Activities of Astrid LULLING related to 2009/0064(COD)
Plenary speeches (2)
Explanations of vote
Alternative investment fund managers (debate)
Amendments (54)
Amendment 175 #
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
Amendment 177 #
Proposal for a directive
Recital 5 b (new)
Recital 5 b (new)
Amendment 180 #
Proposal for a directive
Recital 5 ca (new)
Recital 5 ca (new)
(5a) This Directive should provide for a single AIFM for each AIF managed within the scope of the Directive, which should be responsible for the compliance with the requirements of this Directive. Depending on their legal form, AIF could be either externally or internally managed. AIF should be deemed internally managed when the management functions are performed by the governing body or any other internal resource of the AIF. Where the legal form of the AIF permits an internal management and where the AIFs governing body chooses not to appoint an external AIFM, the AIF and the AIFM are identical. In that case, the AIF is also an AIFM and should therefore comply with all requirements for AIFM under this Directive and be authorised as such. An AIFM which is an internally managed AIF should however not be authorised as the external manager of one or more other AIF. An AIF should be deemed externally managed when an external legal person has been appointed as manager by the AIF or on account of the AIF (the appointed AIFM), which through this appointment is responsible for managing the portfolio of the AIF. In either case only an internally managed AIF or an external AIFM should be able to delegate the portfolio management or risk management functions to other entities in accordance with Article 18. Where an external AIFM has been appointed to perform management functions in relation to a particular AIF, it should not be deemed to be providing the investment service of portfolio management, as defined by Article 4(1)(9) of Directive 2004/39/EC on Markets in Financial Instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC10, but should instead be deemed to be providing the function of collective portfolio management in accordance with this Directive.
Amendment 204 #
Proposal for a directive
Recital 8 a (new)
Recital 8 a (new)
(8a) AIF domiciled in the Union managed by an AIFM established in a third country which comply with the equivalent requirements of Article 39, do not have to comply with the requirements of this Directive and are not considered as self- managed AIF. Such AIF do not benefit from the passport created by the Directive but Member States may permit professional investors domiciled on their territory to invest at their own initiative in such AIF.
Amendment 219 #
Proposal for a directive
Recital 12
Recital 12
(12) It is necessary to ensure that AIFM operate subject to robust governance controls. AIFM should be managed and organised so as to minimise conflicts of interest. Recent developments underline the crucial need to separate asset safe- keeping and management functions, and segregate investor assets from those of the manager. To this end, the AIFM has to appoint a depositary and entrust it with the booking of investor mverifying that AIF cash is placed on deposit appropriately with oney on a segregated accountr more approved credit institutions, the safe- keeping of financial instruments and the verification of whether the AIF or the AIFM on behalf of the AIF has obtained ownership of all other assetsentitlements in them and verifying the maintenance of records demonstrating the nature and means of ownership and location of assets of the AIF.
Amendment 269 #
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) In order to further the development of the internal market, to improve the product range and efficiency of AIF offered to investors established in the Union and to strengthen the European Alternative Investment Fund Industry, this Directive should encourage, wherever possible, measures that promote the creation or expansion of alternative investment fund management businesses established in the Union and the creation of AIF established in Member States. The Commission, in developing the delegated acts, should ensure that a level playing field exists and that Member States do not allow AIF and AIFM established in third countries to enjoy conditions to operate and place their products with investors established in the Union, which are more favourable than those that apply to AIF and AIFM established in the Union.
Amendment 298 #
Proposal for a directive
Recital 27
Recital 27
(27) In particular the Commission should be empowered to adopt the measures necessary for the implementation of this Directive. In this respect, the Commission should be able to adopt measures determining the procedures under which AIFM managing portfolios of AIF whose assets under management do not exceed the threshold set out in this Directive may exercise their right to be treated as AIFM covered by this Directive. These measures are also designed to specify the criteria to be used by competent authorities to assess whether AIFM comply with their obligations as regards their conduct of business, the type of conflicts of interests AIFM have to identify, as well as the reasonable steps AIFM are expected to take in terms of internal and organizational procedures in order to identify, prevent, manage and disclose conflicts of interest. They are designed to specify the risk management requirements to be employed by AIFM as a function of the risks which the AIFM incurs on behalf of the AIF that it manages as well as any arrangements needed to enable AIFM to manage the particular risks associated with short selling transactions, including any relevant restrictions that might be needed to protect the AIF from undue risk exposures. They are designed to specify the liquidity management requirements of this Directive and in particular the minimum liquidity requirements for AIF. They are designed to specify the requirements that originators of securitisation instruments have to meet in order for an AIFM to be allowed to invest in such instruments issued after 1 January 2011. They are as well designed to specify the requirements that AIFM have to comply with when investing in such securitisation instruments. They are designed to specify the criteria under which a valuator can be considered independent in the meaning of this Directive. They are designed to specify the conditions under which the delegation of AIFM functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the AIF in case of excessive delegation. They are designed to specify the content and format of the annual report that AIFM have to make available for each AIF they manage and to specify the disclosure obligations of AIFM to investors and reporting requirements to competent authorities as well as their frequency. They are designed to specify the disclosure requirements imposed on AIFM as regards leverage and the frequency of reporting to competent authorities and of disclosure to investors. They are designed to setting limits to the level of leverage AIFM can employ when managing AIF They are designed to determine the detailed content and the way AIFM acquiring controlling influence in issuers and non-listed companies should fulfil their information obligation towards issuers and non-listed companies and their respective shareholders and representatives of employees, including the information to be provided in the annual reports of the AIF they manage. They are designed to specify the types of restrictions or conditions that can be imposed on the marketing of AIF to professional investor in the home Member State of the AIFM. They are designed to specify general criteria for assessing equivalence of valuation standards of third countries where the valuator is established in a third country, the equivalence of legislation of third countries regarding depositaries and, for the purpose of the authorisation of AIFM established in third countries, the equivalence of prudential regulation and ongoing supervision. They are designed to specify general criteria for assessing whether third countries grant Community AIFM effective market access comparable to that granted by the Community to AIFM from third countries. They are designed to specify the modalities, content and frequency of exchange of information regarding AIFM between the competent authorities of the home Member State of the AIFM and other competent authorities where the AIFM individually or collectively with other AIFM may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets. They are designed to specify the procedures for on- delegated acts necessary for the implementation of this Directive in accordance with Article 290 of the Treaty designed to specify the criteria to be used by competent authorities to assess whether AIFM comply with their obligations as regards their conduct of business, the type of conflicts of interests AIFM have to identify, as well as the reasonable steps AIFM are expected to take in terms of internal and organisational procedures in order to identify, prevent, manage and disclose conflicts of interest. They should also be designed to specify the risk management requirements to be employed by AIFM as a function of the risks which the AIFM incurs on behalf of the AIF that it manages. They should also be designed to specify the liquidity management systems and procedures that AIFM are to employ. They should also be designed to specify the requirements that originators of securitisation instruments have to meet in order for an AIFM to be allowed to invest in such instruments issued after 1 January 2011. They should also be designed to specify the requirements that AIFM have to comply with when investing in such securitisation instruments. They should also be designed to specify the procedures for the proper valuation of the assets and shares or units of AIF. They should also be designed to specify as regards depositaries the modalities for the segregation of payments in different accounts, the notions of safe- keeping and custody, including the modalities for the segregation of financial instruments and entitlements in them in different accounts, the determination of when financial instruments or entitlements in them can be kept or maintained, are subject to regular trading and when there is a loss of financial instruments or entitlements in them, the oversight duties of depositaries, the conditions for delegation, including the due diligence duties of depositaries and the need for cooperation agreements with other jurisdictions and the conditions for approval of depositaries, including an assessment of whether the depositary can furnish sufficient financial and professional guarantees to be able effectively to perform the relevant depositary functions and meet the commitments inherent in those functions. They should also be designed to specify the conditions under which the delegation of AIFM functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the AIF in case of excessive delegation. They should also be designed to specify the content and format of the annual report that AIFM have to make available for each AIF they manage and to specify the disclosure obligations of AIFM to investors and reporting requirements to competent authorities as well as their frequency. They should also be designed to specify the disclosure requirements imposed on AIFM, particularly with regard to leverage and the frequency and format of reporting to competent authorities and of disclosure to investors. They should also be designed to specify when leverage is considered to be employed on a systematic basis. They should also be designed to specify the principles competent authorities should use when considering implementation of limits on leverage. They should also be designed to specify the modalities, content and frequency of exchange of information regarding AIFM between the competent authorities of the home Member State of the AIFM and other competent authorities where the AIFM individually or collectively with other AIFM may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets. They should also be designed to specify the procedures for on-the-spot verifications and investigations.
Amendment 314 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 - introductory part
Article 2 – paragraph 1 – subparagraph 1 - introductory part
1. This Directive shall apply to all AIFM established in the Community, which provide management services toUnion which manage one or more alternative investment funds (AIF), irrespective of:
Amendment 318 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
(a) whether the AIF is domicilestablished inside or outside of the CommunityUnion;
Amendment 321 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
Amendment 326 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 – point ca (new)
Article 2 – paragraph 1 – subparagraph 1 – point ca (new)
(ca) whether the AIF is constituted under contract law or trust law, under statute or under any other legal form.
Amendment 328 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 – point d
Article 2 – paragraph 1 – subparagraph 1 – point d
(d) the legal structure of the AIF and of the AIFM.
Amendment 330 #
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 a (new)
Article 2 – paragraph 1 – subparagraph 1 a (new)
In cases where the law under which the AIF is organised requires the establishment of a board of directors or any other governing body and the AIF does not designate an AIFM, then the AIF shall be considered as the AIFM for the purposes of this Directive.
Amendment 442 #
Proposal for a directive
Article 3 – point a
Article 3 – point a
(a) ‘Alternative investment fund’ or AIF means any collective investment undertaking, including investment compartments thereof whose object is the collective investment in assets and, (i) which raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and (ii) which does not require authorisation pursuant to Article 5 of Directive 2009/…65/EC [the UCITS Directive];
Amendment 447 #
Proposal for a directive
Article 3 – point a a (new)
Article 3 – point a a (new)
(aa) ‘established system of registration or indirect holding’ means participation in a regulated central securities depository or regulated international central securities depository by the depositary or a third- party to whom it has delegated, directly or indirectly, the functions set out in point (b) of Article 17(1) pursuant to the requirements set out in the second paragraph of Article 17(4);
Amendment 462 #
Proposal for a directive
Article 3 – point d
Article 3 – point d
(d) ‘management services’‘ means the activities of managing and administering one or more AIF on behalf of one or more investorsfunctions defined in the Annex;
Amendment 475 #
Proposal for a directive
Article 3 – point h a (new)
Article 3 – point h a (new)
Amendment 480 #
Proposal for a directive
Article 3 – point j a (new)
Article 3 – point j a (new)
(ja) ‘Competent authorities of a depositary’ means (i) if the depositary is a credit institution authorised under Directive 2006/48/EC, the competent authorities as defined in Article 4(4) of that Directive; (ii) if the depositary is an investment firm authorised under Directive 2004/39/EC, the home Member State as defined in Article 4(1)(22) of that Directive; (iii) if the AIF is domiciled in a third country, the national authorities of the country in which the depositary is authorised pursuant to Article 17(3)(b);
Amendment 709 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1
Article 16 – paragraph 1 – subparagraph 1
1. The AIFM shall ensure th, where appropriate, for each AIF that it manages, a valuator is appointed which isensure the functional independentce of the AIFM to establish the value of assets acquired by the AIF and the value of the shares and unvaluation function and the portfolio management function in view of the nature, scale and complexitsy of the AIFeach AIF that it manages.
Amendment 724 #
Proposal for a directive
Article 16 – paragraph 1 - subparagraph 2
Article 16 – paragraph 1 - subparagraph 2
The valuatorion procedures used shall ensure that the assets, and shares andor units are valued at least once a year, and each time shares or units of the AIF are issued or redeemed if this is more frequent. If the AIF is of the open-ended type, such valuations shall also be carried out at a frequency which is appropriate given the specificities of the underlying assets held by the fund and its issuance and redemption policy .
Amendment 746 #
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
Amendment 752 #
Proposal for a directive
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. Where an external valuer is used, the AIFM must be able to demonstrate that such third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the activity of the external valuer. The use of an external valuer shall not prevent the effectiveness of supervision by the AIFM, and, in particular, it must not prevent the AIFM from acting, or the AIF from being managed, in the best interests of its investors. Where an external valuer is not used, the competent authorities of the home Member State may require the AIFM to have its valuation procedures and/or valuations verified by an external valuer or, where appropriate, by an auditor. The home Member State may also require all valuation, whether carried out by the AIFM or by an external valuer, to be subject to oversight by the depositary.
Amendment 762 #
Proposal for a directive
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The rules applicable to the valuation of assets and the calculation of the net asset value per unit or shareshare or unit of the AIF shall be laid down in the law of the countryMember State where the AIF is domiciled established and/or in the AIF rules or instruments of incorporation.
Amendment 775 #
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1
Article 16 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measures further specifying the criteria under which a valuator can be considered independent in the meaning ofdelegated acts in accordance with Articles 49a, 49b and 49c further specifying the criteria concerning the procedures for the proper valuation of the assets and shares or units of AIF and the appropriate level of functional independence of the valuation function. Such acts shall also specify the appropriate frequency of valuation to be carried out by open-ended funds given the underlying assets held by the fund and its issuance and redemption policy. The Commission shall also adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying the criteria where there is a need for external verification as referred to in paragraph 1. 2a.
Amendment 791 #
Proposal for a directive
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. For each AIF it manages, the AIFM shall ensure that a single depositary is appointed to fulfil, where relevant, the following taskdepositary functions:
Amendment 799 #
Proposal for a directive
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) receive all payments made by investorverify that AIF cash placed on deposit is when subscribing units or shares of an AIF managed by the AIFM and book them on behalf of the AIFM in a segregated accountld with one or more approved credit institution(s), including the depositary if it is an approved credit institution;
Amendment 807 #
Proposal for a directive
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) safe-keep any financial instruments which belong to the AIF, namely: (i) hold in custody all financial instruments that are physically delivered to the depositary; and (ii) maintain all entitlements in financial instruments credited to the AIF through an established system of registration or indirect holding. All such financial instruments are to be segregated from the assets of the depositary or any third party appointed in accordance with paragraph 4 and clearly identified on the books of the depositary or third party as belonging to the AIF;
Amendment 810 #
Proposal for a directive
Article 17 – paragraph 1 – point b a (new)
Article 17 – paragraph 1 – point b a (new)
(ba) ensure that the financial instruments referred to in point (b) may not be re-used without prior consent from the AIFM, and such consent has not been withdrawn;
Amendment 815 #
Proposal for a directive
Article 17 – paragraph 1 – point c
Article 17 – paragraph 1 – point c
(c) verify whether the AIF or the AIFM on behalf of the AIF has obtained the ownership of all otherthe maintenance of records demonstrating the nature and means of ownership and location of assets of the AIF invests inother than those referred to in points (a) and (b).
Amendment 852 #
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 1
Article 17 – paragraph 2 – subparagraph 1
2. An AIFM shall not act as depositary of an AIF of which it is the AIFM.
Amendment 857 #
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 2
Article 17 – paragraph 2 – subparagraph 2
Amendment 908 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. DThe depositaries may delegate their tasks to other depositaries. y may delegate to third parties the functions referred to in paragraph 1. The third party may in turn sub-delegate these functions. Where the depositary uses the services of a third party in furtherance of the function set out in point (b) of paragraph 1, it must determine that the following conditions are satisfied, having regard to the nature and profile of the relevant AIF: (a) the third party is subject to the adequate level of supervision in the jurisdiction concerned; (b) the third party has structures and expertise that are adequate and proportionate to the nature and scale of the entitlements in financial instruments belonging to the AIF; (c) the third party is subject to periodic audit to ensure that the financial instruments and other securities are in its possession; (d) the third party segregates the financial instruments and other securities from its own assets; and (e) the third party may not make use of the financial instruments without prior consent from the AIFM, and the depositary and such consent has not been withdrawn; in cases of sub-delegation, the required prior consent must be given by the depositary.
Amendment 925 #
Proposal for a directive
Article 17 – paragraph 4 e (new)
Article 17 – paragraph 4 e (new)
4e. The depositary shall exercise all due skill, care and diligence for the selection, appointment and periodic review of any third party as referred to in paragraph 4.
Amendment 930 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 1
Article 17 – paragraph 5 – subparagraph 1
5. The depositary shall be liable to the AIFM and or the investors of the AIF for anycollectively for losses suffered by them as a result of its unjustifiable failure to perform or of its improper performance of its obligations pursuant to this Directiveparagraphs 1, 2, 4 and 4a.
Amendment 936 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2
Article 17 – paragraph 5 – subparagraph 2
Amendment 943 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2 a (new)
Article 17 – paragraph 5 – subparagraph 2 a (new)
In the event of loss of financial instruments held in custody in accordance with point (b)(i) of paragraph 1, or due to the depositary’s unjustifiable failure to maintain entitlements to financial instruments according to point (b)(ii) of paragraph 1, the depositary shall return the assets or the corresponding amount to the AIF without undue delay. In the event of delegation to a third party in accordance with paragraph 4, the depositary may discharge itself of this liability if it can prove that it has fulfilled its obligations pursuant to paragraphs 4 and 4a. However, where the depositary is so discharged, unless the AIF may do so itself under applicable law and market practice, the depositary shall take such action against the third party as may be reasonably required under the circumstances in order to recover for the AIF the lost financial instruments (with reasonable costs and expenses incurred by the depositary to be borne by the AIF).
Amendment 961 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3
Article 17 – paragraph 5 – subparagraph 3
Amendment 966 #
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3 a (new)
Article 17 – paragraph 5 – subparagraph 3 a (new)
Liability under paragraph 4b and under this paragraph shall not apply in circumstances beyond the control of the depositary, including, inter alia, force majeure, market conditions, terms or conditions imposed by market infrastructure organisations or by participation in market infrastructure systems.
Amendment 972 #
Proposal for a directive
Article 17 – paragraph 5 a (new)
Article 17 – paragraph 5 a (new)
5a. The depositary shall make available on request to the competent authorities of its home Member State all information which it has obtained while undertaking its duties and that may be necessary for the competent authorities to supervise the AIFM. If the home Member State of the AIFM is different from that of the depositary, the competent authorities of the home Member State of the depositary shall share the information received without delay with the competent authorities of the home Member State of the AIFM.
Amendment 979 #
Proposal for a directive
Article 17 – paragraph 5 f (new)
Article 17 – paragraph 5 f (new)
5f. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c further specifying: (a) the means and methods for placing deposits with approved credit institutions; (b) the functions of safe-keeping and custody, including the means and methods for the segregation of financial instruments in different accounts and when there is a loss of financial instruments; (c) the conditions for delegation, including the due diligence duties of depositaries and the need for cooperation agreements with other jurisdictions; (d) the conditions for approval of depositaries, including an assessment of whether the depositary can provide sufficient financial and professional guarantees to be able to effectively perform the relevant depositary functions and meet the commitments inherent to those functions. These acts, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the procedure referred to in Article 290 of the Treaty on the Functioning of the European Union.
Amendment 985 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 1
Article 18 – paragraph 1 – subparagraph 1
1. AIFM which intend to delegate to third parties the task of carrying out on their behalf one or more of their own functions shall request prior authorisation fromnotify the competent authorities of the home Member State befor eache the delegation arrangements become effective.
Amendment 988 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point a
Article 18 – paragraph 1 – subparagraph 2 – point a
(a) the third party must be creditworthy and the persons who effectively conduct the business of the third party must be of sufficiently good repute and sufficiently experienced;
Amendment 994 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point b
Article 18 – paragraph 1 – subparagraph 2 – point b
(b) where the delegation concerns the portfolio management or the risk management, the third party must also be authorised as an AIFM to manage an AIF of the same typemandate shall be given only to undertakings which are authorised or registered for the purpose of asset management and subject to supervision; where this condition cannot be satisfied, delegation may only be given on the condition of prior authorisation by the competent authorities of the home Member State. Where the third party is established in a third country, it must comply with the conditions set out in Article 39;
Amendment 999 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point b a (new)
Article 18 – paragraph 1 – subparagraph 2 – point b a (new)
(ba) where the delegation concerns the portfolio management or the risk management and is given to a third- country undertaking, in addition to the requirement in point (b), co-operation between the competent authorities of the home Member State and the supervisory authority of the undertaking shall be ensured;
Amendment 1000 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point b b (new)
Article 18 – paragraph 1 – subparagraph 2 – point b b (new)
(bb) where the delegation concerns administration services to AIF referred to in Item 2. of Annex I, the mandate shall be given only to undertakings which are authorised or registered for the relevant purpose and subject to supervision in their home Member State; where this condition cannot be satisfied, delegation may only be given on the condition of prior authorisation by the competent authorities of the home Member State;
Amendment 1001 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point c
Article 18 – paragraph 1 – subparagraph 2 – point c
(c) the delegation shall not prevent the effectiveness of supervision of the AIFM, and in particular it must not prevent the AIFM from acting, or the AIF from being managed, in the best interests of the AIF or its investors collectively;
Amendment 1002 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 2 – point d
Article 18 – paragraph 1 – subparagraph 2 – point d
(d) the AIFM must be able to demonstrate that the third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the delegated activity, to give at any time further instructions to the third party and to withdraw the delegation with immediate effect when this is in the interest of investors collectively.
Amendment 1006 #
Proposal for a directive
Article 18 – paragraph 1 – subparagraph 3
Article 18 – paragraph 1 – subparagraph 3
No delegation shall be given to the depositary, the valuator, of investment management services referred to in Item 1. of Annex I shall be given to the depositary or to a delegate of the depositary nor to any other undertaking whose interests may conflict with those of the AIFM or itsthe investors of the AIF unless those conflicts can be managed.
Amendment 1010 #
Proposal for a directive
Article 18 – paragraph 2
Article 18 – paragraph 2
2. In no case shall the AIFM's liability be affected by the fact that the AIFM has delegatedThe liability of the AIFM shall not be affected by delegation by the AIFM of any functions to a third party, nor shall the AIFMies. The AIFM shall not delegate its functions to the extent that, in essence, it can no longer be considered to be the manager of the AIFt becomes a letter-box entity.
Amendment 1019 #
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
3. The third party may not sub-delegate any of the functions delegated to it provided that the conditions laid down in paragraph 1 are fulfilled.
Amendment 1023 #
Proposal for a directive
Article 18 – paragraph 4
Article 18 – paragraph 4
Amendment 1557 #
Proposal for a directive
Article 39 – paragraph 1 –introductory part
Article 39 – paragraph 1 –introductory part
1. Member States may authorise, in accordance with this Direcpermit professional investors in the Union to invest, on their own initiative, in AIFM established in a third country to market units or shares of an AIF to professional investorswithin the Union or in a third country and managed by an AIFM established in a the Communitird country under the conditions of this Directive, provided that:
Amendment 1663 #
Proposal for a directive – amending act
Article 54 – paragraph 1 – subparagraph 2 a (new)
Article 54 – paragraph 1 – subparagraph 2 a (new)
During that three-year period, Member States may permit professional investors in the Union to invest, on their own initiative, in AIF that are established within the Union or in a third country and managed by an AIFM established in a third country, without fulfilling the conditions set out in Article 39.
Amendment 1664 #
Proposal for a directive – amending act
Annex I a (new)
Annex I a (new)