21 Amendments of Derk Jan EPPINK related to 2009/0064(COD)
Amendment 467 #
Proposal for a directive
Article 3 – point e
Article 3 – point e
(e) ‘Marketing’ means any active general offering or placement of units or shares in an AIF to or with investors domiciled in the Community, regardless of at whose initiative the offer or placement takes place;Union. Inquiries from investors to an AIFM or additional subscriptions from existing investors are not covered by this definition.
Amendment 569 #
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
The AIFM must have its head officebe legally established in the same Member State as its registered office.
Amendment 642 #
Proposal for a directive
Article 11 – paragraph 5 – point b a (new)
Article 11 – paragraph 5 – point b a (new)
(ba) Naked short selling will not be permitted.
Amendment 795 #
Proposal for a directive
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. For each AIF it manages, the AIFM shall ensure that aone or more depositary isies are appointed to fulfil, where relevant, the following tasks:
Amendment 980 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 1
Article 18 – paragraph 1 – subparagraph 1
1. AIFM which intend tomay delegate to third parties the task of carrying out on their behalf one or more of their functions shall request prior authorisation from the competent authorities of the home Member State for each delegation.
Amendment 1003 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point d
Article 18 – paragraph 1 – subparagraph 2 – point d
(d) the AIFM must demonstratebe able to demonstrate, if required, that the third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the delegated activity, to give at any time further instructions to the third party and to withdraw the delegation with immediate effect when this is in the interest of investors.
Amendment 1011 #
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
Amendment 1058 #
Proposal for a directive
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. AIFM shall ensure that AIF investors receive the following information before they invest in the AIF, as well as any material changes thereof:
Amendment 1061 #
Proposal for a directive
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) a description of the investment strategy and objectives of the AIF, all the assets which the AIF can invest in and of the techniques it may employ and of all associated risks, and any applicable investment restrictions,; the circumstances in which the AIF may use leverage, the types and sources of leverage permitted and the associated risks and of any restrictions to the use of leverage, taking into account the AIF’s underlying investment strategy and risk management processes;
Amendment 1193 #
Proposal for a directive
Article 22 – subparagraph 1
Article 22 – subparagraph 1
This section shall apply only to AIFM which manage one or more AIF employingxposed to high levels of leverage on a systematic basrisk.
Amendment 1198 #
Proposal for a directive
Article 22 – subparagraph 2
Article 22 – subparagraph 2
AIFM shall assess on a quarterly basis whether the AIF employsis exposed to high levels of leverage on a systematic basrisk and shall inform the competent authorities accordingly.
Amendment 1201 #
Proposal for a directive
Article 22 – subparagraph 3
Article 22 – subparagraph 3
For the purposes of the second subparagraph, an AIF shallmay be deemed to be exposed to high levels of systemic risk where it employs 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. However, it shall be deemed to be so exposed only after taking into account the AIF’s underlying investment strategy, its risk management processes and the extent to which its exposures are effectively hedged.
Amendment 1529 #
Proposal for a directive
Article 36 – introductory part
Article 36 – introductory part
Amendment 1531 #
Proposal for a directive
Article 36 – point b
Article 36 – point b
(b) the entity is authorised to provide administration services or registered in the third country in which it is established and is subject to prudential supervision;
Amendment 1540 #
Proposal for a directive
Article 37 – paragraph 1
Article 37 – paragraph 1
1. Member States shall only allow the appointment of a valuator established in a third country, provided that all of the following conditions are met: (a) the requirements set out in Article 16 are fulfilled; (b) the third -country is the subject of a decision taken pursuant to paragraph 3 stating that the valuation standards and rules used by valuators established on its territory are equivalent to those applicable in the Communityvaluator has a registered office in a Member State; and (b) the requirements set out in Article 16 are fulfilled.
Amendment 1561 #
Proposal for a directive
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(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 enforcedAIFM or AIF has a physical presence in a Member State;
Amendment 1565 #
Proposal for a directive
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
(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 countryAIFM or AIF is registered with a Member State regulator;
Amendment 1566 #
Proposal for a directive
Article 39 – paragraph 1 – point c
Article 39 – paragraph 1 – point c
(c) the AIFM provides the competent authorities of the Member State in which third-country AIFM or AIF demonstrates compliance with applies for authorisation with the information referred to in Articles 5 and 31ll criteria of market authorisation, as laid down in this Directive;
Amendment 1567 #
Proposal for a directive
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
Amendment 1573 #
Proposal for a directive
Article 39 – paragraph 1 – point e
Article 39 – paragraph 1 – point e
Amendment 1638 #
Proposal for a directive – amending act
Article 51
Article 51
AIFM operating in the Community before [the deadline for the transposition of this Directive] shall adopt all necessary measures to comply with this Directive and shall submit an application for authorisation within one year of the deadline for the transposition of this Directive. already authorised in their home Member States to provide management services before ...* and all AIF managed by them shall be deemed to be authorised for the purposes of this Directive. Such authorisation shall be valid for the purposes of this Directive if the following conditions are satisfied: (a) the laws of the Member State in which the AIFM is authorised provide that the AIFM must comply with requirements relating to conduct of business, conflicts of interest, and risk management; and (b) the AIFM has certified to the competent authority of the home Member State, prior to ...*, that the AIFM is able to comply with all applicable requirements imposed by this Directive. *OJ: please insert date: date referred to in Article 54.