[ParlTrack]

Proposal for a directive
Recital 12 a (new)

(12a) The Leaders’ statement following the G-20 Summit in Pittsburgh on 24 and 25 September 2009 set out the international consensus concerning remuneration of staff in banks and other systemically important financial services firms. Those principles should apply to appropriate staff at systemically important AIFM which fall within the scope of this Directive. The Commission should adopt implementing measures to that end, ensuring that any such measures are proportionate and even-handedly implemented with regard to the competitiveness of AIFM established in the EU.

2010/02/12
Committee: ECON

Diogo FEIO

Proposal for a directive
Recital 19

(19) A~~IFM~~ Member State should ~~also~~ be able to market AIF domiciled in third countries to professional investors both in the home Member State of the AIFM and in other Member States. That right should be subject to notification procedures and the existence of a tax agreement with the third country concerned which ensures an efficient exchange of information with the tax authorities in the domicile of the Community investors. Given the fact that such AIF and the third country in which they are domiciled have to meet additional requirements, some of which first have to be laid down in implementing measures, the rights granted under the Directive to market AIF domiciled in third countries to professional investors should only become effective three years after the transposition period. In the meantime Member States may allow or continue to allow AIFM to market AIF domiciled in third countries to professional investors on their territory subject to national law. During this period of three years, AIFM can however not market such AIF to professional investors in other Member States on the basis of rights granted under this Directiveallow AIFM to market in its territory AIF domiciled in third countries to investors in that Member State, if appropriate cooperation arrangements are in place between the competent authorities of the AIFM home Member State and the supervisory authority of the relevant third country.

2010/02/12
Committee: ECON

Diogo FEIO

Proposal for a directive
Recital 21

(21) Subject to the existence of an equivalent regulatory framework in a third country, as well as of effective access for AIFM established in the Community to the market of that third country, Member States should be allowed to authorise AIFM in accordance with the provisions of this Directive, without requiring that it has a registered office in the Community, after a period of three years as from the end of the transposition period. This period takes account of the fact that such AIFM and the third country in which they are domiciled have to meet additional requirements some of which first have to be laid down by implementing measures.deleted

2010/02/12
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 3 – point e

(e) ‘Marketing’ means any general offering or placement ~~of units or shares in an AIF to or with investors domiciled in the Community, regardless of at whose in~~, at the initiative of an AIFM or of an intermediary responsible for distribution, of units or shares in an AIF to or with investors domiciled in the Union, but does not mean: (i) any unsolicited offer or (ii) any offer or approach legitimat~~ive the offer or placement takes place;~~ely made in a Member state under the laws of such Member State and other that any law implementing this directive.

2010/02/15
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 3 – point l

(l) ‘Leverage’ means any method by which the AIFM increases the exposure of an AIF it manages to a particular investments whether through borrowing of cash or securities, or ~~leverage embedded~~through in derivative positions or; the level of leverage shall bye a~~ny other mean~~ssessed in all cases on an appropriately netted and risk-adjusted basis;

2010/02/15
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 9 a (new)

Article 9a Remuneration policy The AIFM shall set up and implement sound remuneration policies and practices that are consistent with effective risk management and long-term value creation.

2010/02/15
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 9 b (new)

Article 9b Notification The AIFM shall inform Member States’ competent authorities about the characteristics of its remuneration policies and practices.

2010/02/15
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 9 c (new)

Article 9c Competent authorities Member States’ competent authorities may react and take appropriate corrective measures to offset risks that may result in the failure of an AIFM to implement sound remuneration policies and practices.

2010/02/15
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 14 – paragraph 4 a (new)

4a. The above paragraphs shall not apply to AIFM only managing AIF: (a) which are not leveraged; (b) which have no redemption rights exercisable during a period of five years following the date of constitution of each AIF; (c) which have fixed capital commitments; (d) where fees are based on capital commitments; (e) where investors have the right to change the AIFM; (f) where specific provisions are included in the contractual agreement regarding the winding-up of an AIFM to protect investors during a transition. The above paragraphs shall also not apply to portfolios of a feeder AIF insofar as it consists of shares or units in a master AIF.

2010/02/15
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 19 – paragraph 2 – point c a (new)

(ca) the amount of remuneration, split into fixed and variable remuneration, paid by a systemically important AIFM and, where relevant, by any AIF managed by such an AIFM, to senior executives and other employees having a material impact on the firm’s risk exposure.

2010/02/16
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 21 – paragraph 3 a (new)

3a. An AIFM managing one or more AIF employing leverage on a systemically significant basis shall make available to the competent authorities of its home Member State information about the overall level of leverage employed by each AIF it manages, a breakdown between leverage arising from borrowing of cash or securities and leverage embedded in financial derivatives and, where known, the extent to which AIF's assets have been re-used under leveraging arrangements. That information shall include the identity of the five largest sources of borrowed cash or securities for each of the AIF managed by the AIFM, and the amounts of leverage received from each of those entities for each of the AIF managed by the AIFM.

2010/02/16
Committee: ECON

Diogo FEIO

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

Diogo FEIO

Proposal for a directive
Article 35 – paragraph 1

An AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in a Member State, if the third country has signed an agreement with this Member State 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 Member State may allow AIFM to market on its own territory shares or units of an AIF domiciled in a third country if appropriate cooperation arrangements are in place between the competent authorities of the home Member State of the AIFM and the supervisory authority of that third country.

2010/02/18
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 35 – paragraph 2

Where AIFM market shares or units of AIF domiciled in a third country the home Member States may prolong the period referred to in Article 31(3), when this is necessary to check whether the conditions of this Directive are met.deleted

2010/02/18
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 35 – paragraph 3

Before allowing AIFM to market shares or units of AIF domiciled in a third country, the home Member State shall have particular regard to the arrangements made by the AIFM in accordance with Article 38, where relevant.deleted

2010/02/18
Committee: ECON

Diogo FEIO

Proposal for a directive
Article 39

Authorisation of AIFM established in third countries 1. accordance with this Directive, AIFM established in a third country to market units or shares of an AIF to professional investors in the Community under the conditions of this Directive, provided that: (a) the third country is the subject of a decision taken pursuant to paragraph 3 (a) stating that its legislation regarding prudential regulation and on-going supervision is equivalent to the provisions of this Directive and is effectively enforced; (b) the third country is the subject of a decision taken pursuant to paragraph 3 (b) stating that it grants Community AIFM effective market access comparable to that granted by the Community to AIFM from that third country; (c) the AIFM provides the competent authorities of the Member State in which it applies for authorisation with the information referred to in Articles 5 and 31 ; (d) a cooperation-agreement between the competent authorities of that Member State and the supervisor of the AIFM exists which ensures an efficient exchange of all information that are relevant for monitoring the potential implications of the activities of the AIFM for the stability of systemically relevant financial institutions and the orderly functioning of markets in which the AIFM is active. (e) the third country has signed an agreement with the Member State in which it applies for authorisation 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. 2. The Commission shall adopt implementing measures aimed at establishing: (a) general equivalence criteria for the equivalence and effective enforcement of third country legislation on prudential regulation and on-going supervision, based on the requirements laid down in Chapters III, IV and V. (b) general criteria for assessing whether third countries grant Community AIFM effective market access comparable to that granted by the Community to AIFM from those third countries. 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). 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 measures stating: (a) that the legislation on prudential regulation and ongoing supervision of AIFM in a third country is equivalent to this Directive and effectively enforced; (b) that a third country grant Community AIFM effective market access at least comparable to that granted by the Community to AIFM from that third country.Article 39 deleted Member States may authorise, in

2010/02/18
Committee: ECON

Activities of Diogo FEIO related to 2009/0064(COD)

Plenary speeches (10)

Amendments (16)

ParlTrack - 2011-2024