15 Amendments of Gay MITCHELL related to 2009/0064(COD)
Amendment 239 #
Proposal for a directive
Recital 15
Recital 15
(15) Given that an AIFM may employing high levels of leverage inat their investment strategies level of the AIF and may, under certain conditions, contribute to the build up of systemic risk or disorderly markets, special requirements should be imposed on AIFM using certain techniques giving rise to particular riskemploying leverage on a systemically significant basis. The information needed to detect, monitor and respond to those risks has not been collected in a consistent way throughout the CommunityUnion, and shared across Member States so as to identify potential sources of risk to the stability of financial markets in the CommunityUnion. To remedy this situation, special requirements should apply to AIFM, which consistently use highemploy leverage at the levels of leverage in their investment strategies. Thosethe AIF on a systemically significant basis. Such AIFM should be obliged to disclose information regarding their use and sources of leverage. That information in their AIF. Information gathered by competent authorities should be aggregated and shared with other authorities in the CommunityUnion, so as to facilitate a collective analysis of the impact of the leverage of thoseAIF managed by AIFM on the financial system in the CommunityUnion, as well as a common response.
Amendment 248 #
Proposal for a directive
Recital 16
Recital 16
(16) Activities of AIFM based on the use of high levels of leverage could be detrimental to the stability and efficient functioning of financial markets. It is considered necessary to allow the Commission to impose limits on the level of leverage that AIFM could use, in particular in those cases where AIFM employ high levels of leverage on a systematic basisIt is considered necessary to allow the competent authorities of the home Member State of the AIFM to impose limits on the level of leverage that AIFM could employ in AIF where the stability and integrity of the financial system may be threatened. Those limits to the maximum amount of leverage should take into account aspects related to the source of leverage and the strategies employed by the AIFM, as well as the market conditions in which the AIF operates. They should also take into account the essentially dynamic nature of the management of leverage by most AIFM using a high level of leverage. I in this respect the limits to leverage could for example either consist in a threshold that should not be breached at any point in time or a limit on the average leverage employed during a given period (i.e. monthly or quarterly)eir AIF and possible pro-cyclical effects.
Amendment 482 #
Proposal for a directive
Article 3 – point l
Article 3 – point l
(l) ‘Leverage’ means any method by which the AIFM increases the exposure of an AIF it manages to a particular investments whether through borrowing of cash or securities, or leverage embedded in derivative positions or; the level of leverage shall bye any other meanssessed in all cases on an appropriately netted and risk-adjusted basis;
Amendment 492 #
Proposal for a directive
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c with a view to clarifying the methods of leverage as defined in point (l) of the first paragraph and for the purpose of Article 21(4) specifying when leverage is considered to be employed on a systemically significant basis and how leverage shall be calculated.
Amendment 869 #
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The depositary shall be: (a) a credit institution having its registered office in the Community and be authorised in accordance with Directive 2006/48/EC of the European Parliament and Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast).;
Amendment 879 #
Proposal for a directive
Article 17 – paragraph 3 – point a d (new)
Article 17 – paragraph 3 – point a d (new)
Amendment 884 #
Proposal for a directive
Article 17 – paragraph 3 – point a e (new)
Article 17 – paragraph 3 – point a e (new)
(ae) a legal person which is authorised by the competent authorities of the home Member State of the AIF to act as a depositary, which is subject to prudential regulation and ongoing supervision and which can ptovide sufficient financial an professional guarantees to be able to effectively perform the relevant depositary functions and meet the commitments inherent to those functions.
Amendment 1188 #
Proposal for a directive
Article 22
Article 22
Amendment 1205 #
Proposal for a directive
Article 23
Article 23
Amendment 1219 #
Proposal for a directive
Article 24
Article 24
Amendment 1240 #
Proposal for a directive
Article 25 – paragraph 2
Article 25 – paragraph 2
2. HThe competent authorities of the home Member States shall ensure that all information receivgathered under Article 241, aggregated in respect of all AIFM that ithey supervises, areis made available to other competent authorities of other Member States, to the ESMA and to the ESRB through the procedure set out in Article 46 on supervisory co-operation. ItThey shall, without delay, also provide information through this mechanism, and bilaterally to the competent authorities of other Member States directly concerned, if an AIFM under itstheir responsibility, or the AIF managed by that AIFM, could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in those other Member States. Or. en Justification
Amendment 1249 #
Proposal for a directive
Article 25 – paragraph 3
Article 25 – paragraph 3
Amendment 1261 #
Proposal for a directive
Article 25 – paragraph 3 a (new)
Article 25 – paragraph 3 a (new)
Amendment 1264 #
Proposal for a directive
Article 25 – paragraph 3 b (new)
Article 25 – paragraph 3 b (new)
3b. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c setting out principles clarifying the circumstances in which competent authorities would exercise the provisions in paragraph 3a, taking into account different strategies of AIF, different market conditions in which AIF operate and possible pro-cyclical effects following from exercising the provisions.
Amendment 1272 #
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4