[ParlTrack]

Proposal for a directive
Recital 6

(6) In order to avoid imposing excessive or disproportionate requirements on small and medium-sized AIFs as well as to prevent AIFM from being domiciled in third countries for the purposes of regulatory arbitrage, this Directive provides for an exemption for AIFM where the cumulative AIF under management fall below a threshold of EUR 100 million. The activities of the AIFM concerned are unlikely to have significant consequences for financial stability or market efficiency. For AIFM which only manage unleveraged AIF and do not grant investors redemption rights during a period of five years a specific threshold of EUR 500 million applies. This specific threshold is justified by the fact that managers of unleveraged funds, specialised in long term investments, are even less likely to cause systemic risks. Furthermore, the five years lock-up of investors eliminates liquidity risks. AIFM which are exempt from this Directive should continue to be subject to any relevant national legislation. They should however be allowed to be treated as AIFM subject to the opt-in procedure foreseen by this Directive.

2010/02/12
Committee: ECON

Enikő GYŐRI

Proposal for a directive
Recital 15 a (new)

(15a) Liquidity problems brought about by certain AIF employing high leverage in their investment strategies as well as its spillover effects have contributed to the build-up of the financial systemic risk. This concern is of particular relevance for open-ended investment funds where an eventual investors’ run against a fund could easily contaminate the exposure of the other market participants in the particular sector.

2010/02/12
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
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 AIF~~person that manages one or several AIF and is responsible for the compliance with the requirements of this Directive and which, depending on the legal form of the AIF, can be either the AIF itself or an external entity;

2010/02/15
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 19 – paragraph 1

1. An AIFM shall, for each of the AIF it manages, make available an annual report for each financial year. The annual report shall be made available to investors and competent authorities no later than four months following the end of the financial year or, in circumstances where information is required from third parties, such as the audit of any underlying investments of the AIF, no later than six months following the end of the financial year.

2010/02/16
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 20 – paragraph 1 – point a

(a) a description of the investment strategy and objectives of the AIF, all the types of assets which the AIF can invest in and of the techniques it may employ and of all associated risks, any applicable investment restrictions, the circumstances in which the AIF may use leverage, the types and sources of leverage permitted and the associated risks and of any restrictions to the use of leverage;

2010/02/16
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 20 – paragraph 1 – point h

(h) a description of all fees, charges and expenses ~~and of the maximum amounts thereof~~ which are directly or indirectly borne by investors;

2010/02/16
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 20 – paragraph 1 – point i

(i) whenever an investor obtains a preferential treatment or the right to obtain preferential treatment, ~~the identity of the investor and~~ a description of that preferential treatment, and whether there is any connection between the AIFM and that investor;

2010/02/16
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 20 – paragraph 1 – point j

(j) the latest annual report if there is such a report in relation to the AIF.

2010/02/16
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 21 – paragraph 3 – point a

(a) an annual report of each AIF managed by the AIFM for each financial year, within four months from the end of the periods to which it relates or, in circumstances where information is required from third parties (such as the audit of any underlying investments of the AIF), no later than six months from the end of the financial year;

2010/02/16
Committee: ECON

Enikő GYŐRI

Proposal for a directive
Article 25 – paragraph 3 a (new)

3a. The Commission has a discretion to set the limit of the aggregated systemic risk stemming from the activity of AIF employing high leverage on the advice of the ESRB. The aggregated systemic risk indicator should be set in a formula and continuously monitored over time.

2010/03/08
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 26

Article 26 Scope 1. This section shall apply to the following: (a) AIFM managing one or more AIF which either individually or in aggregation acquires 30 % or more of the voting rights of an issuer or of a non- listed company domiciled in the Community, as appropriate; (b) AIFM having concluded an agreement with one or more other AIFM which would allow the AIF managed by these AIFM to acquire 30 % or more of the voting rights of the issuer or the non- listed company, as appropriate. 2. This section shall not apply where the issuer or the non-listed company concerned are small and medium enterprises that employ fewer than 250 persons, have an annual turnover not exceeding 50 million euro and/or an annual balance sheet not exceeding 43 million euro.deleted

2010/03/08
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 28

Article 28 Disclosure in case of acquisition of controlling influence in issuers or non- listed companies 1. States shall ensure that where an AIFM acquires 30 % or more of the voting rights of an issuer or a non-listed company, that AIFM makes the information set out in the second and third subparagraphs available to the issuer, the non-listed company, their respective shareholders and representatives of employees or, where there are no such representatives, to the employees themselves. With regard to issuers, deleted In addition to Article 27, Member the policy for preventing and the policy for external and internal (d) the identity of the AIFM which either individually or in agreement with other AIFM shall make available the following to the issuer concerned, its shareholders and representatives of employees: (a) the information referred to in Article 6(3) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids1; (b) managing conflicts of interests, in particular between the AIFM and the issuer; (c) communication of the issuer in particular as regards employees. With regard to non-listed companies, the AIFM shall make available the following to the non-listed company concerned, its shareholders and representatives of employees: 2. implementing measures determining: Those measures, designed to amenve reached the 30 % threshold; (e) the development plan for the non-listed company; (f) the policy for preventing and managing conflicts of interests, in particular between the AIFM and the non-listed company; (g) the policy for external and internal communication of the issuer or non-listed company, in particular as regards employees. The Commission shall adopt (a) the detailed ncon~~- 1 essential elem~~tents of th~~is Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3)~~e information provided under paragraph 1; (b) the way the information shall be communicated. OJ L 142, 30.4.2004, p.12.

2010/03/08
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 29

Article 29 Specific provisions regarding the annual report of AIF exercising controlling influence in issuers or non-listed companies Member States shall ensure that AIFM include in the annual report provided for in Article 19 for each AIF that they manage, the additional information provided in paragraph 2 of this Article. The AIF annual report shall include the following additional information for each issuer and non listed company in which the AIF has invested: (a) with regard to operational and financial developments, presentation of revenue and earnings by business segment, statement on the progress of company's activities and financial affairs, assessment of expected progress on activities and financial affairs, report on 1 OJ L 222, 14.8.1978, p. 11. 2 OJ L 26, 31.1.1977, p. 1. significant events in the financial year; (b) with regard to financial and other risks at least financial risks associated with capital structure; (c )with regard to employee matters, turnover, terminations, recruitment. (d) statement on significant divestment of assets. In addition, the AIF annual report shall, for each issuer in which it has acquired a controlling influence, contain the information provided for in point (f) of Article 46a(1) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies1 and an overview of the capital structure as referred to in points (a) and (d) of Article 10(1) of Directive 2004/25/EC. For each non-listed company in which it has acquired a controlling influence, the AIF report shall provide an overview of management arrangements and the information provided for in points (b), (c) and (e) to (h) of Article 3 of Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent2. 3.The AIFM shall, for each AIF it manages and for which it is subject to this section, provide the information referred to in paragraph 2 above to all representatives of employees of the company concerned referred to in paragraph 1 of Article 26 within the period referred to in Article 19 (1) 4. implementing measures specifying the detailed content of the information to be provided under paragraphs 1 and 2. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).deleted The Commission shall adopt

2010/03/08
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 36

Article 36 Delegation by the AIFM of administrative tasks to an entity established in a third country Member States shall only allow an AIFM to delegate administrative services to entities established in a third country, provided that all of the following conditions are met: (a) the requirements set out in Article 18 are fulfilled; (b) the entity is authorised to provide administration services or registered in the third country in which it is established and is subject to prudential supervision; (c) there is an appropriate co-operation agreement between the competent authority of the AIFM and the supervisory authority of the entity.deleted

2010/02/18
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 37

Article 37 Valuator established in a third country 1. Member States shall only allow the appointment of a valuator established in a third country, provided that all of the following conditions are met: (a) the requirements set out in Article 16 are fulfilled; (b) the third country is the subject of a decision taken pursuant to paragraph 3 stating that the valuation standards and rules used by valuators established on its territory are equivalent to those applicable in the Community. 2. The Commission shall adopt implementing measures specifying the criteria for assessing the equivalence of the valuation standards and rules of third countries as referred to in paragraph (1) (b). Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3). 3. On the basis of the criteria referred to in paragraph 2, the Commission shall, in accordance with the procedure referred to in Article 49(2), adopt implementing measures, stating that the valuation standards and rules of a third country legislation are equivalent to those applicable in the Community.deleted

2010/02/18
Committee: ECON

Danuta JAZŁOWIECKA, Danuta Maria HÜBNER, Enikő GYŐRI

Proposal for a directive
Article 38

Delegation of the depositary tasks in respect of AIF domiciled in third countries 1. 17(4), in respect of AIF domiciled in a third country Member States shall allow the depositary of that AIF appointed in accordance with Article 17 to delegate the performance of one or more of its functions to a sub-depositary domiciled in the same third country provided that the legislation of that third country is equivalent to the provisions of this Directive and is effectively enforced. The following conditions shall also be met: (a) decision taken pursuant to paragraph 4 stating sub-depositaries domiciled in that country are subject to effective prudential regulation and supervision which is equivalent to the provisions laid down in Community law; (b) Member State and the relevant authorities of the third country is sufficiently ensured; (c) decision taken pursuant to paragraph 4 stating that the standards to prevent money laundering and terrorist financing are equivalent to those laid down in Community law. 2. investors shall not be affected by the fact that it has delegated to a third country depositary the performance of all or a part of its tasks. 3. implementing measures specifying the criteria for assessing the equivalence of the prudential regulation, supervision and standards of third countries as referred to in paragraph 1. Those measures, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3). 4. referred to in paragraph 3, the Commission shall, in accordance with the procedure referred to in Article 49(2), adopt implementing measures, stating that prudential regulation, supervision and standards of a third country are equivalent to this Directive.Article 38 deleted By way of derogation from Article the third country is the subject of a co-operation between the home the third country is the subject of a The depositary's liability towards The Commission shall adopt On the basis of the criteria

2010/02/18
Committee: ECON

16 Amendments of Enikő GYŐRI related to 2009/0064(COD)

ParlTrack - 2011-2024