for in points (b), (c) and (e) to (h) of Article 3 of Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent.deleted
2010/03/01
Committee: JURI
Amendment 295 #
Proposal for a directive
Article 29 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures specifying the detailed content of the information to be provided under paragraphs 1 and 2.
2010/03/01
Committee: JURI
Amendment 296 #
Proposal for a directive
Recital 26
(26) The measures necessary for the implementation of this Directive should be adopted in accordance with Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission.deleted
2010/02/12
Committee: ECON
Amendment 296 #
Proposal for a directive
Article 29 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 303 #
Proposal for a directive
Recital 27
(27) In particular tThe Commission should be empowered to adopt the measuresdelegated acts in accordance with Article 290 of the Treaty, in particular those necessary for the implementation of this Directive. In this respect, the Commission should be able to adopt measureacts 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. Theose measures areacts should also be 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 be designed to specify 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 arshould also be designed to specify the liquidity management requirements of this Directive and in particular the minimum liquidity requirements for AIF. They arshould also be 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 arshould also be as well designed to specify the requirements that AIFM have to comply with when investing in such securitisation instruments. They arshould 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 arshould also be 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 arshould also be designed to specify the types of restrictions or conditions that can be imposed on the marketing of AIF to professional investor in the home Member State of the AIFM. They arshould also be 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 arshould also be designed to specify general criteria for assessing whether third countries grant CommunityUnion AIFM effective market access comparable to that granted by the CommunityUnion 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. They should also be designed to state that the fund valuation standards of a specific third country are equivalent to those applicable in the Union where the valuator is established in a third country. They should also be designed to state that the legislation on depositaries of a specific third country is equivalent to this Directive. They should also be 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 should also be designed to state whether a specific third country grants Union AIFM effective market access comparable to that granted by the Union to AIFM from that third country. They should also be designed to specify standard models for notification and attestations and to specify the procedure for the exchange of information between competent authorities.
2010/02/12
Committee: ECON
Amendment 303 #
Proposal for a directive
Article 30
Specific provisions regarding companies whose shares are no longer admitted to Where, following an acquisition of 30 % or more of the voting rights of an issuer, the shares of that issuer are no longer admitted to trading on a regulated market, it shall nevertheless continue to comply with its obligations under Directive 2004/109/EC for two years from the date of withdrawal from the regulated market.Article 30 deleted trading on a regulated market
2010/03/01
Committee: JURI
Amendment 304 #
Proposal for a directive
Recital 27 a (new)
(27a) In order to ensure a level playing field between AIFM, credit institutions and other market participants, the Commission should review Directive 2009/…/EC to introduce retention and qualitative requirements for UCITS when investing in securitised products.
2010/02/12
Committee: ECON
Amendment 305 #
Proposal for a directive
Recital 28
(28) Since those measures 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 scrutiny provided for in Article 5a of Decision 1999/468/EC. 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 specify standard models for notification and attestations and to specify the procedure for the exchange of information between competent authorities.deleted
2010/02/12
Committee: ECON
Amendment 307 #
Proposal for a directive
Article 31 – paragraph 3 – subparagraph 3
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures specifying the types of restrictions or conditions that can be imposed on the marketing of AIF pursuant to the second subparagraph of this paragraph. Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)e Commission shall not consider it mandatory to bring forward delegated acts in these areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 309 #
Proposal for a directive
Article 33 – paragraph 7 – introductory wording
7. The Commission shall, in accordance with the procedure referred to in lay down, by means of delegated acts in accordance with Articles 49(2), adopt implementing, 49a and 49b, measures specifying the following:
2010/03/01
Committee: JURI
Amendment 310 #
Proposal for a directive
Article 33 – paragraph 7 – subparagraph 1 a (new)
It is mandatory for the Commission to bring forward delegated acts in these areas and the Commission shall ensure that such acts are in force by the date prescribed for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 315 #
Proposal for a directive
Article 37 – paragraph 2 – subparagraph 1
2. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures specifying the criteria for assessing the equivalence of the valuation standards and rules of third countries as referred to in paragraph (1)(b).
2010/03/01
Committee: JURI
Amendment 316 #
Proposal for a directive
Article 37 – paragraph 2 – subparagraph 2
Those measures, designed to amend non- essential elemenIt is mandatory for the Commission to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and the Commission shall ensure that such acts are in force within two years of the date prescribed for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 317 #
Proposal for a directive
Article 37 – paragraph 3
3. On the basis of the criteria referred to in paragraph 2, the Commission shall, in accordance with the procedure referred to in lay down, by means of delegated acts in accordance with Articles 49(2), adopt implementing, 49a and 49b, measures, stating that the valuation standards and rules of a third country legislation are equivalent to those applicable in the Community. It is mandatory for the Commission to bring forward delegated acts in these areas and the Commission shall ensure that such acts are in force within two years of the prescribed date for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 319 #
Proposal for a directive
Article 38 – paragraph 3 – subparagraph 1
3. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures specifying the criteria for assessing the equivalence of the prudential regulation, supervision and standards of third countries as referred to in paragraph 1.
2010/03/01
Committee: JURI
Amendment 320 #
Proposal for a directive
Article 38 – paragraph 3 – subparagraph 2
Those measures, designed to amend non- essential elemenIt is mandatory for the Commission to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and the Commission shall ensure that such acts are in force within two years of the prescribed date for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 321 #
Proposal for a directive
Article 38 – paragraph 4
4. On the basis of the criteria referred to in paragraph 3, the Commission shall, in accordance with the procedure referred to in lay down, by means of delegated acts in accordance with Articles 49(2), adopt implementing, 49a and 49b, measures, stating that prudential regulation, supervision and standards of a third country are equivalent to this Directive. It is mandatory for the Commission to bring forward delegated acts in these areas and the Commission shall ensure that such acts are in force within two years of the prescribed date for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 329 #
Proposal for a directive
Article 39 – paragraph 2 – subparagraph 1 – introductory wording
2. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures aimed at establishing:
2010/03/01
Committee: JURI
Amendment 333 #
Proposal for a directive
Article 39 – paragraph 2 – subparagraph 2
Those measures, designed to amend non- essential elemenIt is mandatory for the Commission to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and the Commission shall ensure that such acts are in force within two years of the prescribed date for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 338 #
Proposal for a directive
Article 45 – paragraph 5
5. The Commission shall, in accordance with the procedure referred to in lay down, by means of delegated acts in accordance with Articles 49(2), adopt implementing, 49a and 49b, measures relating to the procedures for exchange of information between competent authorities. It is mandatory for the Commission to bring forward delegated acts in these areas and the Commission shall ensure that such acts are in force by the prescribed date for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 339 #
Proposal for a directive
Article 46 – paragraph 3 – subparagraph 1
The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures specifying the modalities, content and frequency of the information to be exchanged pursuant to paragraph 1.
2010/03/01
Committee: JURI
Amendment 340 #
Proposal for a directive
Article 46 – paragraph 3 – subparagraph 2
Those measures, designed to amend non- essential elemenIt is mandatory for the Commission to bring forward delegated acts ofin this Directive by supplementing it, shall be adopted in accordance withese areas and the Commission shall ensure that such acts are in force by the pregulatory procedure with scrutiny referred to in Article 49(3)scribed date for implementation of this Directive.
2010/03/01
Committee: JURI
Amendment 341 #
Proposal for a directive
Article 47 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementinglay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures concerning procedures for on-the-spot verifications and investigations.
2010/03/01
Committee: JURI
Amendment 342 #
Proposal for a directive
Article 47 – paragraph 4 – subparagraph 2
Those measures, designed, to amend non- essential elemene Commission shall not consider it mandatory to bring forward delegated acts ofin this directive by supplementing it shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)ese areas and shall only propose measures when they are essential for the proper functioning of this Directive.
2010/03/01
Committee: JURI
Amendment 343 #
Proposal for a directive
Article 49 – title
Committee deleted
2010/03/01
Committee: JURI
Amendment 345 #
Proposal for a directive
Article 49 – paragraph 1
1. The Commissionpowers to adopt delegated acts referred to in Articles 2(4), 9(2), 10(3), 11(5), 12(3), 13, 16(4), 18(4), 19(4) 20(3), 21(4), 24(2), 25(3), 28(2), 29(4), 31(3), 33(7), 37(2), 37(3), 38(3), 38(4), 39(2), 39(3), 45(5) 46(3), 47(4) and 53 shall be assistconferred byon the European Securities Committee established by Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities CommitteeCommission for a period of five years following the entry into force of this Directive. The Commission shall make a legislative report regarding renewal of the delegated powers at the latest 12 months before the end of the five-year period and, where appropriate, this shall be accompanied by a legislative proposal. The report must specify the period and articles for which extension of the delegated acts is requested.
2010/03/01
Committee: JURI
Amendment 346 #
Proposal for a directive
Article 49 – paragraph 2 – subparagraph 1
2. Where reference is made to this paragraph, Articles 5 and 7 of Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission shall apply, having regard to the provisions of Article 8 thereofAs soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.
2010/03/01
Committee: JURI
Amendment 347 #
Proposal for a directive
Article 49 – paragraph 2 – subparagraph 2
The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months.deleted
2010/03/01
Committee: JURI
Amendment 348 #
Proposal for a directive
Article 49 – paragraph 3
3. WThere reference is made to thi powers to adopt delegated acts paragraph, Article 5a(1) to (4) and Article 7 of Dece conferred on the Commission 1999/468/EC shall apply, having regard to the provisions of Article 8 thereofsubject to the conditions laid down in Articles 49a and 49b.
2010/03/01
Committee: JURI
Amendment 349 #
Proposal for a directive
Article 49 a (new)
Article 49a Revocation of the delegation 1. The delegation of powers referred to in Articles 2(4), 9(2), 10(3), 11(5), 12(3), 13, 16(4), 18(4), 19(4) 20(3), 21(4), 24(2), 25(3), 28(2), 29(4), 31(3), 33(7), 37(2), 37(3), 38(3), 38(4), 39(2), 39(3), 45(5) 46(3), 47(4) and 53 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commission, stating the delegated powers which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
2010/03/01
Committee: JURI
Amendment 350 #
Proposal for a directive
Article 49 b (new)
Article 49 b Objections to delegated acts 1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months. 2. If, on expiry of that period, neither the European Parliament nor the Council has objected to the delegated act it shall be published in the Official Journal of the European Union and enter into force at the date stated therein. Before the expiry of that period and in exceptional and duly justified cases, the European Parliament and the Council may both inform the Commission of their intention not to raise objections to a delegated act. In such cases, the delegated acts shall be published in the Official Journal of the European Union and enter into force at the date stated therein. 3. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.
2010/03/01
Committee: JURI
Amendment 354 #
Proposal for a directive – amending act
Article 53
Directive 2009/…/EC
Article 50a
Amendment of Directive 2009/…/EC Directive 2009/XX EC shall be amended as follows: The following new Article 50a shall be inserted: "In order to ensure cross-sectoral consistency and to remove misalignment between the interest of firms that 'repackage' loans into tradeable securities and other financial instruments (originators) and UCITS that invest in these securities or other financial instruments, the Commission shall adopt implementing measures laying down the requirements in the following areas: (a) the requirements that need to be met by the originator in order for a UCITS to be allowed to invest in securities or other financial instruments of this type issued after 1 January 2011, including requirements that ensure that the originator retains a net economic interest of not less than 5 per cent; (b) qualitative requirements that must be met by UCITS which invest in these securities or other financial instruments. Those measures, designed to amend this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2)."Article 53 deleted
2010/03/01
Committee: JURI
Amendment 408 #
Proposal for a directive
Article 2 – paragraph 2 – point g y (new)
(gy) AIFM which manage one or more AIF exclusively for their parent undertakings or subsidiaries or other subsidiaries of their parent undertaking and closed-ended collective investment undertakings listed on a regulated market which are subject to Directives 2001/34/EC, 2004/109/EC or 2003/71/EC.
2010/02/15
Committee: ECON
Amendment 432 #
Proposal for a directive
Article 2 – paragraph 4
4. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures with a view to determining the procedures under which AIFM managing portfolios of AIF whose assets under management do not exceed the threshold set out in paragraph 2(a) may exercise their right under paragraph 3. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/15
Committee: ECON
Amendment 494 #
Proposal for a directive
Article 3 – point o b (new)
(ob) ‘target company’ means an issuer or non-listed company that is the object of a takeover from an investor gaining a controlling influence.
2010/02/15
Committee: ECON
Amendment 495 #
Proposal for a directive
Article 3 – point o c (new)
(oc) ‘closed-end collective investment undertaking’ means a collective investment undertaking whose shares and units cannot, at the request of holders, be re-purchased or redeemed, directly or indirectly, out of those undertakings’ assets.
2010/02/15
Committee: ECON
Amendment 604 #
Proposal for a directive
Article 9 – paragraph 2
2. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49, 49a and 49b, measures specifying the criteria to be used by competent authorities to assess whether AIFM comply with their obligation under paragraph 1. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/15
Committee: ECON
Amendment 619 #
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 1 – introductory part
3. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures:
2010/02/15
Committee: ECON
Amendment 620 #
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 2
Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).deleted
2010/02/15
Committee: ECON
Amendment 632 #
Proposal for a directive
Article 11 – paragraph 4
4. In the case of AIFM which engage in short selling when investing on behalf of one or more AIF, Member States shall ensure that the AIFM operates procedures which provide it with access to the securities or other financial instruments at the date when the AIFM committed to deliver them, and that the AIFM implements a risk management procedure which allows the risks associated with the delivery of short sold securities or other financial instruments to be adequately managed.deleted
2010/02/15
Committee: ECON
Amendment 640 #
Proposal for a directive
Article 11 – paragraph 5
5. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c measures further specifying the following: (a) 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; (b) 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. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/15
Committee: ECON
Amendment 650 #
Proposal for a directive
Article 12 – paragraph 3
3. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures further specifying: (a) the liquidity management requirements set out in paragraph 1 and (b) in particular, the minimum liquidity requirements for AIF which redeem units or shares more often than half-yearly. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/15
Committee: ECON
Amendment 667 #
Proposal for a directive
Article 13 – paragraph 2
Those measures, designed to amend to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)e Commission may lay down by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures specifying originator retention of a net economic interest of not less than 5 per cent and qualitative requirements that must be met by AIFM that invest in securities or other financial products.
2010/02/15
Committee: ECON
Amendment 714 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1
1. AIFM shall ensure that, for each AIF that it manages, a valuator is appointed which isthere is a valuer that is functionally independent of the AIFM to establish the value of assets acquired by the AIF and the value of the shares and units of the AIF.
2010/02/15
Committee: ECON
Amendment 783 #
Proposal for a directive
Article 16 – paragraph 4
4. The Commission shallmay adopt implementing measuresdelegated acts in accordance with Articles 49a, 49b and 49c, further specifying the criteria under which a valuator can be considered functionally independent within the meaning of paragraph 1. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/15
Committee: ECON
Amendment 865 #
Proposal for a directive
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).;
2010/02/15
Committee: ECON
Amendment 878 #
Proposal for a directive
Article 17 – paragraph 3 – point a d (new)
(ad) an investment firm authorised in accordance with Directive 2004/39/CE;
2010/02/15
Committee: ECON
Amendment 889 #
Proposal for a directive
Article 17 – paragraph 3 – point a i (new)
(ai) in the case of a closed-ended fund, 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.
2010/02/15
Committee: ECON
Amendment 898 #
Proposal for a directive
Article 17 – paragraph 3 e (new)
3e. Where an AIF managed by an authorised AIFM is domiciled in a third country, the depositary shall have its registered office in the Union unless the following conditions are satisfied: (a) the competent authorities of the home Member State of the AIFM and those of the third country where the AIF is domiciled have signed cooperation and exchange of information agreements; (b) the legislation of the third country where the AIF is domiciled is in line with the standards set by international organisations; (c) the third country where the AIF is domiciled is the subject of a decision taken pursuant to paragraph 3d stating that the standards to prevent money laundering and terrorist financing are equivalent to those laid down in EU law; (d) the home Member State of the AIFM has signed an agreement with the third country where the AIF is domiciled 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.
2010/02/15
Committee: ECON
Amendment 910 #
Proposal for a directive
Article 17 – paragraph 4
4. Depositaries may delegate their tasks to other depositaries, subject to the authorisation of the competent Member State authority. The depositary must respect best practices and thorough due diligence standards when choosing the sub-depositary and in ongoing monitoring of its performance. The Commission may adopt delegated acts in accordance with Articles 49a, 49b and 49c, guidelines specifying the criteria to be used by competent authorities to assess whether depositaries comply with the due diligence requirements in paragraph 2.
2010/02/15
Committee: ECON
Amendment 933 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 1
5. The depositary shall be liable to the AIFM and the investors of the AIF for any losses suffered by them as a result of its unjustifiable failure to perform its obligations pursuant to this Directive.
2010/02/15
Committee: ECON
Amendment 960 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3
Liability to AIF investors may be invoked either directly or indirectly through the AIFM, depending on the legal nature of the relationship between the depositary, the AIFM and the investors. The depositary's liability shall not normally be affected by any delegation referred to in paragraph 4. However, liability 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 contract between the AIFM, the depositary, the third party and the investors. This arrangement is subject to the authorisation of the home Member State. In the event of loss of financial instruments, where a depositary contract exists that allows for the transfer and re- use of assets, the delay for restitution shall be in accordance with the terms of the contract.
2010/02/15
Committee: ECON
Amendment 1012 #
Proposal for a directive
Article 18 – paragraph 3
3. The third party may not sub-delegate any of the functions delegated to it.deleted
2010/02/16
Committee: ECON
Amendment 1024 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 1 – introductory part
4. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures further specifying the following:
2010/02/16
Committee: ECON
Amendment 1026 #
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 2
Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).deleted
2010/02/16
Committee: ECON
Amendment 1049 #
Proposal for a directive
Article 19 – paragraph 4
4. The Commission shallmay adopt implementing measuresdelegated acts in accordance with Articles 49a, 49b and 49c further specifying the content and format of the annual report. These measures shall be adapted to the type of AIFM to which they apply. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/16
Committee: ECON
Amendment 1121 #
Proposal for a directive
Article 20 – paragraph 3
3. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures 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. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/16
Committee: ECON
Amendment 1180 #
Proposal for a directive
Article 21 – paragraph 4
4. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures further specifying the reporting obligations referred to in paragraphs 1, 2 and 3 and their frequency. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/16
Committee: ECON
Amendment 1226 #
Proposal for a directive
Article 24 – paragraph 2 - subparagraph 1
2. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49cb, measures further specifying the disclosure requirements with regard to leverage and the frequency of reporting to competent authorities and of disclosure to investors. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/03/08
Committee: ECON
Amendment 1247 #
Proposal for a directive
Article 25 – paragraph 3
3. In order to ensure the stability and integrity of the financial system, the Commission shall adopt implementing measures setting limits to the level of leverage AIFM can employ. These limits should take into account, inter alia, the type of AIF, their strategy and the sources of their leverage. Those measures designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).deleted
2010/03/08
Committee: ECON
Amendment 1258 #
Proposal for a directive
Article 25 – paragraph 3
3. In order to ensure the stability and integrity of the financial system, the Commission shallmay adopt implementing measuresdelegated acts in accordance with Articles 49a, 49b and 49c, setting limits to the level of leverage AIFM can employ. These limits should take into account, inter alia, the type of AIF, their strategy and the sources of their leverage. Those measures designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/03/08
Committee: ECON
Amendment 1294 #
Proposal for a directive
Article 26 – paragraph 1
1. This section shall apply to the following: (a) AIFM managing one or more AIF which either individually or in aggregation acquires 30 % or more of the voting rights of an issuer orcontrolling influence of a non- listed company domiciled in the CommunityUnion, as appropriate; (b) AIFM having concluded an agreement with one or more other AIFM which would allow the AIF managed by these AIFM to acquire 30 % or more of the voting rights of the issuercontrolling influence orf the non- listed company, as appropriate.
2010/03/08
Committee: ECON
Amendment 1330 #
Proposal for a directive
Article 27 a (new)
Article 27a Capital adequacy in target companies In order to avoid potential asset stripping, the net assets of a target company controlled by an AIF should comply with the provisions of the capital adequacy regime under the Second Company Law Directive.
2010/03/08
Committee: ECON
Amendment 1340 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 1
1. In addition to Article 27, Member States shall ensure that where an AIFM acquires 30 % or more of the voting rights of an issuer or a non-listed company, that AIFM makes the information set out in the second and third subparagraphsa controlling influence over a non-listed company, that AIFM makes the following information available to the issuer, the non-listed company, their respective concerned, its shareholders and representatives of employees or, where there are no such representatives, to the employees themselves.:
2010/03/08
Committee: ECON
Amendment 1346 #
Proposal for a directive
Article 28 – paragraph 1– subparagraph 2– introductory part
With regard to issuers, the AIFM shall make available the following to the issuer concerned, its shareholders and representatives of employees:deleted
2010/03/08
Committee: ECON
Amendment 1351 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2 – point a
(a) the information referred to in Article 6(3) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids1; 1deleted OJ L 142, 30.4.2004, p. 12.
2010/03/08
Committee: ECON
Amendment 1355 #
Proposal for a directive
Article 28 – paragraph 1– subparagraph 2 – point b
(b) the policy for preventing and managing conflicts of interests, in particular between the AIFM and the issuer;deleted
2010/03/08
Committee: ECON
Amendment 1359 #
Proposal for a directive
Article 28 – paragraph 1– subparagraph 2 – point c
(c) the policy for external and internal communication of the issuer in particular as regards employees.deleted
2010/03/08
Committee: ECON
Amendment 1364 #
Proposal for a directive
Article 28 – paragraph 1– subparagraph 3 – introductory part
With regard to non-listed companies, the AIFM shall make available the following to the non-listed company concerned, its shareholders and representatives of employees:deleted
2010/03/08
Committee: ECON
Amendment 1370 #
Proposal for a directive
Article 28 – paragraph 1– subparagraph 3 – point d
(d) the identity of the AIFM which either individually or in agreement with other AIFM have reached the 30 % thresholdcontrolling influence;
2010/03/08
Committee: ECON
Amendment 1372 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – point e
(e) the development plan for the non- listed company;deleted
2010/03/08
Committee: ECON
Amendment 1376 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3 – point g
(g) the policy for external and internal communication of the issuer or non-listed company, in particular as regards employees.deleted
2010/03/08
Committee: ECON
Amendment 1382 #
Proposal for a directive
Article 28 – paragraph 2
2. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures determining: (a) the detailed content of the information provided under paragraph 1; (b) the way the information shall be communicated. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/03/08
Committee: ECON
Amendment 1419 #
Proposal for a directive
Article 29 – paragraph 4
4. The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures specifying the detailed content of the information to be provided under paragraphs 1 and 2. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/03/08
Committee: ECON
Amendment 1452 #
Proposal for a directive
Article 31 – paragraph 3 – subparagraph 3
The Commission shall adopt implementingmay lay down, by means of delegated acts in accordance with Articles 49a, 49b and 49c, measures specifying the types of restrictions or conditions that can be imposed on the marketing of AIF pursuant to the second subparagraph of this paragraph. Those measures, designed to amend nonessential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/18
Committee: ECON
Amendment 1489 #
Proposal for a directive
Article 33 – paragraph 7
7. The Commission shall, in accordance with the procedure referred to in lay down, by means of delegated acts in accordance with Articles 49(2), adopt implementinga, 49b and 49c, measures specifying the following: (a) the form and content of a standard model of the notification letter; (b) the form and content of a standard model of attestation. The Commission shall ensure that such acts are implemented as soon as possible after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1542 #
Proposal for a directive
Article 37 – paragraph 2
2. The Commission shall adopt implementing measure, in accordance with Articles 49a, 49b and 49c, adopt delegated acts specifying the criteria for assessing the equivalence of the valuation standards and rules of third countries as referred to in paragraph (1) (b). Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3). e Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1543 #
Proposal for a directive
Article 37 – paragraph 3
3. On the basis of the criteria referred to in paragraph 2, the Commission shall, in accordance with the procedure referred to in Article 49(2), adopt implementing measures,Articles 49a, 49b and 49c, adopt delegated acts stating that the valuation standards and rules of a third country's legislation are equivalent to those applicable in the CommunityUnion. The Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1550 #
Proposal for a directive
Article 38 – paragraph 3
3. The Commission shall adopt implementing measure, in accordance with Articles 49a, 49b and 49c, adopt delegated acts specifying the criteria for assessing the equivalence of the prudential regulation, supervision and standards of third countries as referred to in paragraph 1. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3). e Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1551 #
Proposal for a directive
Article 38 – paragraph 4
4. On the basis of the criteria referred to in paragraph 3, the Commission shall, in accordance with the procedure referred to in Article 49(2), adopt implementing measures,Articles 49a, 49b and 49c, adopt delegated acts stating that prudential regulation, supervision and standards of a third country are equivalent to this Directive. The Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1578 #
Proposal for a directive
Article 39 – paragraph 2 – introductory part
2. The Commission shall adopt implementing measure, in accordance with Articles 49a, 49b and 49c, adopt delegated acts aimed at establishing:
2010/02/18
Committee: ECON
Amendment 1583 #
Proposal for a directive
Article 39 – paragraph 2 – subparagraph 2 a (new)
The Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1586 #
Proposal for a directive
Article 39 – paragraph 3 – introductory part
3. On the basis of the criteria referred to in paragraph 2, the Commission shall, in accordance with the regulatory procedure referred to in Article 49(2), adopt implementing measureArticles 49a, 49b and 49c, adopt delegated acts stating:
2010/02/18
Committee: ECON
Amendment 1589 #
Proposal for a directive
Article 39 – paragraph 3 – subparagraph 1 a (new)
The Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1611 #
Proposal for a directive
Article 45 – paragraph 5
5. The Commission shall, in accordance with the procedure referred to in Articles 49(2), adopt implementing measurea, 49b and 49c, adopt delegated acts relating to the procedures for exchange of information between competent authorities. The Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive.
2010/02/18
Committee: ECON
Amendment 1620 #
Proposal for a directive
Article 46 – paragraph 3
3. The Commission shall adopt implementing measure, in accordance with Articles 49a, 49b and 49c, adopt delegated acts specifying the modalities, content and frequency of the information to be exchanged pursuant to paragraph 1. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)e Commission shall ensure that those acts enter into force by ...*. * OJ please insert date: two years after the entry into force of this Directive. <
2010/02/18
Committee: ECON
Amendment 1624 #
Proposal for a directive
Article 47 – paragraph 4
4. The Commission shall adopt implementing measuremay, in accordance with Articles 49a, 49b and 49c, adopt delegated acts concerning procedures for on-the-spot verifications and investigations. Those measures, designed, to amend non- essential elements of this directive by supplementing it shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).
2010/02/18
Committee: ECON
Amendment 1631 #
Proposal for a directive – amending act
Article 49 a (new)
Article 49a Exercise of the delegation 1. The power to adopt the delegated acts referred to in Article 2(4), Article 9(2), Article 10(3), Article 11(5), Article 12(3), Article 13, Article 16(4), Article 18(4), Article 19(4), Article 20(3), Article 21(4), Article 24(2), Article 25(3), Article 28(2), Article 29(4), Article 31(3), Article 33(7), Article 37(2), Article 37(3), Article 38(3), Article 38(4), Article 39(2), Article 39(3), Article 45(5), Article 46(3), Article 47(4) and Article 53 shall be conferred on the Commission for a period of 5 years following the entry into force of this Directive. The Commission shall make a report regarding renewal of the delegated powers at the latest 12 months before the end of the 5 year period, accompanied, where appropriate, by a legislative proposal to extend the duration of the delegation of powers. 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 49b and 49c.
2010/02/18
Committee: ECON
Amendment 1632 #
Proposal for a directive – amending act
Article 49 b (new)
Article 49b Revocation of the delegation 1. The delegation of power referred to in Article 2(4), Article 9(2), Article 10(3), Article 11(5), Article 12(3), Article 13, Article 16(4), Article 18(4), Article 19(4), Article 20(3), Article 21(4), Article 24(2), Article 25(3), Article 28(2), Article 29(4), Article 31(3), Article 33(7), Article 37(2), Article 37(3), Article 38(3), Article 38(4), Article 39(2), Article 39(3), Article 45(5), Article 46(3), Article 47(4) and Article 53 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission stating the delegated powers which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
2010/02/18
Committee: ECON
Amendment 1633 #
Proposal for a directive – amending act
Article 49 c (new)
Article 49c Objections to delegated acts 1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months. The Commission shall not adopt delegated acts during periods of parliamentary recess or in the two weeks immediately before such recess. 2. If on the expiry of that period, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force at the date stated therein. 3. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. The institution which objects shall state the reasons for objecting to the delegated act.
2010/02/18
Committee: ECON
Amendment 1655 #
Proposal for a directive – amending act
Article 53Directive 2009/65/EC

Article 50a
Amendment of Directive 2009/…/EC Directive 2009/XX EC shall be amended as follows: The following new Article 50a shall be inserted: "In order to ensure cross-sectoral consistency and to remove misalignment between the interest of firms that 'repackage' loans into tradeable securities and other financial instruments (originators) and UCITS that invest in these securities or other financial instruments, the Commission shall adopt implementing measures laying down the requirements in the following areas: (a) the requirements that need to be met by the originator in order for a UCITS to be allowed to invest in securities or other financial instruments of this type issued after 1 January 2011, including requirements that ensure that the originator retains a net economic interest of not less than 5 per cent; (b) qualitative requirements that must be met by UCITS which invest in these securities or other financial instruments. Those measures, designed to amend this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 107(2)."rticle 53 deleted
2010/02/18
Committee: ECON