12 Amendments of Thomas MANN related to 2009/0064(COD)
Amendment 161 #
Proposal for a directive
Recital 5
Recital 5
(5) The scope of this Directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk-spreading for the benefit of those investors. This Directive should not apply to the management of pensionrs of non-pooled investments such as endowments, sovereign wealth funds orto the managers of non-pooled investments such as endowments, sovereign wealth funds orment of portfolios of investments in accordance with mandates given by investors on a discretionary, client-by-client basis or to any other form of individual portfolio management, or to the management of assets hoeld on own account by credit institutions, insurance or reinsurance undertakings. This Directive should neither apply to actively managed investments in the form of securities, such as certificates, managed futures, or index- linkee exemptions provided for in this Directive should be applicable in so far as AIFM comply with the conditions to which those exemptions are subject on a continuous basis. This Directive should, furthermore, not apply to the management of pension funds or institutions which manage funds supporting social security and public pension systems, or to securitisation vehicles. This Directive should also not apply to the management of collective investment undertakings which are authorised in accordance with national law and bonds. Itly marketed in their home Member State. This Directive should, however, cover managers of all collective investment undertakings which are not required to be authorised as UCITS. Investment firms authorised under Directive 2004/39/EC on Markets in Financial Instruments should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF. Investment firms can however only provide investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive.
Amendment 228 #
Proposal for a directive
Recital 13
Recital 13
(13) Reliable and objective asset valuation is crucial for the protection of investor interests. Different AIFM employ different methodologies and systems for valuing assets, depending on the assets and markets in which they predominantly invest. It is appropriate to recognise these differences but to, nevertheless, require the valuation of assets to. The process for valuation of assets and calculation of the net asset value (NAV) should be fundertaken by an entity which is independent of the AIFM. ctionally independent from the management functions of the AIFM. Where appropriate, the AIFM should be able to delegate or assign the valuation of assets and calculation of the NAV to a third party.
Amendment 352 #
Proposal for a directive
Article 2 – paragraph 2 – point a a (new)
Article 2 – paragraph 2 – point a a (new)
(aa) Management companies authorised according to national law which provide management services to nationally regulated collective investment undertakings which are only marketed in their home Member State;
Amendment 360 #
Proposal for a directive
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(ba) AIFM, insofar as they manage one or more AIF whose only investors are the AIFM themselves or the parent undertakings or the subsidiaries of the AIFM or other subsidiaries of those parent undertakings, provided that none of those investors itself is an AIF;
Amendment 382 #
Proposal for a directive
Article 2 – paragraph 2 – point g i (new)
Article 2 – paragraph 2 – point g i (new)
Amendment 383 #
Proposal for a directive
Article 2 – paragraph 2 – point g j (new)
Article 2 – paragraph 2 – point g j (new)
(gj) special purpose vehicles set up with the objective of securitising certain assets.
Amendment 466 #
Proposal for a directive
Article 3 – point e
Article 3 – point e
(e) ‘Marketing’ means any general offering or placement of units or shares in an AIF to or with investors domiciled in the Community, regardless of at whose initiative the offer or placement takes placedirect or indirect public offering or placement, at the initiative of the AIFM, of units or shares in an AIF to or with investors domiciled in the Union;
Amendment 707 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1
Article 16 – paragraph 1 – subparagraph 1
1. AIFM shall ensure that, for each AIF that it manages, a valuator is appointed which is independent of the AIFM to establish the value of assets acquired by the AIF and the value of the shares and units of the AIF.
Amendment 723 #
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2
Article 16 – paragraph 1 – subparagraph 2
The valuatorAIFM shall ensure that theAIF’s assets, shares and 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 are valued at an appropriate frequency in respect of the underlying assets held by the fund. Where the AIF is invested in immovable assets, the specificities of those assets may be taken into account. The AIFM shall also ensure that the shares or units of the AIF can be valued whenever needed to enable redemption or issuance.
Amendment 912 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. Depositaries may delegate their tasks to other depositaries with the exception of monitoring and exercising oversight over these sub-depositaries. Depositaries may delegate their tasks to sub-depositaries which are not domiciled within the Union.
Amendment 982 #
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 functions shall request prior authorisation froinform the competent authorities of their home Member State for each delegationin an appropriate manner.
Amendment 1666 #
Proposal for a directive – amending act
Annex I a (new)
Annex I a (new)