{"change_dates":[],"dossier":{"amendments":[{"authors":"Sven Giegold on behalf of the Verts/ALE Group Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-75","justification":"When enhancing cross-border distribution of investment funds in the single market, it should\nbe ensured that retail investors can collectively undertake representative legal actions on a\ncross-border basis in cases of mass infringements. This is currently being developed in a\nDirective on representative actions for the protection of collective interests of consumers. The\nlist of legal acts to be covered by this new Directive as proposed by the Commission\ncomprises both UCITS and AIFMD.","location":[["Proposal for a directive","Recital 7 a (new)"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:27"},"new":["(7 a) In order to facilitate the","enforcement of retail investor rights in","cases of cross-border marketing of","investment funds, Member States should","ensure that in cases of mass","infringements, retail investors have access","to representative legal actions following","both national legislation and European","legislation in accordance with Directive","[XXX ... Representative actions for the","protection of the collective interests of","consumers]."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"75","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-76","location":[["Proposal for a directive","Recital 8"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:27"},"new":["(8) The absence of clear and uniform","conditions for the discontinuation of","marketing of units or shares of a UCITS or","an EU AIF in a host Member State creates","economic and legal uncertainty for the","fund managers. Therefore, this proposal","lays down clear conditions, including","thresholds, under which deregistration","could take place. The thresholds are","indicative of when a fund manager may","consider that its activities have become","insignificant in a particular host Member","State. The conditions are set in such a way","that they balance, on the one hand, the","interests of fund managers to be able to","deregister marketed funds when the","established conditions are met, and on the","other hand, the interests of investors in the","fund from the host Member State","concerned. In order to guarantee the","protection of retail investors, funds should","not be allowed to de-notify if retail clients","in the host Member State concerned hold","units or shares of the fund."],"old":["(8) The absence of clear and uniform","conditions for the discontinuation of","marketing of units or shares of a UCITS or","an EU AIF in a host Member State creates","","economic and legal uncertainty for the","fund managers. Therefore, this proposal","lays down clear conditions, including","thresholds, under which deregistration","could take place. The thresholds are","indicative of when a fund manager may","consider that its activities have become","insignificant in a particular host Member","State. The conditions are set in such a way","that they balance, on the one hand, the","interests of fund managers to be able to","deregister marketed funds when the","established conditions are met, and on the","other hand, the interests of investors in the","fund from the host Member State","concerned."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"76","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-77","location":[[" Proposal for a directive","Recital 10"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:27"},"new":["(10) There are cases where an AIFM or","a UCITS management company willing to","test investor appetite for a particular","investment idea or investment strategy is","faced with a divergent treatment of pre-","marketing activities in different national","legal systems. In some Member States","where pre-marketing is permitted, its","definition and conditions vary","considerably. However, in other Member","States there is no concept of pre-marketing","at all. To address these divergences, a","harmonised definition of pre-marketing","should be provided and conditions under","which an EU AIFM or UCITS","management company can engage in these","activities should be established."],"old":["(10) There are cases where an AIFM","willing to test investor appetite for a","particular investment idea or investment","strategy is faced with a divergent treatment","of pre-marketing activities in different","national legal systems. In some Member","States where pre-marketing is permitted, its","definition and conditions vary","considerably. However, in other Member","States there is no concept of pre-marketing","at all. To address these divergences, a","harmonised definition of pre-marketing","should be provided and conditions under","which an EU AIFM can engage in these","activities should be established.",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"77","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-78","location":[["Proposal for a directive","Recital 11"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:27"},"new":["(11) For pre-marketing to be recognised","as such under this Directive, it should be","addressed to a professional investor and","concern an investment idea or strategy","without having an AIF or compartment","already established, or an established AIF","or compartment which is not yet notified","for marketing in the Member state","concerned. Accordingly, during the course","of pre-marketing, investors are unable to","subscribe to the units or shares of an AIF","and no final versions of offering","documents or any form of subscription","documents should be permitted to be","distributed to potential investors during this","stage. However, when following the pre-","marketing activities of the AIFM, an","investor subject to these activities","subscribes to units or shares of an AIF or","compartment with the features akin to the","pre-marketed investment idea or to an AIF","or compartment referred to during the","pre-marketing activities, the appropriate","marketing notification procedure should be","observed and the AIFM should not be able","to invoke reverse solicitation. To ensure","that national competent authorities can","exercise their control over pre-marketing","activities in their Member State, AIFMs","should send an informal letter or e-mail","informing the competent authorities of","their home Member State and the","competent authorities of the Member","State or Member States where they will","engage in pre-marketing activities,","mentioning in which Member State or","Member States they will conduct pre-","marketing activities. AIFMs should","furthermore ensure that their pre-","marketing activities are appropriately","documented and made available, upon","request, to the national competent","authorities concerned."],"old":["(11) For pre-marketing to be recognised","as such under this Directive, it should","concern an investment idea or strategy","without having an actual AIF already","established. Accordingly, during the course","of pre-marketing, investors are unable to","subscribe to the units or shares of an AIF","because the fund does not exist yet, and no","offering documents, even in a draft form,","should be permitted to be distributed to","potential investors during this stage.","However, when following the pre-","marketing activities the AIFM offers for","subscription units or shares of an AIF with","the features akin to the pre-marketed","investment idea, the appropriate marketing","notification procedure should be observed","and the AIFM should not be able to invoke","reverse solicitation.",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"78","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-79","location":[[" Proposal for a directive","Recital 11"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:27"},"new":["(11) For pre-marketing to be recognised","as such under Directives 2009/65/EC and","2011/61/EU, it should concern an","investment idea or strategy of an AIF or","UCITS, which is not yet notified for","marketing in the Member State where the","potential investors are domiciled or have","their registered office. In order to prevent","AIFMs or UCITS management","companies from invoking reverse","solicitation through pre-marketing","activities, within 12 months of being","contacted as part of pre-marketing,","investors may acquire units or shares in","the AIF or UCITS referred to in the","information provided in the context of","pre-marketing or of an AIF or UCITS","notified for marketing as a result of the","pre-marketing only under marketing rules."],"old":["(11) For pre-marketing to be recognised","as such under this Directive, it should","concern an investment idea or strategy","without having an actual AIF already","established. Accordingly, during the","course of pre-marketing, investors are","unable to subscribe to the units or shares","of an AIF because the fund does not exist","yet, and no offering documents, even in a","draft form, should be permitted to be","distributed to potential investors during","this stage. However, when following the","pre-marketing activities the AIFM offers","for subscription units or shares of an AIF","with the features akin to the pre-marketed","investment idea, the appropriate","marketing notification procedure should","be observed and the AIFM should not be","able to invoke reverse solicitation."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"79","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-80","justification":"It needs to be ensured that pre-marketing does not materialize in a notification duty on basis\nof an established or non-established AIF. In order to ensure that only a final investment\ndecision subsequent to a pre-marketing activity serves the ground for a notification, the\nreference to an not yet notified AIF or a compartment of an AIF is essential.","location":[["Proposal for a directive","Recital 11"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:28"},"new":["(11) For pre-marketing to be recognised","as such under Directive 2011/61/EU, it","should concern an investment idea or","strategy of an AIF or a compartment of","an AIF, which is not yet notified in the","Member State where the potential","investors are domiciled or have their","registered office. In order to prevent","AIFMs from invoking reverse solicitation","through pre-marketing activities, within","18 months of being contacted as part of","pre-marketing, investors should be able to","acquire units or shares in the AIF or","compartment of the AIF referred to in the","information provided in the context of","pre-marketing or of an AIF or","compartment of an AIF established as a","result of the pre-marketing only under","marketing permitted under Article 31 or","32 of Directive 2011/61/EU."],"old":["(11) For pre-marketing to be recognised","as such under this Directive, it should","concern an investment idea or strategy","without having an actual AIF already","established. Accordingly, during the","course of pre-marketing, investors are","unable to subscribe to the units or shares","of an AIF because the fund does not exist","yet, and no offering documents, even in a","draft form, should be permitted to be","distributed to potential investors during","this stage. However, when following the","pre-marketing activities the AIFM offers","for subscription units or shares of an AIF","with the features akin to the pre-marketed","investment idea, the appropriate","marketing notification procedure should","be observed and the AIFM should not be","able to invoke reverse solicitation."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"80","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-81","location":[["Proposal for a directive","Recital 11 a (new)"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:28"},"new":["(11 a) UCITS management companies","and AIFMs should ensure that","information relating to their pre-","marketing activities is available, and","provided upon request, to competent","authorities of their home Member State","after that activity takes place. Such","information should include a reference to","the Member States and the period of time","in which the pre-marketing activities took","place and a description of the investment","strategies or investment ideas presented in","the course of the pre-marketing activities.","ESMA should closely monitor any lack of","convergence between Member States with","regard to the documentation of pre-","marketing activities, and should take all","necessary measures to ensure that, in","such case, the efficiency of pre-marketing","as a tool to foster cross-border","distribution of funds is not hindered.","UCITS management companies and","AIFMs should also make sure that an","overview of their pre-marketing activities","is sent to their home competent","authorities on a yearly basis, who will","then forward all relevant information to","the competent authorities of the Member","States in which the pre-marketing","activities took place. The sending of this","overview should not be subject to any","extra regulatory fees charged by any","competent authorities."],"old":["",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"81","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-82","location":[[" Proposal for a directive","Recital 11 a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:28"},"new":["(11 a) The harmonised rules on pre-","marketing should not disadvantage an EU","AIFM vis-\u00e0-vis a Non-EU AIFM in any","case. This concerns both the current","situation in which Non-EU AIFMs do not","have passporting rights yet, and the","situation where the provisions on","passporting in Directive 2011/61/EU","become applicable. To ensure this, the","Commission should conduct a thorough","investigation of all provisions in the","Directive 2011/61/EU in the light of their","application in the scenario of a","passporting regime for Non-EU AIFM,","and, if appropriate, propose legislative","changes before Articles 35 and Articles 37","to 41 of Directive 2011/61/EU become","applicable."],"old":[""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"82","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-83","justification":"It would make sense to retain this principle-based test from the first two sentences of Article\n77 in the Directive.","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 3"],["Directive 2009/65/EC","Article 77"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(3) Article 77 is replaced by the","following:","\u2018All marketing communications to","investors shall be clearly identifiable as","such. They shall be fair, clear and not","misleading.\u2019"],"old":["(3) Article 77 is deleted."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"83","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-84","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2009/65/EC","Article 92 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["1. Member States shall ensure that the","UCITS management company offers, in","each Member State where it intends to","market units of a UCITS, facilities to","perform the following tasks:"],"old":["1. Member States shall ensure that the","UCITS management company establishes,","in each Member State where it intends to","market units of a UCITS, facilities to","perform the following tasks:"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"84","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-85","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2009/65/EC","Article 92 \u2013 paragraph 1 \u2013 point a"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(a) process subscription, repurchase","and redemption orders and make other","payments to unitholders relating to the","units of the UCITS, in accordance with the","conditions set out in the UCITS marketing","documents;"],"old":["(a) process investors\u2019 subscription,","payment, repurchase and redemption","orders relating to the units of the UCITS, in","accordance with the conditions set out in","the UCITS marketing documents;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"85","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-86","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2009/65/EC","Article 92 \u2013 paragraph 1 \u2013 point d \u2013 point ii"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(ii) the latest published annual report of","the UCITS and the latest published half-","yearly report if more recent;"],"old":["(ii) the latest annual report of the","UCITS;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"86","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-87","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5"],["Directive 2009/65/EC","Article 92 \u2013 paragraph 1 \u2013 point d \u2013 point ii a (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(ii a) the prospectus of the UCITS."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"87","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-88","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5"],["Directive 2009/65/EC","Article 92 \u2013 paragraph 1 \u2013 point d \u2013 point ii b (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:28"},"new":["(ii b) the most up-to-date key [investor]","information document for the UCITS."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"88","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-89","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2009/65/EC","Article 92 \u2013 paragraph 3 \u2013 point a"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:28"},"new":["(a) their tasks are performed in the","official language or one of the official","languages of the Member State where the","UCITS is marketed or in a language","approved by the competent authorities of","that Member State;"],"old":["(a) their tasks are performed in the","official language or official languages of","the Member State where the UCITS is","marketed;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"89","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-90","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2009/65/EC","Article 92 \u2013 paragraph 3 \u2013 point b"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["(b) their tasks are performed by the","UCITS management company itself or a","third entity subject to regulation governing","the tasks to be performed, or both;"],"old":["(b) their tasks are performed the","UCITS management company itself or a","third entity subject to regulation governing","the tasks to be performed, or both;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"90","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-91","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 5 a (new)"],[" Directive 2009/65/EC","Article 93 \u2013 paragraph 1"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:29"},"new":["(5 a) In Article 93, paragraph 1 is","replaced by the following:","\"1. If a UCITS proposes to market its units","in a Member State other than its home","Member State, it shall first submit a","notification letter to the competent","authorities of its home Member State. The","notification letter shall include information","on arrangements made for marketing units","of the UCITS in the host Member State,","including, where relevant, in respect of","share classes. In the context of Article","16(1), it shall include an indication that the","UCITS is marketed by the management","company that manages the UCITS.","It shall include a description of the","facilities referred to in Article 92(1).","It shall also include the information","necessary for the invoicing of any","applicable regulatory fees or charges by","the competent authorities of the host","Member State.\"","Or. en"],"old":["","1. If a UCITS proposes to market its units","in a Member State other than its home","Member State, it shall first submit a","notification letter to the competent","authorities of its home Member State. The","notification letter shall include information","on arrangements made for marketing units","of the UCITS in the host Member State,","including, where relevant, in respect of","share classes. In the context of Article","16(1), it shall include an indication that the","UCITS is marketed by the management","company that manages the UCITS.","","","","(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A02009L0065-20140917)"],"peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"91","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-92","justification":" The current drafting requires the UCITS to notify the host state NCA but not the home state\n NCA. The amendment would require the UCITS home state NCA to notify the host state NCA,\n but would not require the UCITS to be informed that the notification has been sent. It would\n be simpler and more convenient for the existing arrangement to be retained, but with an\n additional requirement for the UCITS to inform both its own NCA and the host NCA of the\n change.","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 6"],["Directive 2009/65/EC","Article 93 \u2013 paragraph 8 \u2013 subparagraph 1"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["In the event of a change to the information","in the notification letter submitted in","accordance with paragraph 1, or a change","regarding share classes to be marketed, the","UCITS shall give written notice thereof to","the competent authorities of both the home","Member State and the host Member State","at least one month before implementing","that change."],"old":["In the event of a change to the information","in the notification letter submitted in","accordance with paragraph 1, or a change","regarding share classes to be marketed, the","UCITS shall give written notice thereof to","the competent authorities of the home","Member State at least one month before","implementing that change.","",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"92","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-93","justification":" Not necessary given previous proposed change to paragraph 8","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 6"],[" Directive 2009/65/EC","Article 93 \u2013 paragraph 8 \u2013 subparagraph 3"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["deleted"],"old":["Where a change referred to in the first","subparagraph is implemented after","notification has been made in accordance","with the second subparagraph and","pursuant to that change the UCITS no","longer complies with this Directive, the","competent authorities of the home","Member State of the UCITS shall take all","due measures in accordance with Article","98, including, where necessary, the","express prohibition of marketing of the","UCITS."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"93","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-94","justification":"This is an important provision to ensure that the competent authorities of the host Member\nState is informed about changes made be the UCITS and should be preserved.","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 6"],["Directive 2009/65/EC","Article 93 \u2013 paragraph 8 \u2013 subparagraph 4"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:29"},"new":["Where a change referred to in the first","subparagraph does not affect the","compliance of the UCITS with this","Directive, the competent authorities of the","home Member State of the UCITS shall,","without undue delay, and no later than","within 10 working days, inform the","competent authorities of the host Member","State of the UCITS of those changes."],"old":["Where the changes referred to in the first","subparagraph do not affect the compliance","of the UCITS with this Directive, the","competent authorities of the home Member","State of the UCITS shall, without undue","delay, inform the competent authorities of","the host Member State of the UCITS of","those changes."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"94","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-95","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:29"},"new":["1. The competent authorities of the","UCITS home Member State shall ensure","that UCITS may proceed to the","denotification of the marketing of its units","in a Member State where it has notified its","activities in accordance with Article 93,","where all the following conditions are","fulfilled:"],"old":["1. The competent authorities of the","UCITS home Member State shall ensure","that UCITS may discontinue marketing its","units in a Member State where it has","notified its activities in accordance with","Article 93, where all the following","conditions are fulfilled:"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"95","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-96","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EC","Article 93a \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["1. The competent authorities of the","UCITS home Member State shall ensure","that UCITS may cease to provide facilities","associated with its units in a Member State","where it has notified its activities in","accordance with Article 93, where all the","following conditions are fulfilled:"],"old":["1. The competent authorities of the","UCITS home Member State shall ensure","that UCITS may discontinue marketing its","units in a Member State where it has","notified its activities in accordance with","Article 93, where all the following","conditions are fulfilled:"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"96","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-97","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EC","Article 93a \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:29"},"new":["1. The competent authorities of the","UCITS home Member State shall ensure","that UCITS may discontinue marketing its","units in a Member State where it has","notified its activities in accordance with","Article 93."],"old":["1. The competent authorities of the","UCITS home Member State shall ensure","that UCITS may discontinue marketing its","units in a Member State where it has","notified its activities in accordance with","Article 93, where all the following","conditions are fulfilled:"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"97","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-98","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point a"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["deleted"],"old":["(a) no investor which is domiciled or","has a registered office in a Member State","where the UCITS has notified its activities","in accordance with Article 93 holds units","of that UCITS, or no more than 10","investors which are domiciled or have a","registered office in that Member State","hold units of the UCITS representing less","than 1 % of assets under management of","that UCITS;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"98","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-99","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point a"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:29"},"new":["deleted"],"old":["(a) no investor which is domiciled or","has a registered office in a Member State","where the UCITS has notified its activities","in accordance with Article 93 holds units","of that UCITS, or no more than 10","investors which are domiciled or have a","registered office in that Member State","hold units of the UCITS representing less","than 1 % of assets under management of","that UCITS;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"99","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-100","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EU","Article 93a \u2013 paragraph 1\u2013 subparagraph 1 \u2013 point a"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:29"},"new":["(a) no retail investor which to the best","knowledge, upon reasonable inquiry, of","the UCITS is domiciled in that Member","State where the UCITS has notified its","activities in accordance with Article 93","holds units of that UCITS, and","professional investors which to the best","knowledge, upon reasonable inquiry, of","the UCITS are domiciled or have a","registered office in that Member State hold","units of the UCITS representing less than 5","% of assets under management of that","UCITS;"],"old":["(a) no investor which is domiciled or","has a registered office in a Member State","where the UCITS has notified its activities","in accordance with Article 93 holds units","of that UCITS, or no more than 10","investors which are domiciled or have a","registered office in that Member State hold","units of the UCITS representing less than 1","% of assets under management of that","UCITS;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"100","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-101","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EC","Article 93a \u2013 paragraph 1\u2013 subparagraph 1 \u2013 point a"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:29"},"new":["(a) no more than 50 investors which to","the best knowledge, upon reasonable","inquiry, of the UCITS, are domiciled or","have a registered office in that Member","State hold units of that UCITS or the units","of the UCITS held in that Member State","represent in total less than 1% of the","assets under the management of that","UCITS calculated on the basis of the most","recent valuation prior to the date of","submission of the notification letter","referred to in paragraph 2;"],"old":["(a) no investor which is domiciled or","has a registered office in a Member State","where the UCITS has notified its activities","in accordance with Article 93 holds units","of that UCITS, or no more than 10","investors which are domiciled or have a","registered office in that Member State hold","units of the UCITS representing less than","1 % of assets under management of that","","UCITS;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"101","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-102","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 1\u2013 subparagraph 1 \u2013 point b"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:29"},"new":["(b) a blanket offer to repurchase, free","of any charges or deductions, all its UCITS","units held by investors in a Member State","where the UCITS has notified its activities","in accordance with Article 93 is made","public for at least 30 working days and is","addressed, directly or through financial","intermediaries, individually to all investors","in the host Member State whose identity is","known;"],"old":["(b) a blanket offer to repurchase, free","of any charges or deductions, all its UCITS","units held by investors in a Member State","where the UCITS has notified its activities","in accordance with Article 93 is made","public for at least 30 working days and is","addressed individually to all investors in","the host Member State whose identity is","known;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"102","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-103","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 1\u2013 subparagraph 1 \u2013 point c"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["(c) the intention to stop the marketing","activities in the Member State where the","UCITS has notified its activities in","accordance with Article 93 and to","withdraw the facilities provided in","accordance with Article 92 from that","Member State with effect from a specified","date, is made public by means of a publicly","available medium, including by electronic","means, which is customary for marketing","UCITS and suitable for a typical UCITS","investor."],"old":["(c) the intention to stop the marketing","activities in the Member State where the","UCITS has notified its activities in","accordance with Article 93 is made public","by means of a publicly available medium","","which is customary for marketing UCITS","and suitable for a typical UCITS investor."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"103","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-104","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EC","Article 93a \u2013 paragraph 1\u2013 subparagraph 1 \u2013 point c"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:29"},"new":["(c) the intention to proceed to","denotification in the Member State where","the UCITS has notified its activities in","accordance with Article 93 is made public","by means of a publicly available medium","which is customary for marketing UCITS","and suitable for a typical UCITS investor."],"old":["(c) the intention to stop the marketing","activities in the Member State where the","UCITS has notified its activities in","accordance with Article 93 is made public","by means of a publicly available medium","which is customary for marketing UCITS","and suitable for a typical UCITS investor."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"104","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-105","justification":"It is necessary to give certainty to UCITS that they are not required to provide host State\nfacilities after denotifying marketing. It is therefore necessary to ensure investors are\ninformed in advance of the change of their rights in this respect if they choose not to accept\nthe offer to have their units repurchased.","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EC","Article 93a \u2013 paragraph 1\u2013 subparagraph 1 \u2013 point c a (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["(c a) The notice to investors shall make","clear the consequences for investors if","they do not accept the offer to repurchase","their units and shall inform them of how","they may request the redemption or","repurchase of their units and how they","may obtain information about the UCITS,","after the facilities in that Member State","have been withdrawn."],"old":[""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"105","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-106","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:29"},"new":["The information referred to in points (b)","and (c) shall be provided in the official","language or one of the official languages","of the Member State where the UCITS has","been marketed or in a language approved","by the competent authorities of that","Member State."],"old":["The information referred to in points (b)","and (c) shall be provided in the official","languages of the Member State where the","UCITS has been marketed."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"106","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-107","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 2"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["2. The UCITS shall submit a","notification letter to the competent","authorities of its home Member State","comprising the information referred to in","paragraph 1."],"old":["2. The UCITS shall submit a","notification letter to the competent","authority of its home Member State","comprising the information referred to in","paragraph 1."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"107","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-108","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EC","Article 93a \u2013 paragraph 3 \u2013 subparagraph 1"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:29"},"new":["1. The competent authorities of the","UCITS home Member State shall verify","whether the notification submitted by the","UCITS in accordance with paragraph 2 is","complete. The competent authorities of the","UCITS home Member State shall, no later","than 20 working days from the receipt of","the notification referred to in paragraph 2,","transmit it to the competent authorities of","the Member State where marketing of the","UCITS is intended to be discontinued and","to ESMA, or else shall inform the UCITS","of the reason why the notification cannot","be transmitted."],"old":["1. The competent authorities of the","UCITS home Member State shall, no later","than 20 working days from the receipt of","the notification referred to in paragraph 2,","transmit it to the competent authorities of","the Member State where marketing of the","UCITS is intended to be discontinued and","to ESMA."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"108","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-109","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:30"},"new":["Upon transmission of the notification file","pursuant to the first subparagraph the","competent authorities of the UCITS home","Member State shall immediately notify the","UCITS of that transmission. As of this","date, the UCITS shall cease all marketing","of its units in the Member State identified","in the notification letter referred to in","paragraph 2. The UCITS may cease to","provide facilities in accordance with","Article 92 in the Member State identified","in the notification letter referred to in","paragraph 2, from the date specified for","that purpose in the notice given to","investors."],"old":["Upon transmission of the notification file","pursuant to the first subparagraph the","competent authorities of the UCITS home","Member State shall immediately notify the","UCITS of that transmission. As of this","date, the UCITS shall cease all marketing","of its units in the Member State identified","in the notification letter referred to in","paragraph 2."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"109","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-110","justification":" Any discontinuing of marketing should not go along with the continuing of fees or charges\n levied by competent authorities. The amendment clarifies this point in order to avoid any\n inappropriate hurdles in this regards.","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 4"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:30"},"new":["4. As long as investors remain","invested in the UCITS after marketing is","discontinued:","(a) the UCITS shall continue providing","investors who remain invested in the","UCITS with the information required under","Articles 68 to 82 and under Article 94;","(b) the competent authorities of the","home Member State of the UCITS shall","continue providing the competent","authorities of the Member State where the","marketing has been discontinued with the","information required to be provided to the","competent authorities of the UCITS host","Member State under Article 93;","(c) the competent authorities of the","Member State where the marketing has","been discontinued shall continue","exercising the rights and obligations","conferred on competent authorities of the","UCITS host Member State under Articles","97 and 108 of this Directive, but without","levying fees or charges for carrying out","these activities on the UCITS which is not","yet or is no longer notified for","distribution."],"old":["4. The UCITS shall continue","providing investors who remain invested in","the UCITS, with the information required","under Articles 68 to 82 and under Article","94.",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"110","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-111","justification":"As a consequence of cessation of marketing, Article 94 will no longer apply to the UCITS in\nrelation to that Member State and since there will be no marketing, no key investor\ninformation needs to be prepared or offered. Only the right of unitholders to obtain copies of\nthe prospectus and periodic reports will be retained, since that provision would apply to\ninvestors in a Member State where no notification for marketing had ever taken place.","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2009/65/EC","Article 93a \u2013 paragraph 4"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:30"},"new":["4. The UCITS shall continue","providing investors who remain invested in","the UCITS, with the prospectuses and the","latest annual and half-yearly reports in","accordance with Article 75."],"old":["4. The UCITS shall continue","providing investors who remain invested in","the UCITS, with the information required","under Articles 68 to 82 and under Article","94."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"111","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-112","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Directive 2009/65/EC","Article 93a \u2013 paragraph 5"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:30"},"new":["5. Member States shall allow for the","use of all electronic or other distance","communication means for the purposes of","paragraph 4, provided the information and","communication means are available for","investors in the official language or one of","the official languages of the Member State","where the investor is located or in a","language approved by the competent","authorities of that Member State."],"old":["5. Member States shall allow for the","use of all electronic or other distance","communication means for the purposes of","paragraph 4, provided the information and","communication means are available for","investors in the official languages of the","Member State where the investor is","located."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"112","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-113","location":[["Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 8 a (new)"],["Directive 2009/65/EC","Chapter XIa (new)"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:30"},"new":["(8 a) The following Chapter XIa and","Article 96a are inserted:","\"Chapter XIa Provisions concerning pre-","marketing","Article 96a","1. Member States shall ensure that","information on investment strategies or","investment ideas may be provided, by","authorised management companies or","third parties acting for their account, to","potential professional investors, in order","to test their interest before launching a","UCITS, excluding where the information","presented :","(a) enables investors to commit to","acquiring units or shares of a particular","UCITS;","(b) amounts to subscription forms or","similar documents whether in a draft or a","final form;","(c) amounts to constitutional","documents, a prospectus or offering","documents of a not-yet-established UCITS","in a final form. For already established","UCITS, the final form of a prospectus and","of a KIID can be provided. Member States","shall ensure that no requirement to notify","the competent authorities is necessary for","a UCITS management company in order","to provide information under the","conditions described in the first","subparagraph.","2. Subscription by professional","investors to the units or shares of a","UCITS established following the","information provided under the","conditions described in paragraph 1, or to","the units or shares of UCITS managed or","marketed by the UCITS management","company that has provided the","information under the conditions","described in paragraph 1 about a not-yet-","established UCITS with similar features,","shall not be considered as a subscription","in response to a client\u2019s unsolicited","request to purchase a specifically","designated UCITS. Accordingly, in","relation to such subscriptions, the UCITS","shall comply with: (i) the rules applicable","to the arrangements made for marketing","in the home Member State in the event","that the UCITS proposes to market its","units in its home Member State and (ii)","the provisions of Article 93, in the event","that the UCITS proposes to market its","units in a Member State other than its","home Member State.","In particular, any subscription by","professional investors, within 12 months","after the UCITS management company","engaged in the activities described in","paragraph 1, to units or shares of a","UCITS referred to in the information","provided in paragraph 1, or of a UCITS","established as a result of the information","provided in paragraph 1, shall be subject","to the applicable notification procedures","referred to in Article 93.","UCITS management companies shall, on","an ex-post basis, provide an annual","overview to their home competent","authorities regarding their activities as","referred in paragraph 1. This overview","shall contain information about the","Member States and the period of time in","which such activities were undertaken,","and a description of the investment","strategies or investment ideas as well as,","where relevant, the list of the established","UCITS referred to in such activities. The","home competent authority shall forward","the overview to the competent authorities","of the concerned Member State(s), in","which such activities took place.","3. A third party shall only engage in","activities referred to in paragraph 1 in a","host Member State on behalf of an","authorised UCITS management company","where it is authorised as an investment","firm in accordance with Directive","2014/65/EU, as a credit institution in","accordance with Directive 2013/36/EU, as","a UCITS management company in","accordance with Directive 2009/65/EC, as","an alternative investment fund manager","in accordance with Directive 2011/61/EU","or acts as a tied agent. \""],"old":["",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"113","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-114","location":[[" Proposal for a directive","Article 1 \u2013 paragraph 1 \u2013 point 8 b (new)"],[" Directive 2009/65/EC","Article 99 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:30"},"new":["(8 b) In Article 99, the first","subparagraph of paragraph 1 is replaced","by the following:","\"Without prejudice to the supervisory","powers of competent authorities referred to","in Article 98 and the right of Member","States to provide for and impose criminal","sanctions, Member States shall lay down","rules on administrative sanctions and other","administrative measures to be imposed on","companies and persons in respect of","infringements of national provisions","transposing this Directive and","infringements of Article 2 of Regulation","(EU)----/--- [Regulation on facilitating","cross-border distribution of collective","investment funds and amending","Regulations (EU) No 345/2013 and (EU)","No346/2013] and shall take all measures","necessary to ensure that they are","implemented.\"","Or. en"],"old":["Without prejudice to the supervisory","powers of competent authorities referred to","in Article 98 and the right of Member","States to provide for and impose criminal","sanctions, Member States shall lay down","rules on administrative sanctions and other","administrative measures to be imposed on","companies and persons in respect of","infringements of national provisions","transposing this Directive and shall take all","measures necessary to ensure that they are","implemented.","","","","(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A02009L0065-20140917)"],"peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"114","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-115","justification":"It should be possible to pre-market existing funds in Member States where they are not\nnotified for marketing yet in order to give the fund manager the possibility to assess the\npotential of a market and facilitate their entry into different markets.","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 1"],[" Directive 2011/61/EU","Article 4 \u2013 paragraph 1 \u2013 point aea"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:30"},"new":["(aea) \u2018pre-marketing\u2019 means a direct or","indirect provision of information or","communication on investment strategies or","investment ideas by an EU AIFM or on its","behalf to potential professional investors","domiciled or registered in the Union in","order to test their interest in an AIF, or in a","compartment of an AIF, which is not yet","established or which is established, but not","yet notified for marketing in accordance","with Article 32, in that Member State","where the potential investors are","domiciled or have their registered office,","and which in each case does not amount","to an offer or placement to the investor to","invest in the units or shares of that AIF or","compartment."],"old":["(aea) \u2018\u2018pre-marketing\u2019 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professional investors domiciled","or registered in the Union in order to test","their interest in an AIF or in a","compartment of an AIF, which is not yet","established in that Member State where","the investors are domiciled or have their","registered office, and which does not","amount to an offer or placement to the","investor to invest in the units or shares of","that AIF or compartment."],"old":["(aea) \u2018\u2018pre-marketing\u2019 means a direct or","indirect provision of information on","investment strategies or investment ideas","by an AIFM or on its behalf to professional","investors domiciled or registered in the","Union in order to test their interest in an","","","AIF which is not yet established."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"116","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-117","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 1"],[" Directive 2011/61/EU","Article 4 \u2013 paragraph 1 \u2013 point aea"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:30"},"new":["(aea) \u2018\u2018pre-marketing\u2019 means a direct or","indirect provision of information on","investment strategies or investment ideas","by an AIFM, or on its behalf, to potential","professional investors in a Member State","in order to test their interest in an AIF, or a","compartment of an AIF, which is not yet","established, or which is established but not","yet notified for marketing in that Member","State in accordance with Article 32, which","in each case does not amount to an offer","or placement to the investor to invest in","the units or shares of that AIF.","Or. en","(applicable to respective Articles 3 of EuVECA and EuSEF Regulations)"],"old":["(aea) \u2018\u2018pre-marketing\u2019 means a direct or","indirect provision of information on","investment strategies or investment ideas","by an AIFM or on its behalf to professional","investors domiciled or registered in the","Union in order to test their interest in an","AIF which is not yet established.","","",""],"peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"117","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-118","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 1"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:30"},"new":["(aea) \u2018pre-marketing\u2019 means a direct or","indirect provision of information on","investment strategies or investment ideas","by an EU AIFM, or on its behalf, to","potential professional investors domiciled","or registered in the Union in order to test","their interest in an AIF, or a compartment","of an AIF, which is not yet notified for","marketing in the Member State where the","potential investors are domiciled or have","their registered office."],"old":["(aea) \u2018\u2018pre-marketing\u2019 means a direct or","indirect provision of information on","investment strategies or investment ideas","by an AIFM or on its behalf to","professional investors domiciled or","registered in the Union in order to test their","interest in an AIF which is not yet","established."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"118","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-119","justification":"The objective of the proposal is to reduce regulatory barriers to the cross-border distribution\nof investment funds in the EU. Additionally, potential professional investors may have an\ninterest in existing AIFs. Hence, AIFM should be able to refer to existing AIFs within pre-\nmarketing activities.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 1"],["Directive 2011/61/EU","Article 4 \u2013 paragraph 1 \u2013 point aea"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:30"},"new":["(aea) \u2018\u2018pre-marketing\u2019 means a direct or","indirect cross-border provision of","information on investment strategies or","investment ideas by an AIFM or on its","behalf to professional investors domiciled","or registered in the Union in order to test","their interest in an AIF."],"old":["(aea) \u2018\u2018pre-marketing\u2019 means a direct or","indirect provision of information on","investment strategies or investment ideas","by an AIFM or on its behalf to professional","investors domiciled or registered in the","Union in order to test their interest in an","AIF which is not yet established."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"119","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-120","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 introductory part"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:30"},"new":["1. Member States shall ensure that an","authorised AIFM may engage in pre-","marketing in the Union, excluding where","the information presented to potential","professional investors:","Or. en","(applicable to respective Articles 4a of EuVECA and EuSEF Regulations)"],"old":["1. Member States shall ensure that an","authorised EU AIFM may engage in pre-","marketing in the Union, excluding where","the information presented to potential","professional investors:","","",""],"peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"120","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-121","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point a"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:30"},"new":["deleted"],"old":["(a) relates to an established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"121","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-122","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point a"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:30"},"new":["deleted"],"old":["(a) relates to an established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"122","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-123","justification":"It should be possible to pre-market existing funds in Member States where they are not\nnotified for marketing yet in order to give the fund manager the possibility to assess the\npotential of a market and facilitate their entry into different markets.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point a"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:30"},"new":["deleted"],"old":["(a) relates to an established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"123","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-124","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point a"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:30"},"new":["deleted"],"old":["(a) relates to an established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"124","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-125","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point b"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:31"},"new":["deleted"],"old":["(b) contains reference to an","established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"125","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-126","justification":" It should be possible to pre-market existing funds in Member States where they are not\n notified for marketing yet in order to give the fund manager the possibility to assess the\n potential of a market and facilitate their entry into different markets.","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point b"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:31"},"new":["deleted"],"old":["(b) contains reference to an","established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"126","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-127","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point b"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:31"},"new":["deleted"],"old":["(b) contains reference to an","established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"127","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-128","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point b"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:31"},"new":["deleted"],"old":["(b) contains reference to an","established AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"128","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-129","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point c a (new)"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:31"},"new":["(c a) amounts to subscription forms or","similar documents whether in a draft or a","final 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For professional investors it is important to discuss with the AIFM detailed\ninvestment ideas and strategies. Consequently, this comprises the possibility to review draft\ndocuments and develop it to fit the investors needs.","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point d"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:31"},"new":["(d) amounts to a prospectus,","constitutional documents of a not-yet-","established AIF, offering documents,","subscription forms or similar documents","whether in a draft or a final form allowing","investors to take a final investment","decision."],"old":["(d) amounts to a prospectus,","constitutional documents of a not-yet-","established AIF, offering documents,","subscription forms or similar documents","whether in a draft or a final form allowing","investors to take an investment decision."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"131","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-132","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paragraph 1 \u2013 point d"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:31"},"new":["(d) amounts to constitutional","documents, a prospectus or offering","documents of a not-yet-established AIF in","a final form. 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AIFMs shall ensure that investors","do not acquire units or shares in an AIF","through pre-marketing activities and that","investors contacted as part of pre-","marketing may only acquire units or","shares in that AIF under marketing","permitted under Article 31 or 32.","In particular, any subscription by","professional investors, within 12 months","after the EU AIFM engaged in pre-","marketing, to units or shares of an AIF","referred to in the information provided in","the context of pre-marketing, or of an","AIF established as a result of the pre-","marketing shall be considered the result of","marketing and shall be subject to the","applicable notification procedures","referred to in Articles 31 and 32."],"old":["3. Subscription by professional","investors to units or shares of an AIF","established following the pre-marking in","accordance with paragraph 1 or to the","units or shares of AIFs managed or","marketed by the EU AIFM that had","engaged in pre-marketing of a not-yet-","established AIF with the similar features","shall be considered the result of marketing."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"136","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-137","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 3"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:31"},"new":["3. AIFMs shall ensure that investors","do not acquire units or shares in an AIF","through pre-marketing activities and that","investors contacted as part of pre-","marketing may only acquire units or","shares in that AIF under marketing","permitted under Articles 31 or 32. In","particular, any subscription by","professional investors, within 18 months","after the EU AIFM engaged in the pre-","marketing, to units or shares of an AIF","referred to in the information provided in","the context of pre-marketing, or of an","AIF established as a result of the pre-","marketing, shall be considered the result of","marketing and shall be subject to the","applicable notification procedures","referred to in Articles 31 and 32."],"old":["3. Subscription by professional","investors to units or shares of an AIF","established following the pre-marking in","accordance with paragraph 1 or to the","units or shares of AIFs managed or","marketed by the EU AIFM that had","engaged in pre-marketing of a not-yet-","established AIF with the similar features","shall be considered the result of marketing."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"137","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-138","justification":"Pre-marketing should not lead to circumvention of the passporting rules by reverse\nsolicitation. In order to guarantee legal certainty, it is however necessary to establish a direct\nlink between pre-marketing activities and the subscription.","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 3"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:31"},"new":["3. Subscription by professional","investors that were subject to pre-","marketing, within 18 months after the","AIFM engaged in pre-marketing, to units","or shares of an AIF referred to in the","information provided in the context of","pre-marketing activities by the EU AIFM","or on its behalf, or of an AIF established","as a result of those pre-marketing","activities, shall be considered the result of","marketing and shall be subject to the","applicable notification procedures","referred to in Article 31 and 32."],"old":["3. Subscription by professional","investors to units or shares of an AIF","established following the pre-marking in","","accordance with paragraph 1 or to the","units or shares of AIFs managed or","marketed by the EU AIFM that had","engaged in pre-marketing of a not-yet-","established AIF with the similar features","shall be considered the result of marketing."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"138","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-139","justification":" It needs to be ensured that pre-marketing does not materialize in a notification duty on basis\n of an established or non-established AIF. In order to ensure that only a final investment\n decision subsequent to a pre-marketing activity serves the ground for a notification, the\n reference to an not yet notified AIF or a compartment of an AIF is essential.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paraghraph 3"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:31"},"new":["3. AIFMs shall ensure that investors,","within 18 months of being contacted as","part of pre-marketing, may acquire units","or shares in the AIF or compartment of","the AIF referred to in the information","provided in the context of pre-marketing","or of an AIF or compartment of an AIF","notified in the Member State where the","potential investors are domiciled or have","their registered office as a result of the","pre-marketing only under marketing","permitted under Article 31 or 32."],"old":["3. Subscription by professional","investors to units or shares of an AIF","established following the pre-marking in","accordance with paragraph 1 or to the","units or shares of AIFs managed or","marketed by the EU AIFM that had","engaged in pre-marketing of a not-yet-","established AIF with the similar features","shall be considered the result of","marketing."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"139","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-140","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 3"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:31"},"new":["3. Subscription by professional","investors to units or shares of an AIF","established as a direct result of the pre-","marketing in accordance with paragraph 1","shall be accompanied with the applicable","marketing notification procedures."],"old":["3. Subscription by professional","investors to units or shares of an AIF","established following the pre-marking in","accordance with paragraph 1 or to the","units or shares of AIFs managed or","marketed by the EU AIFM that had","engaged in pre-marketing of a not-yet-","established AIF with the similar features","shall be considered the result of","marketing."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"140","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-141","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 3 a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:32"},"new":["3 a. Member States shall ensure that","an EU AIFM makes appropriate","arrangements such that information","relating to its pre-marketing activities is","available, and provided upon request, to","the competent authorities of its home","Member State and to the competent","authorities of the Member States in which","it has engaged in pre-marketing activities.","An EU AIFM shall ensure that its pre-","marketing activities are adequately","documented, including references to the","Member States, the periods of time in","which the pre-marketing activities took","place, as well as a brief summary","description of those activities, including","the information on the investment","strategies presented and, where relevant, a","list of the AIFs and compartments of","AIFs presented."],"old":["",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"141","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-142","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paragraph 3 a (new)"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:32"},"new":["3 a. AIFMs shall, on an ex-post basis,","provide an annual overview to their home","competent authority regarding their pre-","marketing activities. This overview shall","contain information about the Member","States and the period of time in which the","pre-marketing activities were undertaken,","and a description of the investment","strategies or investment ideas as well as,","where relevant, the list of the established","AIFs and their compartments referred to","in pre-marketing. The home competent","authority shall forward the overview to","the competent authorities of the","concerned Member State(s) in which the","pre-marketing activity took place."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"142","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Sven Giegold on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-143","justification":" Regarding the conditions for pre-marketing, we suggest to follow the Council position.","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 3a (new)"]],"meps":[96730],"meta":{"created":"2019-07-03T06:11:32"},"new":["3 a. For the purposes of the paragraph","3, the AIFM shall ensure that its pre-","marketing activity is adequately","documented.","AIFMs shall ensure that information","relating to its pre-marketing activities is","available, and provided upon request, to","its competent authorities after that activity","takes place and shall include the","reference to the Member States and the","period of time in which the pre-marketing","activities took place."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"143","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-144","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],[" Directive 2011/61/EU","Article 30a \u2013 paragraph 3 a (new)"]],"meps":[96880],"meta":{"created":"2019-07-03T06:11:32"},"new":["3 a. Member States shall ensure that","EU AIFMs report on an annual basis","about their pre-marketing activities,","including at least the reference to the","Member States, the period of time in","which the pre-marketing activities took","place, the description of the investment","strategies or investment ideas presented in","the course of the pre-marketing activities","and where relevant the list of the","established AIFs and their compartments."],"old":[""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"144","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-145","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 2"],["Directive 2011/61/EU","Article 30a \u2013 paragraph 3 b (new)"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:32"},"new":["3 b. A third party shall only engage in","activities referred to in paragraph 1 in a","host Member State on behalf of an","authorised EU AIFM where it is","authorised as an investment firm in","accordance with Directive 2014/65/EU, as","a credit institution in accordance with","Directive 2013/36/EU, as a UCITS","management company in accordance with","Directive 2009/65/EC, as an alternative","investment fund manager in accordance","with Directive 2011/61/EU, or acts as a","tied agent."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"145","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-146","justification":" In order to guarantee that the competent authorities of a host Member State has the\n appropriate overview to comply with its supervisory tasks, they should be informed about\n these rejected changes.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 4 \u2013 point a"],["Directive 2011/61/EU","Article 32 \u2013 paragraph 7 \u2013 subparagraph 2"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:32"},"new":["If, pursuant to a planned change, the","AIFM\u2019s management of the AIF would no","longer comply with this Directive or the","AIFM would otherwise no longer comply","with this Directive, the competent","authorities shall inform the AIFM within","15 working days that it is not to implement","the change. The competent authorities of","the AIFM home Member State shall,","without delay, inform the competent","authorities of the AIFM host Member","State about the planned change, its","assessment of it and if it was implemented","or not."],"old":["If, pursuant to a planned change, the","AIFM\u2019s management of the AIF would no","longer comply with this Directive or the","AIFM would otherwise no longer comply","with this Directive, the relevant competent","authorities shall inform the AIFM within","20 working days that it is not to implement","the change."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"146","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-147","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 4 \u2013 point b"],[" Directive 2011/61/EU","Article 32 \u2013 paragraph 7\u2013 subparagraph 4"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:32"},"new":["If the changes do not affect the compliance","of the AIFM\u2019s management of the AIF","with this Directive, or the compliance by","the AIFM with this Directive otherwise,","the competent authorities of the home","Member State of the AIFM shall, without","undue delay, and no later than within 15","working days, inform the competent","authorities of the host Member State of the","AIFM of those changes."],"old":["If the changes do not affect the compliance","of the AIFM\u2019s management of the AIF","with this Directive, or the compliance by","the AIFM with this Directive otherwise,","the competent authorities of the home","Member State of the AIFM shall within","one month inform the competent","authorities of the host Member State of the","AIFM of those changes."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"147","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-148","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Directive 2011/61/EU","Article 32a \u2013 paragraph 1 \u2013 introductory part"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:32"},"new":["1. Member States shall ensure that an","EU AIFM may proceed to the","denotification of the marketing of units or","shares of an EU AIF that it manages in the","Member State where a notification of its","marketing activities has been transmitted in","accordance with Article 32, where all of","the following conditions are fulfilled:"],"old":["1. Member States shall ensure that an","EU AIFM may discontinue marketing","units or shares of an EU AIF that it","manages in the Member State where a","notification of its marketing activities has","been transmitted in accordance with Article","32, where all of the following conditions","are fulfilled:"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"148","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-149","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Directive 2011/61/EU","Article 32a \u2013 paragraph 1 \u2013 introductory part"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:32"},"new":["1. Member States shall ensure that an","EU AIFM may discontinue marketing units","or shares of an EU AIF that it manages in","the Member State where a notification of","its marketing activities has been","transmitted in accordance with Article 32."],"old":["1. Member States shall ensure that an","EU AIFM may discontinue marketing units","or shares of an EU AIF that it manages in","the Member State where a notification of","its marketing activities has been","transmitted in accordance with Article 32,","where all of the following conditions are","fulfilled:"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"149","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-150","justification":" clarification of wording","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2011/61/EU","Article 32a \u2013 paragraph 1 \u2013 introductory part"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:32"},"new":["1. Member States shall ensure that an","EU AIFM may de-notify its marketing","activities of units or shares of an EU AIF","in a Member State where a notification of","its marketing activities has been","transmitted in accordance with Article 32,","where all of the following conditions are","fulfilled:"],"old":["1. Member States shall ensure that an","EU AIFM may discontinue marketing","units or shares of an EU AIF that it","manages in the Member State where a","notification of its marketing activities has","been transmitted in accordance with Article","32, where all of the following conditions","are fulfilled:"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"150","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-151","justification":"The Directive should allow for a less burdensome de-registration as it aims to reduce\nregulatory burdens for cross-border distribution of investment funds. The requirements for\nde-registration still provide an effective investor protection.","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2011/61/EU","Article 32a \u2013 paragraph 1 \u2013 point a"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:32"},"new":["deleted"],"old":["(a) no investor, which is domiciled or","has a registered office in the Member","State, where a notification of its","marketing activities has been transmitted","in accordance with Article 32, holds units","or shares of that AIF or no more than 10","investors, which are domiciled or have a","registered office in that Member State,","hold units or shares of the AIF","representing less than 1 % of assets under","management of that AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"151","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-152","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Directive 2011/61/EU","Article 32a \u2013 paragraph 1 \u2013 point a"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:32"},"new":["(a) no retail investor, to the best","knowledge, upon reasonable inquiry, of","the AIFM, is domiciled in that Member","State, where a notification of its marketing","activities has been transmitted in","accordance with Article 32, holds units or","shares of that AIF and professional","investors, to the best knowledge, upon","reasonable inquiry, of the AIFM, which","are domiciled or have a registered office in","that Member State, hold units or shares of","the AIF representing less than 5 % of","assets under management of that AIF;"],"old":["(a) no investor, which is domiciled or","has a registered office in the Member","State, where a notification of its marketing","activities has been transmitted in","accordance with Article 32, holds units or","shares of that AIF or no more than 10","investors, which are domiciled or have a","registered office in that Member State, hold","units or shares of the AIF representing less","than 1 % of assets under management of","that AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"152","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-153","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Directive 2011/61/EU","Article 32a \u2013 paragraph 1 \u2013 point a"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:32"},"new":["(a) where the investors, to the best","knowledge, upon reasonable inquiry, of","the AIF, are domiciled or have a","registered office in the Member State","where a notification of AIF marketing","activities has been transmitted in","accordance with Article 32, hold the units","or shares of that AIF representing in total","less than 5 % of assets under management","of that AIF calculated on the basis of the","most recent valuation prior to the date of","submission of the notification letter","referred to in paragraph 2;"],"old":["(a) no investor, which is domiciled or","","has a registered office in the Member","State, where a notification of its marketing","activities has been transmitted in","accordance with Article 32, holds units or","shares of that AIF or no more than 10","investors, which are domiciled or have a","registered office in that Member State,","hold units or shares of the AIF","representing less than 1 % of assets under","management of that AIF;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"153","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-154","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],[" Directive 2009/65/EC","Article 32a \u2013 paragraph 1 \u2013 point b"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:33"},"new":["(b) with the exception of closed-ended","AIFs and funds regulated by Regulation","(EU) 2015/760, a blanket offer to","repurchase, free of any charges or","deductions, all its AIF units or shares held","by investors in the Member State, where a","notification of marketing activities has","been transmitted in accordance with Article","32, is made public at least for 30 working","days and is addressed, directly or through","financial intermediaries, individually to","all investors in that Member State whose","identity is known;"],"old":["(b) a blanket offer to repurchase, free","of any charges or deductions, all its AIF","units or shares held by investors in the","Member State, where a notification of its","marketing activities has been transmitted in","accordance with Article 32, is made public","at least for 30 working days and is","addressed individually to all investors in","that Member State whose identity is","known;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"154","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-155","justification":"Not all AIFs are open-ended and offer redemption on demand","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Directive 2011/61/EU","Article 32a \u2013 paragraph 1 \u2013 point b"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:33"},"new":["(b) in the case of an AIF that is open-","ended and offers frequent redemption","opportunities, a blanket offer to","repurchase, free of any charges or","deductions, all its AIF units or shares held","by investors in the Member State, where a","notification of its marketing activities has","been transmitted in accordance with Article","32, is made public at least for 30 working","days and is addressed individually to all","investors in that Member State whose","identity is known;"],"old":["(b) a blanket offer to repurchase, free","of any charges or deductions, all its AIF","units or shares held by investors in the","Member State, where a notification of its","marketing activities has been transmitted in","accordance with Article 32, is made public","at least for 30 working days and is","addressed individually to all investors in","that Member State whose identity is","known;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"155","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Barbara Kappel","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-156","justification":" Any discontinuing of marketing should not go along with the continuing of fees or charges\n levied by competent authorities. The amendment clarifies this point in order to avoid any\n inappropriate hurdles in this regards.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Directive 2011/61/EU","Article 32a \u2013 paragraph 4"]],"meps":[125024],"meta":{"created":"2019-07-03T06:11:33"},"new":["4. As long as investors remain","invested in the EU AIF after marketing is","discontinued:","(a) the AIFM shall continue providing","investors who remain invested in the EU","AIF with the information required under","Articles 22 and 23;","(b) the competent authorities of the","home Member State of the AIFM shall","continue to provide the competent","authorities of the Member State where the","marketing has been discontinued with the","information required to be provided to the","competent authorities of the host Member","State of the AIFM under Article 32;","(c) the competent authorities of the","Member State where the marketing has","been discontinued shall continue","exercising the rights and obligations","conferred on competent authorities of the","host Member State of the AIFM under","Article 45 of this Directive, but without","levying fees or charges to the AIF which","is not yet or no longer notified for","distribution for carrying out these","activities."],"old":["4. The AIFM shall continue providing","investors who remain invested in the EU","AIF with the information required under","Articles 22 and 23.",""],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"156","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-157","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 6 a (new)"],[" Directive 2011/61/EU","Article 43 \u2013 paragraph 2"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:33"},"new":["(6 a) In Article 43, paragraph 2 is","replaced by the following:","\"2. Member States that permit the","marketing of AIFs to retail investors in","their territory shall, by 22 July 2014,","inform the Commission and ESMA of:","(a) the types of AIF which AIFMs may","market to retail investors in their territory;","(b) any additional requirements that the","Member State imposes for the marketing of","AIFs to retail investors;","(ba) a description of the facilities","referred to in Article 43a;","(bb) the details necessary for the","invoicing of any applicable regulatory","fees or charges by the competent authority","of the host Member State.","Member States shall also inform the","Commission and ESMA of any subsequent","changes with regard to the first","subparagraph.\"","Or. en","(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32011L0061)"],"old":["2. Member States that permit the","marketing of AIFs to retail investors in","their territory shall, by 22 July 2014,","inform the Commission and ESMA of:","(a) the types of AIF which AIFMs may","market to retail investors in their territory;","(b) any additional requirements that the","","Member State imposes for the marketing of","AIFs to retail investors.","Member States shall also inform the","Commission and ESMA of any subsequent","changes with regard to the first","subparagraph.","","","",""],"peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"157","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-158","justification":"AIFMD does not confer any market rights on AIFMs to access retail investors in another\nMember State and it is therefore inappropriate and disproportionate to impose harmonised\nobligations on AIFMs in that regard.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 7"],["Directive 2011/61/EU","Article 43a"]],"meps":[33569],"meta":{"created":"2019-07-03T06:11:33"},"new":["deleted","Without prejudice to Article 26 of","provide investors with information","facilitate the handling of","make available to investors for","fund rules or instruments of","provide investors with information","Member States shall not require","The AIFM shall ensure that the","their tasks are performed in the","their tasks are performed by AIFM"],"old":["(7) the following Article 43a is","inserted:","\u2018Article 43a","Facilities available to retail investors","1.","Regulation (EU) 2015/76028 , Member","States shall ensure that an AIFM","establishes, in each Member State where","it intends to market units or shares of an","AIF to retail investors, facilities to","perform the following tasks:","(a) process investors\u2019 subscription,","payment, repurchase and redemption","orders relating to the units or shares of","the AIF, in accordance with the","conditions set out in the AIF\u2019s marketing","","documents;","(b)","on how orders referred to in point (a) can","be made and how repurchase and","redemption proceeds are paid;","(c)","information relating to the exercise of","investors\u2019 rights arising from their","investment in the AIF in the Member","State where the AIF is marketed;","(d)","inspection and for the obtaining copies of:","(i)","incorporation of the AIF;","(ii) the latest annual report of the","AIF;","(e)","relevant to the tasks the facilities perform","in a durable medium as defined in Article","2(1)(m) of Directive 2009/65/EC.","2.","an AIFM to have a physical presence for","the purpose of paragraph 1.","3.","facilities referred to in paragraph 1 are of","the following types and have the following","characteristics:","(a)","official language or official languages of","the Member State where the AIF is","marketed;","(b)","itself or a third entity, subject to","regulation governing the tasks to be","performed, or both.","For the purposes of point (b), where the","facilities are performed by a third entity","this appointment shall be evidenced by a","written contract, which specifies which of","the tasks specified in paragraph 1 are not","performed by the AIFM and that the third","entity receives all the relevant information","and documents from the AIFM.\u2019","","","__________________","28","Regulation (EU) 2015/760 of the","European Parliament and of the Council","of 29 April 2015 on European long-term","investment funds OJ L 123, 19.5.2015, p.","9."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"158","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-159","justification":"This addition is important to guarantee that the competent authorities have a contact point in\nthe absence of a local physical presence.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 7"],["Directive 2011/61/EU","Article 43a \u2013 paragraph 1 \u2013 point ea (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:33"},"new":["(e a) act as contact point for","communication with the competent","authorities."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"159","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-160","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 7"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:33"},"new":["(a) their tasks are performed in the","official language or in one of the official","languages of the Member State where the","AIF is marketed or in a language","approved by the competent authorities of","that Member State;"],"old":["(a) their tasks are performed in the","official language or official languages of","the Member State where the AIF is","marketed;"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"160","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-161","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 7 a (new)"],[" Directive 2011/61/EU","Article 48"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:33"},"new":["(7 a) Article 48 is replaced by the","following:","\"Article 48","Administrative penalties","1. Member States shall lay down the","rules on measures and penalties applicable","to infringements of the national provisions","adopted pursuant to this Directive, and to","infringements of Article 2 of Regulation","(EU)----/--- [Regulation on facilitating","cross-border distribution of collective","investment funds and amending","Regulations (EU) No 345/2013 and (EU)","No346/2013], and shall take all measures","necessary to ensure that those rules are","enforced. Without prejudice to the","procedures for the withdrawal of","authorisation or to the right of Member","States to impose criminal penalties,","Member States shall ensure, in accordance","with their national law, that the appropriate","administrative measures can be taken or","administrative penalties be imposed against","the persons responsible where the","provisions adopted in the implementation","of this Directive have not been complied","with. Member States shall ensure that those","measures are effective, proportionate and","dissuasive.","2. Member States shall provide that","the competent authorities may disclose to","the public any measure or penalty that will","be imposed for infringement of the","provisions adopted in the implementation","of this Directive, and for infringements of","Article 2 of Regulation (EU)----/---","[Regulation on facilitating cross-border","distribution of collective investment funds","and amending Regulations (EU) No","345/2013 and (EU) No346/2013], unless","such disclosure would seriously jeopardise","the financial markets, be detrimental to the","interests of the investors or cause","disproportionate damage to the parties","involved.","3. ESMA shall draw up an annual","report on the application of administrative","measures and imposition of penalties in the","case of breaches of the provisions adopted","in the implementation of this Directive and","of Article 2 of Regulation (EU)----/---","[Regulation on facilitating cross-border","distribution of collective investment funds","and amending Regulations (EU) No","345/2013 and (EU) No346/2013] in the","different Member States. Competent","authorities shall provide ESMA with the","necessary information for that purpose.\"","Or. en","(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32011L0061)"],"old":["Article 48","Administrative penalties","1. Member States shall lay down the","rules on measures and penalties applicable","to infringements of the national provisions","adopted pursuant to this Directive and shall","take all measures necessary to ensure that","those rules are enforced. Without prejudice","to the procedures for the withdrawal of","authorisation or to the right of Member","States to impose criminal penalties,","Member States shall ensure, in accordance","with their national law, that the appropriate","administrative measures can be taken or","administrative penalties be imposed against","the persons responsible where the","provisions adopted in the implementation","of this Directive have not been complied","with. Member States shall ensure that those","measures are effective, proportionate and","dissuasive.","","2. Member States shall provide that","the competent authorities may disclose to","the public any measure or penalty that will","be imposed for infringement of the","provisions adopted in the implementation","of this Directive, unless such disclosure","would seriously jeopardise the financial","markets, be detrimental to the interests of","the investors or cause disproportionate","damage to the parties involved.","3. ESMA shall draw up an annual","report on the application of administrative","measures and imposition of penalties in the","case of breaches of the provisions adopted","in the implementation of this Directive in","the different Member States. Competent","authorities shall provide ESMA with the","necessary information for that purpose.","","","",""],"peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"161","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-162","justification":" This addition is important to guarantee that the competent authorities have a contact point in\n the absence of a local physical presence.","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 7 a (new)"],["Directive 2011/61/EU","Annex IV \u2013 point 1 \u2013 point h a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:33"},"new":["(7a) In Annex IV, the following point is","added:","'(ha) information and the address","necessary for the invoicing or","communicating of any applicable","regulatory fees or charges;'"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"162","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-163","justification":" This addition is important to guarantee that the competent authorities of the host Member\n State is informed about which facilities are available for retail investors.","location":[[" Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 7"],[" Directive 2011/61/EU","Annex IV \u2013 point 1 \u2013 point h b (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:33"},"new":["(7b) In Annex IV, the following point is","added:","'(hb) an indication of the facilities for","performing the tasks referred to in Article","43a.'"],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"163","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Alain Lamassoure","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-164","location":[["Proposal for a directive","Article 2 \u2013 paragraph 1 \u2013 point 7 b (new)"],["Directive 2011/61/EU","Annex IV"]],"meps":[1204],"meta":{"created":"2019-07-03T06:11:33"},"new":["(7 a) In Annex IV, the following points","(ha) and (hb) are added:","\u2018(ha) a description of the facilities","referred to in Article 43a;","(hb) the information necessary for the","invoicing of any applicable regulatory","fees or charges by the competent authority","of the host Member State.\u2019","Or. en"],"old":["","","","(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32011L0061)"],"peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"164","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":"Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-165","location":[["Proposal for a directive","Article 4 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:33"},"new":["The Commission shall present a report,","and if appropriate, legislative proposals,","as a result of an investigation of all","provisions in the Directive 2011/61/EU, in","the context of their application in the","scenario of a passporting regime for Non-","EU AIFM, and before Article 35 and","Articles 37 to 41 of Directive 2011/61/EU","become applicable, especially focussing","on the potential unlevel playing field","between EU AIFMs and Non-EU AIFMs","with the perspective that EU AIFMs","should not be disadvantaged."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"165","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"},{"authors":" Mady Delvaux","changes":{},"committee":["ECON"],"date":"2018-10-24T00:00:00","id":"PE629.583-166","location":[[" Proposal for a directive","Article 4 a (new)"]],"meps":[124776],"meta":{"created":"2019-07-03T06:11:34"},"new":["Article 4 a","Review","By ... [date to be at least 12 months after","the evaluation under Article 4], the","Commission shall present a report on the","application of this Directive. That report","shall assess, inter alia, the possibility of","harmonising provisions applicable to","UCITS concerning pre-marketing to","professional investors, keeping in mind","the fact that UCITS is a product designed","for retail clients and that this character","should be preserved."],"orig_lang":"en","peid":"PE629.583v01-00","reference":"2018/0041(COD)","seq":"166","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-629583_EN.pdf"}],"changes":{"2018-03-20T04:52:18":[{"data":[{"body":"EC","commission":[],"date":"2018-03-12T00:00:00","docs":[{"celexid":"CELEX:52018PC0092:EN","title":"COM(2018)0092","type":"Legislative proposal published","url":"http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2018/0092/COM_COM(2018)0092_EN.pdf"}],"type":"Legislative proposal published"}],"path":["activities"],"type":"added"},{"data":[],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true},{"body":"EP","committee":"JURI","committee_full":"Legal Affairs","responsible":false}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"instrument":"Directive","legal_basis":["Treaty on the Functioning of the EU TFEU 053-p1"],"reference":"2018/0041(COD)","stage_reached":"Preparatory phase in Parliament","subject":["2.50 Free movement of capital","2.50.03 Securities and financial markets, stock exchange, CIUTS, investments","3.45.01 Company law"],"subtype":"Legislation","summary":["Amending Directive 2009/65/EC","Amending Directive 2011/61/EU","See also"],"title":"Cross-border distribution of collective investment funds: pre-marketing and de-notification","type":"COD - Ordinary legislative procedure (ex-codecision procedure)"},"path":["procedure"],"type":"added"}],"2018-03-22T06:24:10":[{"data":{"Commissioner":"KATAINEN Jyrki","DG":{"title":"Financial Stability, Financial Services and Capital Markets Union","url":"http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en"}},"path":["activities",0,"commission",0],"type":"added"},{"data":{"body":"EC","commissioner":"KATAINEN Jyrki","dg":{"title":"Financial Stability, Financial Services and Capital Markets Union","url":"http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en"}},"path":["other",0],"type":"added"}],"2018-09-12T15:21:01":[{"data":["
PURPOSE: to reduce regulatory barriers to the\ncross-border distribution of investment funds in the EU.
\nPROPOSED ACT: Directive of the European Parliament and\nof the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides in accordance with the ordinary legislative\nprocedure and on an equal footing with the Council.
\nBACKGROUND: this proposal should be seen in the\nbroader context of the Capital\nMarkets Union (CMU) action plan and the CMU\nMid-Term Review, to establish a genuine internal capital market\nby addressing fragmentation in the capital markets, removing\nregulatory barriers to the financing of the economy and increasing\nthe supply of capital to businesses.
\nInvestment funds are investment products created with\nthe sole purpose of pooling investors capital, and investing\nthat capital collectively through a portfolio of financial\ninstruments such as stocks, bonds and other securities. In the EU,\ninvestment funds can be categorised as undertakings for collective\ninvestment in transferable securities (UCITS) and alternative\ninvestment funds (AIFs) managed by alternative investment fund\nmanagers (AIFMs).
\nWhile EU investment funds have seen rapid growth, with\na total of EUR 14 310 billion in assets under management in June\n2017, the EU investment fund market is still predominantly\norganised as a national market:
\nRegulatory barriers,\nnamely Member States marketing requirements, regulatory fees\nand administrative and notification requirements represent a\nsignificant disincentive to the cross-border distribution of funds.\nThese barriers were identified in response to the Green\nPaper on Capital Markets Union.
\nThese new measures are expected to reduce the cost of\ngoing cross-border and should support a more integrated single\nmarket for investment funds. They should, in turn, should\nreduce market fragmentation, increase competition, and ultimately\nhelp to deliver greater choice and better value for investors in\nthe EU.
\nThis proposal is presented together with a proposed\ndedicated Regulation on facilitating cross-border distribution\nof collective investment funds and amending Regulations (EU) No\n345/2013 and (EU) No 346/2013.
\nIMPACT ASSESSMENT: following the evaluation of the\nstrategic options being considered, the policy choices are as\nfollows:
\nCONTENT: this proposal amends certain provisions of Directive\n2009/65/EC and Directive\n2011/61/EU to remove the current regulatory barriers to the\ncross-border distribution of investment funds in order to make\ntheir cross-border distribution simpler, faster and\ncheaper.
\nIts main elements are:
\nSupport for local investors\n(facilities): the proposal sets out\nrules to modernise and specify the requirements for providing\nfacilities to retail investors, a physical presence should not\nbe required by Member States. While requiring that facilities\nare established in each Member State where marketing activities are\ncarried out and which serve situations such as making\nsubscriptions, making payments or repurchasing or redeeming units,\nthis proposal allows fund managers to use electronic or other means\nof distance communication with investors. The information and means\nof communication should be available to investors in the official\nlanguages of the Member State where the investor is\nlocated.
\nThe requirements relating to facilities are also\napplied to AIFMs where Member States allow them to market units or\nshares of AIFs to retail investors in their territories.
\nDe-notification of the use of the marketing\npassport: the proposed Directive\nharmonises the conditions under which investment funds may exit\na national market. It creates the possibility for asset\nmanagers to stop marketing an investment fund in defined cases in\none or several host Member States.
\nAsset managers are allowed to de-notify the marketing\nof their UCITS only if a maximum of 10 investors who hold up to 1 %\nof assets under management of this UCITS have invested in this\nUCITS in an identified Member State. The competent authorities of\nthe home Member State of this UCITS will verify the compliance with\nthis requirement, including the transparency and publication\nrequirement for investors and the repurchase offer.
\nAll obligations to inform will continue to apply to\nremaining investors after de-notification of the marketing\nactivities in a Member State.
\nPre-marketing: the\nproposal also allows European asset managers to engage in\npre-market activities to test an investment idea or an investment\nstrategy with professional investors.
\nTherefore, this proposal lays down clear\nconditions, including thresholds, under which deregistration could\ntake place. The thresholds are indicative of when a fund manager\nmay consider that its activities have become insignificant in a\nparticular host Member State.
\nPURPOSE: to reduce regulatory barriers to the\ncross-border distribution of investment funds in the EU.
\nPROPOSED ACT: Directive of the European Parliament and\nof the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides in accordance with the ordinary legislative\nprocedure and on an equal footing with the Council.
\nBACKGROUND: this proposal should be seen in the\nbroader context of the Capital\nMarkets Union (CMU) action plan and the CMU\nMid-Term Review, to establish a genuine internal capital market\nby addressing fragmentation in the capital markets, removing\nregulatory barriers to the financing of the economy and increasing\nthe supply of capital to businesses.
\nInvestment funds are investment products created with\nthe sole purpose of pooling investors capital, and investing\nthat capital collectively through a portfolio of financial\ninstruments such as stocks, bonds and other securities. In the EU,\ninvestment funds can be categorised as undertakings for collective\ninvestment in transferable securities (UCITS) and alternative\ninvestment funds (AIFs) managed by alternative investment fund\nmanagers (AIFMs).
\nWhile EU investment funds have seen rapid growth, with\na total of EUR 14 310 billion in assets under management in June\n2017, the EU investment fund market is still predominantly\norganised as a national market:
\nRegulatory barriers,\nnamely Member States marketing requirements, regulatory fees\nand administrative and notification requirements represent a\nsignificant disincentive to the cross-border distribution of funds.\nThese barriers were identified in response to the Green\nPaper on Capital Markets Union.
\nThese new measures are expected to reduce the cost of\ngoing cross-border and should support a more integrated single\nmarket for investment funds. They should, in turn, should\nreduce market fragmentation, increase competition, and ultimately\nhelp to deliver greater choice and better value for investors in\nthe EU.
\nThis proposal is presented together with a proposed\ndedicated Regulation on facilitating cross-border distribution\nof collective investment funds and amending Regulations (EU) No\n345/2013 and (EU) No 346/2013.
\nIMPACT ASSESSMENT: following the evaluation of the\nstrategic options being considered, the policy choices are as\nfollows:
\nCONTENT: this proposal amends certain provisions of Directive\n2009/65/EC and Directive\n2011/61/EU to remove the current regulatory barriers to the\ncross-border distribution of investment funds in order to make\ntheir cross-border distribution simpler, faster and\ncheaper.
\nIts main elements are:
\nSupport for local investors\n(facilities): the proposal sets out\nrules to modernise and specify the requirements for providing\nfacilities to retail investors, a physical presence should not\nbe required by Member States. While requiring that facilities\nare established in each Member State where marketing activities are\ncarried out and which serve situations such as making\nsubscriptions, making payments or repurchasing or redeeming units,\nthis proposal allows fund managers to use electronic or other means\nof distance communication with investors. The information and means\nof communication should be available to investors in the official\nlanguages of the Member State where the investor is\nlocated.
\nThe requirements relating to facilities are also\napplied to AIFMs where Member States allow them to market units or\nshares of AIFs to retail investors in their territories.
\nDe-notification of the use of the marketing\npassport: the proposed Directive\nharmonises the conditions under which investment funds may exit\na national market. It creates the possibility for asset\nmanagers to stop marketing an investment fund in defined cases in\none or several host Member States.
\nAsset managers are allowed to de-notify the marketing\nof their UCITS only if a maximum of 10 investors who hold up to 1 %\nof assets under management of this UCITS have invested in this\nUCITS in an identified Member State. The competent authorities of\nthe home Member State of this UCITS will verify the compliance with\nthis requirement, including the transparency and publication\nrequirement for investors and the repurchase offer.
\nAll obligations to inform will continue to apply to\nremaining investors after de-notification of the marketing\nactivities in a Member State.
\nPre-marketing: the\nproposal also allows European asset managers to engage in\npre-market activities to test an investment idea or an investment\nstrategy with professional investors.
\nTherefore, this proposal lays down clear\nconditions, including thresholds, under which deregistration could\ntake place. The thresholds are indicative of when a fund manager\nmay consider that its activities have become insignificant in a\nparticular host Member State.
\n