11 Amendments of Werner LANGEN related to 2009/0064(COD)
Amendment 165 #
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 pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds, central banks or assets hoeld on own account by credit institutions, pension funds or 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- linked bonds. ItIt should also not apply to the management of collective investment undertakings which are authorised in accordance with national law and only marketed in their home Member State. In order to benefit from the exemptions provided for in this Directive, the AIFM concerned should comply with the conditions to which those exemptions are subject on a continuous basis. 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 209 #
Proposal for a directive
Recital 10
Recital 10
Amendment 387 #
Proposal for a directive
Article 2 – paragraph 2 – point g m (new)
Article 2 – paragraph 2 – point g m (new)
(gm) AIFM, insofar as they manage one or more AIF whose only investors are 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 393 #
Proposal for a directive
Article 2 – paragraph 2 – point g p (new)
Article 2 – paragraph 2 – point g p (new)
(gp) management companies authorised under national law which provide management services to nationally regulated collective investment undertakings which are only marketed in their home Member State;
Amendment 708 #
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 726 #
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 744 #
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The AIFM shall ensure that the valuator has, for each AIF that it manages, appropriate and consistent procedures to value the assets of the AIF in accordance with existing applicable valuation standards and rules, in order to reflect the net asset value of the shares or units of the AIFare established so that the proper valuation of the assets of the AIF can be performed and the value of the shares or units of the AIF can be calculated and, where appropriate, published.
Amendment 751 #
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 761 #
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 774 #
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1
Article 16 – paragraph 4 – subparagraph 1
4. The Commission shall adopt delegated acts implementing measuresn accordance with Articles 49a, 49b and 49c further specifying the criteria under which a valuator can be considered independent in the meaning ofconcerning 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 12a.
Amendment 913 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. Depositaries may delegate their tasks to other depositaries. If the task consists in safe-keeping financial instruments pursuant to Article 17(1)(b), it may also be delegated to a depositary in a third country which meets the conditions laid down in points (a) to (c) of the second subparagraph of Article 38(1).