BETA

Activities of Eugen JURZYCA related to 2021/0376(COD)

Shadow reports (1)

2023/02/02
Committee: ECON
Dossiers: 2021/0376(COD)
Documents: PDF(361 KB) DOC(136 KB)
Authors: [{'name': 'Isabel BENJUMEA BENJUMEA', 'mepid': 197679}]

Amendments (69)

Proposal for a directive
Recital 6

(6) To develop a reliable overview of delegation activities in the Union governed by Article 20 of Directive 2011/61/EU and to inform future policy decisions or supervisory actions, competent authorities should provide the European Securities and Markets Authority (‘ESMA’) with delegation notifications where an AIFM delegates more portfolio management, or risk management functions of the AIF, than it manages itself to entities located in third countries.deleted

2022/07/04
Committee: ECON

Proposal for a directive
Recital 7

(7) In order to ensure consistent harmonisation of the notification process in the area of delegation, power should be delegated to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council30 to specify the contents, forms and procedures to standardise the notification process of the AIFMs’ delegation arrangements. The notification form should contain data fields indicating the activities making up the risk and portfolio management functions in order to determine whether an AIFM has delegated more of such functions than it has retained. Those regulatory technical standards should be adopted on the basis of a draft developed by ESMA. __________________ 30 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).deleted

2022/07/04
Committee: ECON

Proposal for a directive
Recital 14

(14) Long-term, illiquid loans ~~held by AIF~~ may create liquidity mismatches if the AIFs open-ended structure allows investors to redeem their fund units or shares on a frequent basis. ~~It is therefore necessary t~~To mitigate risks related to maturity transformation ~~by imposing a closed-ended structure for~~ AIFMs originating loans ~~because close-ended funds would not be vulnerable to redemption demands and could hold origin~~should demonstrate to their home Member State competent authority they have appropriated l~~oans to maturity~~iquidity risk management measures in place.

2022/07/04
Committee: ECON

Proposal for a directive
Recital 32 a (new)

(32 a) In order to fully understand the EU investment market and its position in the global market, to examine whether any regulatory action is required in relation to market reality, to understand the implications of planned policies, to effectively help to evidence-based policymaking and to improve the Union regulatory framework and practice, the Commission should periodically and impartially report to the European parliament and the Council about developments, areas for further improvement and best practices in the leading global markets for AIFs. Such data collection should not result in broadening the reporting obligations for AIFMs set out in this Directive. The frequency of providing the Commission report and of reviewing the regulatory framework, should be reasonable in order to support the Union policy certainty of keeping the legal framework stable for the foreseeable future creates legal certainty which supports the global attractiveness of AIFs.

2022/07/04
Committee: ECON

Proposal for a directive
Recital 33

(33) The requirements for third-country entities with access to the internal market should be aligned to the standards laid down in the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes43 and Directive (EU) 2015/849 of the European Parliament and of the Council.44 In addition, non-EU AIFs or non-EU AIFMs that are subject to national rules and that are active in individual Member States should satisfy the requirement that they are not located in a third country that is deemed un-cooperative in tax matters at the time of the notification to the competent authorities of the AIFM home Member State. __________________ 43 OJ C 64, 27.2.2020, p.8. 44 Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).

2022/07/04
Committee: ECON

Proposal for a directive
Recital 38

(38) To develop a reliable overview of delegation activities in the Union governed by Article 13 of Directive 2009/65/EC and to inform future policy decisions or supervisory actions, competent authorities should provide ESMA with delegation notifications where a UCITS management company delegates more portfolio management or risk management functions, than it manages itself, to entities located in third countries.deleted

2022/07/04
Committee: ECON

Proposal for a directive
Recital 39

(39) In order to ensure consistent harmonisation of the notification process in the area of delegation, power should be delegated to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council45 to specify the contents, forms and procedures to standardise the notification process of UCITS delegation arrangements. The notification form should contain data fields indicating the activities making up the risk and portfolio management functions in order to determine whether a UCITS management company has delegated more of such functions than it has retained. Those regulatory technical standards should be adopted based on a draft developed by ESMA. __________________ 45 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).deleted

2022/07/04
Committee: ECON

Proposal for a directive
Recital 48

(48) To standardise the supervisory reporting process the Commission should also be empowered to adopt implementing technical standards developed by ESMA as regards the forms and data standards, reporting frequency and timing to reporting by UCITS. The Commission should adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1095/2010.deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a

Directive 2011/61/EU
Article 7 – paragraph 2 – point e

(e) the following information on arrangements made for the delegation and sub-delegation to ~~third parties of functions as referred to in Article 20 and a detailed~~third parties of functions: a. the legal name and, where available, legal entity identifier (LEI) of the AIFM; b. the legal name and, where available, LEI of the AIF and its investment strategy; c. the legal name and, where available, LEI of each delegate, its jurisdiction of establishment and, where relevant, its supervisory authority; d. a brief description of the delegated risk management functions, including whether each such delegation amounts to a partial or full delegation; e. a brief description of the delegated portfolio management functions, by investment strategy and relevant geographies, including whether each such delegation amounts to a partial or full delegation; f. a brief description of other functions listed in Annex I which the AIFM additionally performs; and a description of the human and technical resources to be used by the AIFM for monitoring and controlling the delegate.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b

Directive 2011/61/EU
Article 7 – paragraph 5

(b) paragraph 5 is replaced by the following: ‘5. The competent authorities shall, on a quarterly basis, inform ESMA of authorisations granted or withdrawn in accordance with this Chapter. ESMA shall keep a central public register identifying each AIFM authorised under this Directive, a list of the AIFs managed and/or marketed in the Union by such AIFMs and the competent authority for each such AIFM. The register shall be made available in electronic format. Where an AIFM delegates more portfolio management or risk management functions to entities located in third countries than it retains, the competent authorities shall, on an annual basis, notify ESMA of all such delegations (‘delegation notifications’). The delegation notifications shall include the following: (a) information on the AIFM and the AIF concerned; (b) specifying the delegate’s domicile and whether it is a regulated entity or not; (c) portfolio management and risk management functions; (d) portfolio management and risk management functions; (e) any other information necessary to analyse the delegation arrangements; (f) authorities’ supervisory activities, including desk-based reviews and on-site inspections and the results of such activities; (g) between the competent authority of the AIFM and the supervisory authority of the delegate.’deleted information on the delegate, a description of the delegated a description of the retained a description of the competent any details on the cooperation

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c

Directive 2011/61/EU
Article 7 – paragraph 8

8. ESMA shall develop draft regulatory technical standards to determine the content of the delegation notifications and the standard forms, templates and procedures for the transmission of the delegation notifications in a language customary to the sphere of finance. The standard forms and templates shall include information fields covering all information referred to in paragraph 5, fourth subparagraph. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c

Directive 2011/61/EU
Article 7 – paragraph 9

9. By 30 June 2027 and then every 6 years, ESMA shall provide the European Parliament, the Council and the Commission with re~~gular reports, at least every two year~~ports, analysing market practices regarding delegation to entities located in third countries and compliance with Articles 7 and 20.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 5 – point a

Directive 2011/61/EU
Article 15 – paragraph 3 – point d

(d) for loan ~~gran~~originating activities, other than in respect of shareholder loans or venture capital convertible loans where such loans do not exceed in aggregate 150% of the capital of the AIF, implement effective policies, procedures and processes for the granting of credit, for assessing the credit risk and for administering and monitoring their credit portfolio, keep those policies, procedures and processes up to date and effective and review them regularly and at least once a year.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b

(c a) an entity within the same group as defined in Article 2(11) of Directive 2013/34/EU, except where that entity is a financial undertaking that only finances borrowers not stipulated in points (a) to (c a) of this paragraph.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b

Directive 2011/61/EU
Article 15 – paragraph 4e

4e. An AIFM shall ensure that the AIF it manages retains, on an ongoing basis, 5% of the notional value of the loans it has originated and subsequently sold on the secondary market. The requirement set out in the first subparagraph does not apply to the loans that the AIF has purchased on the secondary market.’;deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2011/61/EU
Article 16 – paragraph 2a – subparagraph 1

An AIFM shall ensure that the AIF it manages is closed-ended if the ~~notional value of its originated loans exceeds 60 % of its net asset value~~AIFM is not able to demonstrate sound liquidity risk management.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2011/61/EU
Article 16 – paragraph 2d

2d. An AIFM shall, without delay, notify the competent authorities of its home Member State when activating or deactivating a liquidity management tool ~~mentioned in 2b~~set out in points 1 to 4 in Annex V.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 6

~~2f. ESMA shall develop draft regulatory technical standards to specify the characteristics of the liquidity management tools set out in Annex V.~~deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2011/61/EU
Article 16 – paragraph 2g

2g. ESMA shall develop ~~draft regulatory technical standards on criteria for the selection and use of suitable liquidity management tools by the AIFMs for liquidity risk management, including~~guidelines on appropriate disclosures to investors, taking into account the capability of ~~such~~liquidity management tools to reduce undue advantages for investors that redeem their investments first, and to mitigate financial stability risks. The AIFMD shall be primarily responsible for liquidity risk management.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2011/61/EU
Article 16 – paragraph 2h

~~2h. Power is~~ delegated ~~to the Commission to adopt the regulatory technical standards referred to in paragraphs 2f and 2g of this Article in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.;~~

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 9 – point a – point ii

Directive 2011/61/EU
Article 23 – paragraph 1 – point i a

~~(ia) a list of fees and charges that will be applied in connection with the operation of the AIF and that will be borne by the AIFM or its affiliates.;~~deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 9 – point b

Directive 2011/61/EU
Article 23 – paragraph 4 – point e

(e) on a ~~quarterly~~n annual basis, all direct and indirect fees and charges that were directly or indirectly charged ~~or allocated to the AIF or to any of its investments~~to the AIF;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 9 – point b

Directive 2011/61/EU
Article 23 – paragraph 4 – point f

(f) on a ~~quarterly~~n annual basis, any parent company, subsidiary or special purpose entity established in relation to the AIF’s investments by the AIFM~~, the staff of the AIFM or the AIFM’s direct or indirect affiliates~~.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b a (new)

Directive 2011/61/EU
Article 24 – paragraph 2 – point e a (new)

(b a) in paragraph 2, the following point is added: (e a ) the leverage employed by the AIF, calculated as a percentage of the capital of the AIF using the commitment approach;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b b (new)

Directive 2011/61/EU
Article 24 – paragraph 2 – point e b (new)

(e b) any modification on the arrangements of the delegation and sub- delegation to third parties provided at the time of authorisation;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point c

Directive 2011/61/EU
Article 24 – paragraph 6 – subparagraph 1

ESMA shall develop draft regulatory technical standards specifying the details to be reported according to paragraphs 1 and 2. Regulatory technical standards shall set out the appropriate level of standardisation of the information to be reported without broadening existing or introducing additional reporting elements not stipulated in this Directive. To avoid reporting duplication, ESMA shall take into account other reporting requirements to which the AIFMs are subject and the report issued in accordance with paragraph 2 of Article 69b.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 11

Directive 2011/61/EU
Article 35 – paragraph 2 – point c

(c) the third country where the non-EU AIF is established has signed an agreement with the home Member State of the authorised AIFM and with each other Member State in which the units or shares of the non-EU AIF are intended to be marketed, which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements, and, at the time of the notification to the competent authorities of the AIFM home Member State, the third country is not mentioned in Annex I to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes54 .; __________________ 54 OJ C 64, 27.2.2020, p. 8.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 13

Directive 2011/61/EU
Article 37 – paragraph 7 – point e

(e) the third country where the non-EU AIFM is established is not identified as a high-risk third country pursuant to Article 9(2) of Directive (EU) 2015/849 at the time of the notification to the competent authorities of the AIFM home Member State;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 13

(f) the third country where the non-EU AIFM is established has signed an agreement with the Member State of reference, which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements and the third country is not mentioned in Annex I to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes at the time of the notification to the competent authorities of the AIFM home Member State.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 14

Directive 2011/61/EU
Article 38a – paragraph 1

1. ~~ESMA shall, on a regular basis and at least~~By 30 June 2027 and then every ~~two~~6 years, ESMA shall conduct a peer review analysis of the supervisory activities of the competent authorities in relation to the application of Article 20. That peer review analysis shall focus on the measures taken to prevent that AIFMs, which delegate performance of portfolio management or risk management to third parties located in third countries, become letter-box entities.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 15

Directive 2011/61/EU
Article 40 – paragraph 2 – point b

(b) the third country where the non-EU AIF is established is not identified as a high-risk third country pursuant to Article 9(2) of Directive (EU) 2015/849 at the time of the notification to the competent authorities of the AIFM home Member State and;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 15

Directive 2011/61/EU
Article 40 – paragraph 2 – point c

(c) the third country where the non-EU AIF is established has signed an agreement with the Member State of reference and with each other Member State in which the units or shares of the non-EU AIF are intended to be marketed which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters including any multilateral tax agreements, and the third country is not mentioned in Annex I to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes at the time of the notification to the competent authorities of the AIFM home Member State.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b

Directive 2011/61/EU
Article 42 – paragraph 1 – point d

(d) the third country where the non-EU AIF or non-EU AIFM is established has signed an agreement with the Member State in which the units or shares of the non-EU AIF are intended to be marketed, which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements, and that third country is not mentioned in Annex I to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes at the time of the notification to the competent authorities of the AIFM home Member State.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2011/61/EU
Article 46 – paragraph 2 – point j

(j) in the interest of investors or of the public, in exceptional circumstances and after proper consultation with the AIFM, require AIFMs to activate or deactivate a liquidity management tool referred to in point 1 or 2 of Annex V or selected by the AIFM in accordance with Article 16(2b), whichever is more suitable considering the type of open-ended AIF or group of open- ended AIFs concerned and reasonable and balanced investor protection or financial stability risks that necessitate this requirement.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2011/61/EU
Article 47 – paragraph 4 – point d

(d) require non-EU AIFMs that are marketing in the Union AIFs that they manage or EU AIFMs managing non-EU AIFs to activate or deactivate a liquidity management tool referred to in point 1 or 2 of Annex V or selected by the AIFM, whichever is more suitable considering the type of open-ended AIF concerned and the investor protection or financial stability risks that necessitate this requirement.;deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 19 – point c

Directive 2011/61/EU
Article 50 – paragraph 7 – subparagraph 1

ESMA shall develop draft regulatory technical standards indicating in which situations the competent authorities may exercise the powers set out in Article 46(2), point (j) and in which situations they may put forward the requests referred to in paragraphs 5b and 5f. When developing those standards, ESMA shall consider the potential implications of such supervisory intervention for reasonable and efficient investor protection and the financial stability in another Member State or in the Union. The AIFM shall be primary responsible for liquidity risk management and such intervention by the competent authorities is a last resort.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 1 – introductory part

1. By ~~[Please insert date = 60 months after the entry into force~~... [7 years after the day of the transposition of this Directive] and following the peer reviews by ESMA referred to in Article 38a and reports produced by ESMA in accordance with Article 7(9), the Commission shall initiate a review of the functioning of the rules laid down in this Directive and the experience acquired in applying them. That review shall include an assessment of the following aspects:

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 2 – introductory part

2. By ~~[Please insert date = 24 month~~... [5 years after the entry into force of this Directive], ESMA shall submit to the Commission a report for the development of an integrated supervisory data collection, which shall focus on how to:

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 4

4. FBy 30 June 2030 and then every 7 years, following the review referred to in paragraph 1, and after consulting ESMA, the Commission shall submit a report to the European Parliament and to the Council presenting the conclusions of that review.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 4 – subparagraph 1 a (new) – introductory part (new)

That report shall further include information on:

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 4 – subparagraph 1 a (new) – points a to c (new)

(a) cooperation and data exchange about AIFs and AIFMs between various monitoring and supervisory authorities both, on the Union and national level and possible weaknesses in information sharing; (b) the quality of funds supervision and level of enforcement in each Member state; (c) the benefits of the delegation rules in terms of competitiveness and Union investor access to a global and pool of investment opportunities;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 4 – subparagraph 1 a (new) – points d to f (new)

(d) the functioning of the market for AIFs in the Union, including market and regulatory development and trends, taking into account supervisory experience; (e) information about the number of AIFs registered per year and their market share, as well as the impact of this Directive on the Union market share in comparison to the global AIFs market share; (f) the necessity and proportionality of subjecting AIFs to reporting obligation according to this Directive;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 4 – subparagraph 1 a (new) – points g and h (new)

(g) information about volumes of the cross-border provision of AIFs per Member State per year and year-on-year trends in volume; (h) information about market share of AIFMs authorised according to this Directive in the global AIFs market and the year-on-year trends in market share;

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 4 – subparagraph 1 a (new) – points i to k (new)

(i) the costs of complying with this Directive for AIFMs differentiated according to their size; (j) the potential regulatory conflict between the Union and the leading AIFs markets; (k) types and trends of fraudulent behaviour of investors, AIFMs and third parties occurring in relation to this Directive.

2022/07/04
Committee: ECON

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2011/61/EU
Article 69b – paragraph 4 – subparagraph 1 b (new)

The Commission shall gather information for this report without broadening reporting obligation, including for AIFMs, using information from all relevant and reliable sources, including European institutions, national competent authorities or internationally recognised bodies and organisations.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c

Directive 2009/65/EC
Article 13 – paragraph 3

3. Where a management company delegates more portfolio management or risk management functions to entities located in third countries than it retains, the competent authorities shall, on an annual basis, notify ESMA of all such delegations (‘delegation notifications’). The delegation notifications shall include the following: (a) management company concerned; (b) specifying the delegate’s domicile and whether it is a regulated entity or not; (c) portfolio management and risk management functions; (d) portfolio management and risk management functions; (e) analyse the delegation arrangements; (f) authorities’ supervisory activities, including desk-based reviews and on-site inspections and the results of such activities; (g) between the competent authority and the supervisory authority of the delegate.deleted information on the UCITS and its information on the delegate, a description of the delegated a description of the retained any other information necessary to a description of the competent any details on the cooperation

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c

Directive 2009/65/EC
Article 13 – paragraph 4

4. ESMA shall develop draft regulatory technical standards to determine the content of the delegation notifications and the standard forms, templates and procedures for the transmission of the delegation notifications in a language customary to the sphere of finance. The standard forms and templates shall include information fields covering all information referred to in paragraph 3. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c

Directive 2009/65/EC
Article 13 – paragraph 5

5. By 30 June 2027 and every 6 years, ESMA shall provide the European Parliament, the Council and the Commission with re~~gular reports, at least every two years,~~ports analysing market practices regarding delegation to entities located in third countries and compliance with Articles 7 and 13.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 4

Directive 2009/65/EC
Article 18a – paragraph 3

~~3. ESMA shall develop draft regulatory technical standards to define and specify the characteristics of the liquidity management tools set out in Annex IIA.~~deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 4

Directive 2009/65/EC
Article 18a – paragraph 4

4. ESMA shall develop draft regulatory technical standards on criteria for the selection and use of suitable liquidity management tools by the management companies for liquidity risk management, including appropriate disclosures to investors, taking into account the capability of such tools to reduce undue advantages for investors that redeem their investments first, and to mitigate financial stability risks. The UCITSs shall be primarily responsible for liquidity risk management, including their selection and use of liquidity management tools.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20a – paragraph 1

~~1. A management company shall regularly report to the competent authorities of its home Member State on the markets and instruments in which it trades on behalf of the UCITS it manages.~~deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20a – paragraph 1 a (new)

1a. The ECB and national authorities shall grant ESMA access to data on assets and liabilities (fund inventories) of UCITS funds provided by fund managers pursuant to Regulation ECB/2013/38.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20a – paragraph 2

2. ESMA shall develop draft regulatory technical standards specifying the details to be reported in accordance with paragraph 1. ESMA shall take into account other reporting requirements to which the management companies are subject and the report issued in accordance with Article 20b. ESMA shall submit those draft regulatory technical standards to the Commission by [Please insert date = 36 months after the entry into force of this Directive]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20a – paragraph 2 – subparagraph 1

ESMA shall develop draft regulatory technical standards specifying the details to be reported in accordance with paragraph 1. ESMA shall take into account other reporting requirements to which the management companies are subject and the report issued in accordance with Article 20b. Regulatory technical standards shall set out the appropriate level of standardisation of the information to be reported without broadening existing or introducing additional reporting elements not stipulated in this Directive. To avoid reporting duplication, ESMA shall take into account other reporting requirements to which UCITSs are subject.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20a – paragraph 3

3. ESMA shall develop draft implementing technical standards specifying: (a) the format and data standards for the reports referred to in paragraph 1; (b) timing. ESMA shall submit those draft implementing technical standards to the Commission by [Please insert date = 36 months after the entry into force of this Directive]. Power is delegated to the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.deleted the reporting frequency and

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20a – paragraph 3 – subparagraph 1 a (new)

In order to avoid duplication and inconsistency in presentation, the format should align with data provided by AIFMs to the central banks of a relevant Member State in line with Regulation ECB/2013/38.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20b – paragraph 1 – point b a (new)

(b a) improve the cost-benefit balance of collected information burden for UCITS and investors´ overall benefit.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 5

Directive 2009/65/EC
Article 20b – paragraph 1 – subparagraph 1 a (new)

1 a. In this report, ESMA shall also provide detailed comparison and best practices of data collection in the Union with world leading markets for retail investment funds and the impact of data collection on competitiveness.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 8

Directive 2009/65/EC
Article 84 – paragraph 2 – point b

(b) in the interest of the unit-holders or of the public, competent authorities of a UCITS home Member State may require a UCITS to activate a liquidity management tool referred to in points 1 or 2 of Annex IIA ~~or selected and notified by the UCITS in accordance with Article 18a(2), whichever is more suitable considering the type of UCITS and the risks that necessitate taking this measure~~.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 8

Directive 2009/65/EC
Article 84 – paragraph 3 – subparagraph 1

The UCITS shall notify, without delay, the competent authorities of their home Member State and the competent authorities of all Member States in which it markets its units, when activating or deactivating a liquidity management tool referred to in paragraph 2, point (a) whose use is indicative of actual liquidity-related stress.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 8

Directive 2009/65/EC
Article 84 – paragraph 3f – subparagraph 1a (new)

The UCITSs shall be primarily responsible for liquidity risk management.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 10

Directive 2009/65/EC
Article 101 a – paragraph 1

1. ~~ESMA shall, on a regular basis and at least~~By 30 June and every ~~two~~6 years, ESMA shall conduct a peer review analysis of the supervisory activities of the competent authorities in relation to the application of Article 13. That peer review analysis shall focus on the measures taken to prevent that management companies, which delegate performance of portfolio management or risk management to third parties located in third countries, become letter-box entities.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 10

Directive 2009/65/EC
Article 101 – paragraph 2a (new)

2 a. By 30 June 2027 and then every 6 years, the Commission shall submit a report to the European Parliament and to the Council presenting the conclusions of that review. The report shall include information on: (a) cooperation and data exchange between various monitoring and supervisory authorities both, on the EU and national level and possible weaknesses in information sharing; (b) the quality of funds supervision and level of enforcement in each Member state; (c) cooperation and data exchange about UCITSs and their investments between various monitoring and supervisory authorities both, on the EU and national level; (d) the functioning of the market for investments of UCITSs stipulated in this Directive in the Union, market and regulatory development and trends in the EU and the world leading markets for investments; (e) annual information about the number of UCITSs registered and their market share, as well as the impact of this Directive to the EU market share in comaprison to global investment market share; (f) the necessity and proportionality of subjecting UCITSs to reporting obligations according to this Directive; (g) annual information about the volumes and trends of the cross-border provision of UCITSs per Member State; (h) annual information about the share of investments of UCITSs registered according to this Directive in the global market for investments and the Union financial market; (i) the costs of complying with this Directive for UCITSs differentiated according to their size; (j) the potential regulatory conflict between the EU and the leading markets for investments; (k) types and trends of fraudulent behaviour of investors, UCITSs and third parties occurring in relation to this Directive. The Commission shall gather information for this report without broadening reporting obligation for AIFMs using information from all relevant and reliable sources, including European institutions and national competent authorities.

2022/07/04
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 11

Directive 2009/65/EC
Article 110a – paragraph 1

By [Please insert date = 340 months after the entry into force of this Directive] and following the peer reviews and analysis referred to in Article 101a and the report produced by ESMA in accordance with Article 13(4), the Commission shall initiate a review of the delegation regime laid down in Article 13 with regard to preventing the creation of letter-box entities in the Union.;

2022/07/04
Committee: ECON

Proposal for a directive
Article 3 – paragraph 1

1. Member States shall adopt and publish, by [Please insert date = 2436 months after the entry into force of this Directive] at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions.

2022/07/04
Committee: ECON

Proposal for a directive
Annex I – paragraph -1 (new)

Directive 2011/61/EU
Annex I – point 2 – points c a and c b (new)

(-1.) in Annex I, the following points are added to point 2: ‘(c a) Originating loans. (c b) Servicing securitisation special purpose entities.’

2022/07/04
Committee: ECON

Proposal for a directive
Annex I – paragraph 1

Directive 2011/61/EU
Annex I – point 3

~~3. Originating loans.~~deleted

2022/07/04
Committee: ECON

Proposal for a directive
Annex I – paragraph 1

Directive 2011/61/EU
Annex I – point 4

~~4. Servicing securitisation special purpose entities.~~deleted

2022/07/04
Committee: ECON

Proposal for a directive
Annex I – paragraph 1 a (new)

The AIFM shall perform the functions in point 2 on a request from the AIF. In case the AIFM does not exercise all the functions stipulated in point 2, it shall ensure these to be provided by an appropriate provider.

2022/07/04
Committee: ECON