3 Amendments of Herbert DORFMANN related to 2021/0376(COD)
Amendment 174 #
Proposal for a directive
Recital 29
Recital 29
(29) Some concentrated markets lack a competitive supply of depositary services. To address this shortage of service providers that can lead to increased costs for AIFMs and a less efficient AIF market, Member States could authorise, on a case- by case basis, competent authorities should be able to permit AIFMs or AIFs to procure depositary services located in other Member States while the Commission assesses, in the context of its review of Directive 2011/61/EU, whether it would be appropriate to propose measures to achieve a more integrated market. ("Opt in clause"). To make sure that this option of authorising the appointment of a depositary in another Member State does not replicate a depositary passport before a detailed review of Directive 2011/61/EU is completed in this respect and before the EU law harmonisation reaches the necessary level to support the creation of an EU depository passport, it should only be utilised when conditions defined in this directive are fulfilled and with prior approval of the competent authorities of the AIF. Such conditions restrict the kind of jurisdictions that can use this possibility to Member States where supply of depositary services is limited and clarify the regulatory set-up and applicable rules to the depositary.
Amendment 318 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 – point -a (new)
Article 1 – paragraph 1 – point 8 – point -a (new)
Directive 2011/61/EU
Article 21 – paragraph 5 – subparagraphs 1 a to 1 e (new)
Article 21 – paragraph 5 – subparagraphs 1 a to 1 e (new)
(-a) In paragraph 5, the following subparagraphs are added: The home Member State of an AIF may entitle the national competent authorities of an AIF to allow, following a case-by- case assessment, institutions referred to in point (a) of Article 21(3) and established in another Member State to be appointed as a depositary, provided that the following conditions are fulfilled: (i) the competent authorities have received a motivated request by the AIFM which shall demonstrate the lack of the relevant depositary services, in line with the investment strategy of the AIF, for the appointment of a depositary in another Member State; and (ii) the national depositary market of the home Member State of the AIF fulfils at least one of the following conditions: - such market consists of fewer than a number of depositaries defined in RTS and less than 7 depositaries. These depositaries provide depositary services to EU AIFs (authorised under Article 4 (k) (i)) of this Directive) and managed by an EU AIFMs (authorised under Article 7(1)). Each of these depositaries has AIF assets under safekeeping below the threshold defined in RTS which is below EUR1 billion or the equivalent in any other currency. This threshold excludes depositaries acting under Article 36(1a) of this Directive and the own assets of the depositary. ESMA should develop draft regulatory standards to specify this maximum number of depositaries and the maximum amount of assets to be safekept by each depositary; - the aggregate amount in such market of assets under safekeeping on behalf of EUAIFs (authorised under Article 4 (k) (i) of this Directive) and managed by an EU AIFMs (authorised under Article 7(1) of this Directive) does not exceed the amount defined in RTS and shall not exceed EUR 30 billion or the equivalent in any other currency. This threshold excludes depositaries acting under Article 36 (1a) of this Directive and the own assets of the depositary. ESMA should develop draft regulatory standards to specify this threshold. The NCAs shall notify ESMA when the option is activated. Power is delegated to the commission to adopt the regulatory standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation EU No1095/2010. The authorisation to allow the appointment of a depositary in another Member State shall be granted on a case-by-case basis. When allowing the appointment of a depositary in another Member States on a case-by case basis, the competent authorities shall notify ESMA. This provision shall be without prejudice to the full application of Article 21, with the exception of point (a) of paragraph 5 of that Article on the place where the depositary is to be established.
Amendment 408 #
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2011/61/EU
Article 61 – paragraph 5
Article 61 – paragraph 5