12 Amendments of Barbara KAPPEL related to 2018/0041(COD)
Amendment 80 #
Proposal for a directive
Recital 11
Recital 11
(11) For pre-marketing to be recognised as such under this Directive 2011/61/EU, 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 followof 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 ing 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 solicitationinformation 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.
Amendment 97 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1 – subparagraph 1 – introductory part
Article 93a – paragraph 1 – subparagraph 1 – introductory part
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:.
Amendment 99 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 1 – subparagraph 1 – point a
Article 93a – paragraph 1 – subparagraph 1 – point a
Amendment 110 #
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/65/EC
Article 93a – paragraph 4
Article 93a – paragraph 4
4. TAs 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.
Amendment 119 #
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point aea
Article 4 – paragraph 1 – point aea
(aea) ‘‘pre-marketing’ 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 which is not yet established.
Amendment 122 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point a
Article 30a – paragraph 1 – point a
Amendment 128 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point b
Article 30a – paragraph 1 – point b
Amendment 131 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paragraph 1 – point d
Article 30a – paragraph 1 – point d
(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 final investment decision.
Amendment 139 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2011/61/EU
Article 30a – paraghraph 3
Article 30a – paraghraph 3
3. Subscription by professional investors to units or shares of an AIF established following theAIFMs shall ensure that investors, within 18 months of being contacted as part of pre-marketing 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, 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.
Amendment 149 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2011/61/EU
Article 32a – paragraph 1 – introductory part
Article 32a – paragraph 1 – introductory part
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:.
Amendment 151 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2011/61/EU
Article 32a – paragraph 1 – point a
Article 32a – paragraph 1 – point a
Amendment 156 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Directive 2011/61/EU
Article 32a – paragraph 4
Article 32a – paragraph 4
4. TAs 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.