1 Amendments of Leonardo DOMENICI related to 2009/0064(COD)
Amendment 309 #
Proposal for a directive
Recital 29
Recital 29
(29) Since the objectives of the action to be takenis Directive, namely to ensure a high level of consumer and investor protection by laying down a common framework for the authorisation and supervision of AIFM cannot be sufficiently achieved by the Member States, as evidenced by the deficiencies of existing nationally based regulation and oversight of these actors, and can therefore, be better achieved at CommunityUnion level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the TreatyUnion should entitle the ESMA to act as an Investor Protection Agency aimed at certifying new financial products and monitoring their evolution. In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives.