Activities of Catherine STIHLER related to 2009/0064(COD)
Plenary speeches (1)
Explanations of vote
Amendments (20)
Amendment 201 #
Proposal for a directive
Recital 8
Recital 8
(8) This Directive does not regulate AIF and. AIF may therefore continue to be regulated and supervised at the national level and this Directive does not prevent Member States from adopting or from continuing to apply nadditional requirements in respect of AIF established on their territory. The fact that a Member State may impose additional requirements on AIF domicilestablished on its territory compared to requirements applicable in other Member States should not prevent the exercise of rights of AIFM authorised in other Member States in accordance with this Directive to market to professional investors AIF domiciled outsideestablished in a Member State other than the Member State imposing additional requirements and which are therefore not subject to and do not need to comply with those additional requirements.
Amendment 203 #
Proposal for a directive
Recital 8 a (new)
Recital 8 a (new)
(8a) This Directive should also establish high requirements for AIFM, but should not prevent Member States from adopting additional requirements in respect of AIFM established on their territory, for example, in order to ensure investor protection. Any additional requirements on locally domiciled AIFM should not be invoked to prevent the exercise of rights conferred by this Directive on AIFM authorised in another Member State in accordance with this Directive.
Amendment 233 #
Proposal for a directive
Recital 13
Recital 13
(13) Reliable and objective asset valuation is crucial for the protection of investor interests. Different AIFM employ different methodologies and systems for valuing assets, depending on the assets and markets in which they predominantly invest. It is appropriate to recognise these differences but to, nevertheless, require the valuation of assets to be undertaken by an entity which is independentAIFM to implement valuation procedures to ensure the proper valuation of assets of the AIF to derive a fair net asset value of the shares or units of the AIFM.
Amendment 453 #
Proposal for a directive
Article 3 – point c
Article 3 – point c
Amendment 514 #
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
Entities which are neither authorised in accordance with this Directive nor, in case of an AIFM established in the Union that is not covered by this Directive, in accordance with the national law of a Member State, shall not be allowed to provide management services to AIF or market units or shares thereof within the Community.
Amendment 523 #
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
Amendment 538 #
Proposal for a directive
Article 4 – paragraph 2 e (new)
Article 4 – paragraph 2 e (new)
2e. Member States may authorise the AIF to be the AIFM. However, each AIF can only have one AIFM.
Amendment 539 #
Proposal for a directive
Article 4 – paragraph 2 f (new)
Article 4 – paragraph 2 f (new)
2f. The AIFM shall be either: (a) an external manager, which is the legal person appointed by the AIF or on behalf of the AIF (the appointed AIFM) and which through this appointment is responsible for managing the entire portfolio of the AIF; or (b) where the law under which the AIF is established requires the AIF to have a governing body with responsibility for the management of the AIF and that governing body chooses not to designate an external manager as the AIFM, the AIF itself shall be authorised as the AIFM.
Amendment 727 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2
Article 16 – paragraph 1 – subparagraph 2
The valuatorion procedures used shall ensure that the assets, shares and units are valued at least once a year, and each time shares or units of the AIF are issued or redeemed if this is more frequent, but only where the shares or units are to be issued or redeemed at a price calculated by reference to the net asset value per unit or share.
Amendment 741 #
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
2. AIFM shall ensure that teach AIF has a published valuator has appropriate and consistent procedures to value the assets of the AIF in accordance with existing applicableion methodology statement or accounting policy which is appropriate for the assets of the AIF and consistent with existing generally accepted accounting standards, valuation standards andor rules, in order to reflect thederive a fair net asset value of the shares or units of the AIF.
Amendment 757 #
Proposal for a directive
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The rules applicable to the valuation of assets and the calculation of the net asset value per unit or share of the AIFshare or unit of the AIF shall be as set out in the relevant financial reporting standards as adopted by the EU or, where such financial reporting standards do not automatically apply, it shall be laid down in the law of the countryMember State where the AIF is domicilestablished or in the AIF rules or instruments of incorporation that such standards must be applied.
Amendment 772 #
Proposal for a directive
Article 16 – paragraph 4
Article 16 – paragraph 4
4. The Commission shall adopt implementing measures further specifying the criteria under which a valuator can be considered independent in the meaning of paragraph 1. Those measures, designed to amend non- essential elements of this Directive by supplementing it,delegated acts in accordance with Articles 49a, 49b and 49c further specifying the criteria concerning the procedures for the proper net asset valuation of the assets and shares or units of AIF. Such acts shall also specify the appropriate frequency of valuation to be carried out by open-ended funds given the underlying assets held by the fund and its issuance and redemption policy. The Commission shall bealso adopted delegated acts in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)Articles 49a, 49b and 49c further specifying the criteria where there is a need for external verification.
Amendment 797 #
Proposal for a directive
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
Amendment 849 #
Proposal for a directive
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. Where a closed-ended AIF is authorised as the AIFM, and the AIF is a company established in a Member State, the AIFM need not appoint a depositary to carry out the tasks referred to in paragraph 1 points (ca),(cb), (cd) and (ce);
Amendment 895 #
Proposal for a directive
Article 17 – paragraph 3 b (new)
Article 17 – paragraph 3 b (new)
3b. Any appointment of a depositary shall be subject to approval from the competent authority of the home Member State of the AIFM. The competent authority may permit the appointment of more than one depositary where it is satisfied that this will not interfere with the proper performance of all the obligations of the depositary set out in this Directive.
Amendment 927 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 1
Article 17 – paragraph 5 – subparagraph 1
Amendment 939 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2
Article 17 – paragraph 5 – subparagraph 2
Amendment 959 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3
Article 17 – paragraph 5 – subparagraph 3
Amendment 1464 #
Proposal for a directive
Article 32 – paragraph 1
Article 32 – paragraph 1
1. Member States may allow theWithout prejudice to other instruments of EU law, Member States may allow AIFM to market to retail investors generally or to particular categories of retail investors on their territory shares or units of AIF they manage, irrespective of whether such AIF are marketed on a domestic or cross-border basis. In such cases, Member States may adopt additional requirements in relation to the operation, organisation or marketing of AIF sold to retail investors in their territory. Member States may for that purpose(or to a combination of retail and professional investors) on their territory or the activities of the AIFM managing such AIF. However, Member States may not prevent the cross-border marketing of AIF to retail investors by imposeing stricter or additional requirements on AIFM or the AIF established in another Member State than on AIF established in their own territory.
Amendment 1471 #
Proposal for a directive
Article 32 – paragraph 2
Article 32 – paragraph 2
2. Notwithstanding Article 32(1), Member States tshatll permit the marketing of AIF to retail investors on their territory, shall, within one year of the date referred to in Article 54(1) inform the Commission of: (a) the types of AIF which AIFM may market to retail investors on their territory; (b) any additional requirements that the Member State imposes for the marketing of AIF to retail investors on their territory. Member States shall also inform the Commission of any subsequent changes with regard to the first subparagraphshares and units that are subject to a current offer to the public under a prospectus that has been drawn up and published in accordance with Directive 2003/71/EC.