Activities of Peter SKINNER related to 2009/0064(COD)
Plenary speeches (1)
Explanations of vote
Amendments (20)
Amendment 202 #
Proposal for a directive
Recital 8
Recital 8
(8) This Directive does not regulate AIF and therefore does not prevent Member States from adopting or from continuing to apply additional requirements in respect of AIF established on their territory. However, recognising the variety of legal and governance arrangements applicable to AIFs, the AIF may be the AIFM where the AIF is responsible for its own management. The fact that a Member State may impose additional requirements on AIF domiciled on its territory should not prevent the exercise of rights of AIFM authorised in other Member States in accordance with this Directive to market to professional investors AIF domiciled outside the Member State imposing additional requirements and which are therefore not subject to and do not need to comply with those additional requirements.
Amendment 213 #
Proposal for a directive
Recital 10 a (new)
Recital 10 a (new)
(10a) In accordance with the principle of proportionality and recognising the substantial overlap between the authorisation requirements laid down in Directive 2009/65/EC and those laid down in this Directive, managers authorised under either directive should be entitled to be authorised under the other directive, subject only to complying with any relevant additional requirements for the new authorisation. In that respect, cross- references concerning documents should be possible, provided that information contained in those documents have remained unchanged. Directive 2009/65/EC should be amended to achieve the same result.
Amendment 261 #
Proposal for a directive
Recital 17 a (new)
Recital 17 a (new)
(17a) This Directive should not impose unreasonable burdens in particular in relation to small and medium-sized AIF which do not pose systemic risk and do not endanger integrity of the markets. One of the tools by which to achieve that objective is the proper application of the principle of proportionality. That principle should apply generally to the requirements imposed on AIFM, AIF, depositories and valuators, as well as to the exercise of supervisory powers. All measures in this Directive, including delegated acts, should therefore take due account of the nature, scale and complexity of different types of AIF and AIFM. The Directive should not, however, be circumvented in cases involving, for example, the artificial splitting of funds managed by the same AIFM.
Amendment 357 #
Proposal for a directive
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) AIFM established in the Community which do not provide management services to AIF domiciled in the Community and doManagement by an AIFM of AIFs which are not domiciled in the Union and which are not market AIFed in the CommunityUnion;
Amendment 451 #
Proposal for a directive
Article 3 – point b
Article 3 – point b
(b) ‘manager of alternative investment funds ‘ or AIFM means any legal or natural person whose regular business is to manage one or several AIFperson that is responsible for the management of one or several AIF and that, depending on the legal form of the AIF, can be either the AIF itself or an external manager;
Amendment 498 #
Proposal for a directive
Article 3 – point o f (new)
Article 3 – point o f (new)
Amendment 519 #
Proposal for a directive
Article 4 – paragraph 1 b (new)
Article 4 – paragraph 1 b (new)
1b. The competent authority shall not grant authorisation to an AIF to be the AIFM unless the directors, or members of the governing body, of the AIF are of sufficiently good repute and sufficiently experienced, in relation to the type of business carried out by the AIF, to ensure that the requirements of this Directive are complied with.
Amendment 522 #
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
Amendment 529 #
Proposal for a directive
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
2b. Without prejudice to Article 18, Member States shall ensure that each AIF falling under the scope of this Directive shall have a single AIFM, which shall be responsible for compliance with the requirements of this Directive.
Amendment 532 #
Proposal for a directive
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
2b. Without prejudice to Article 18, Member States shall ensure that each AIF falling under the scope of this Directive shall have a single AIFM, which shall be responsible for compliance with the requirements of this Directive.
Amendment 535 #
Proposal for a directive
Article 4 – paragraph 2 d (new)
Article 4 – paragraph 2 d (new)
2d. Depending on their legal form, AIF may be internally managed or may appoint an external manager. Where an AIF has not designated an external manager as AIFM, the AIF itself shall be the AIFM.
Amendment 564 #
Proposal for a directive
Article 5 – paragraph 1 - point g a (new)
Article 5 – paragraph 1 - point g a (new)
(ga) where the AIF is applying for authorisation as the AIFM, the names of the directors, or members of the governing body, of the AIF and details of their background and experience in relation to the business of the AIF.
Amendment 567 #
Proposal for a directive
Article 5 – subparagraph 1 a (new)
Article 5 – subparagraph 1 a (new)
Where the AIF is authorised to be the AIFM, and the shares or units of the AIF are traded on public markets, the AIF is not required to provide the information set out in Article 5(1)(a), but should provide details of which markets its shares and units are traded on, and where its share register is available for inspection.
Amendment 654 #
Proposal for a directive
Article 12 – paragraph 3 c (new)
Article 12 – paragraph 3 c (new)
3c. Paragraphs (1) to (3) do not apply to unleveraged closed-ended AIF.
Amendment 854 #
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 1
Article 17 – paragraph 2 – subparagraph 1
2. An AIFMNo company shall not act as depositaryboth AIFM and depositary for an AIF.
Amendment 858 #
Proposal for a directive
Article 17 – paragraph 2 – subparagraph 2
Article 17 – paragraph 2 – subparagraph 2
The depositary shall act independently and solely in the interest of AIF investors. The AIFM and the depositary shall be independent of each other. Independence shall be regarded to mean that the AIFM and the depositary are not linked by common management or control, or by a substantial direct or indirect holding. This shall not be affected by any delegation under paragraph 4.
Amendment 897 #
Proposal for a directive
Article 17 – paragraph 3 d (new)
Article 17 – paragraph 3 d (new)
3d. Where an AIF managed by an authorised AIFM is domiciled in the Union, the depository may have its registered office in any Member State.
Amendment 932 #
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 the investors of the AIF for any losses suffered by them as a result of its unjustifiable failure to perform or of its improper performance of its obligations pursuant to this Directive.
Amendment 1146 #
Proposal for a directive
Article 21 – paragraph 2 – introductory part
Article 21 – paragraph 2 – introductory part
2. For each AIF an AIFM manages, it shall periodically reporrovide on request the following to the competent authorities of its home Member State:
Amendment 1465 #
Proposal for a directive
Article 32 – paragraph 1
Article 32 – paragraph 1
1. Member States may allow theWithout prejudice to other instruments of EU law, Member States may allow AIFM to market to retail investors generally or to particular categories of retail investor on their territory shares or units of AIF they manage, irrespective of whether such AIF are marketed on a domestic or cross-border basis. In such cases, Member States may adopt additional requirements in relation to the operation, organisation or marketing of AIF sold to retail investors in their territory. Member States may for that purpose(or to a combination of retail and professional investors) on their territory or the activities of the AIFM managing such AIF. However, Member States may not prevent the cross-border marketing of AIF to retail investors by imposeing stricter or additional requirements on AIFM or the AIF established in another Member State than on AIF established in their own territory.