[ParlTrack]

Proposal for a directive
Recital 1 a (new)

(1a) In September 2009, shortly before the G-20 Summit in Pittsburgh, leading EU policy makers emphatically called for rules to govern every product, every trading venue and every financial institution.

2010/02/12
Committee: ECON

Hans-Peter MARTIN

Proposal for a directive
Recital 6

(6) In order to avoid imposing excessive or disproportionate requirements, this Directive provides for an exemption for AIFM where the cumulative AIF under management fall below a threshold of EUR 100 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 legislation. They should however be allowed to be treated as AIFM subject to the opt-in procedure foreseen by this Directive.deleted

2010/02/12
Committee: ECON

Hans-Peter MARTIN

Proposal for a directive
Article 2 – paragraph 2

(2) This Directive shall not apply to any of the following: a) AIFM which either directly or indirectly through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIF whose assets under management, including any assets acquired through use of leverage, in total do not exceed a threshold of 100 million Euro or 500 millions euros when the portfolio of AIF consists of AIF that are not leveraged and with no redemption rights exercisable during a period of 5 years following the date of constitution of each AIF, b) AIFM established in the Community which do not provide management services to AIF domiciled in the Community and do not market AIF in the Community, c) UCITS or their management or investment companies authorised in accordance with Directive 2009/…/EC [the UCITS Directive], d) credit institutions which are covered by Directive 2006/48/EC of the European Parliament and the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), e) institutions which are covered by Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision1, f) institutions which are covered by the First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance2, Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance3 and Directive 2005/68/EC of the European Parliament and Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC4, g) supranational institutions, such as the World Bank, the IMF, the ECB, the EIB, the EIF, other supranational institutions and similar international organisations, in case such institutions or organisations manage one or several AIFs.deleted

2010/02/15
Committee: ECON

Hans-Peter MARTIN

Proposal for a directive
Article 2 – paragraph 3

~~(3) Member States shall ensure that AIFM not reaching the threshold set out in paragraph 2(a) are entitled to be treated as AIFM falling under the scope of this Directive.~~deleted

2010/02/15
Committee: ECON

Hans-Peter MARTIN

Proposal for a directive
Article 2 – paragraph 4

(4) The Commission shall adopt implementing 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).deleted

2010/02/15
Committee: ECON

Hans-Peter MARTIN

Proposal for a directive
Article 9 – paragraph 1 – point c a (new)

(ca) lay down the principles of remuneration practices that work against the desire for short-term gain and safeguard the long-term interests of the AIFMs and investors;

2010/02/15
Committee: ECON

Hans-Peter MARTIN

Proposal for a directive
Article 14

Initial and ongoing capital AIFM shall have own funds of at least EUR 125 000. Where the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds; that additional amount of own funds shall be equal to 0.02 % of the amount by which the value of the portfolios of the AIFM exceeds EUR 250 million. Irrespective of the amount of the requirements set out in the first and second subparagraphs, the own funds of the AIFM shall never be less than the amount required under Article 21 of Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast). For the purposes of the first, second and third subparagraphs the following portfolios shall be deemed to be the portfolios of the AIFM: (a) any AIF portfolios managed by the AIFM, including AIF for which the AIFM has delegated one or more functions in accordance with Article 18; (b) any AIF portfolios that the AIFM is managing under delegation.Article 14 deleted

2010/02/15
Committee: ECON

Hans-Peter MARTIN

Proposal for a directive
Article 14 - paragraph 3 a (new)

13a. All AIFMs must have available own resources constituting at least the amount required by Article 21 of Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast)1; Or. de Justification OJ L 17, 30.6.2006, p. 201.

2010/02/15
Committee: ECON

Activities of Hans-Peter MARTIN related to 2009/0064(COD)

Plenary speeches (1)

Amendments (8)

ParlTrack - 2011-2024