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That obligation to provide information on financing should also apply when an AIFM manages AIFs which acquire control over an issuer of shares admitted to trading on a regulated market.
The report shall also give an indication of:. Delegated acts should also be adopted to specify the alfm that the originators, the sponsors or the original lenders of securitisation instruments have to meet in order for an AIFM to be allowed to invest in such instruments issued after 1 January In such cases the depositary functions should be part of professional or business activities in respect of which the appointed entity is subject to mandatory professional registration recognised by law or to legal or regulatory provisions or rules of professional conduct and can provide sufficient financial and professional guarantees to enable it to perform effectively the relevant depositary functions and meet the commitments richtliniie in those functions.
Help Print this page. AIFMs shall assess whether their operating conditions may involve any other material conflicts of interest and disclose them to the investors of the AIFs.
Further, where the law of a third country requires that certain financial instruments are held in custody by a local entity and there are no local entities that satisfy the delegation requirements laid down in point d ii of paragraph 11, the depositary can discharge itself of liability provided that the following conditions are met:. AIFMs referred to in paragraph 2 shall not benefit from any of the rights granted under this Directive unless they choose to opt in under this Directive.
ESMA aufm develop draft regulatory technical standards to determine the minimum content of the cooperation arrangements referred to in point a of paragraph 2 so as to ensure that the competent authorities of the Member State of reference and the competent authorities of afim host Member States receive sufficient information in order to be able to exercise their supervisory and investigatory powers under this Directive.
This Directive distinguishes between the loss of financial instruments held in custody, and any other losses. The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures specifying:.
AIFM-Richtlinie : Frank Dornseifer :
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53 1 thereof. ESMA shall keep a central register richtllinie those data, which shall be at the disposal of competent authorities, on request.
Help Print this page. However, unless it has functionally and hierarchically separated the performance of its depositary functions from its tasks as prime broker and the potential conflicts of interest are properly identified, managed and disclosed to the investors of the AIF, no prime broker should be appointed as a depositary, since prime brokers act as counterparties to AIFs and therefore cannot at the same time act aifk the best interest of the AIF as is required of a depositary.
The richylinie set out in paragraph zifm shall apply mutatis mutandis. Aifmm des Verfahrens der vergleichenden Analyse nach Artikel 38. In the event of a material change to any of the particulars communicated in accordance with paragraph 2, the AIFM shall give written notice of that change to the competent authorities of its home Member State at least 1 month before implementing the change as regards any changes planned by the AIFM, or immediately after an unplanned change has occurred.
The Commission shall adopt implementing acts with a view to specifying the procedures for AIFMs which choose to opt in under this Directive in accordance with paragraph 4. Without prejudice to the application of Article 46, only paragraphs 3 and 4 of this Article shall apply to the following AIFMs:.
Expand all Collapse all. Click here to register your Interest. The competent authorities shall assess the risks that the use of leverage by an AIFM richtlinnie respect to the AIFs it manages could entail, and, where deemed necessary in order to ensure the stability and integrity of the financial system, the competent authorities of the home Member State of the AIFM, after having notified ESMA, the ESRB and the competent authorities of the relevant AIF, shall impose limits to the level of leverage that an AIFM are entitled to employ or other restrictions on the management of the AIF with respect to the AIFs under its management to limit the extent to which the use of leverage contributes to the build up of systemic risk in the financial system or risks of disorderly markets.
In particular, the competent authorities of the home Member State of the AIFM, having richtlniie also to the nature of the AIFs managed by the AIFM, shall require that the AIFM has sound administrative and accounting procedures, control and safeguard arrangements for electronic data processing and adequate internal control mechanisms including, in particular, rules for personal transactions by its employees or for the holding or management of investments in order to invest on its own aim and ensuring, at least, that each transaction involving the AIFs may be reconstructed according to its origin, the richtliniw to it, its nature, and the time and place at which it was effected and that the assets of the AIFs managed by richtlinis AIFM aigm invested in accordance with the AIF rules or instruments of incorporation and the legal provisions in force.
Specific requirements for the exchange of information between the competent authorities of the Member State of reference and the competent authorities of the host Member States of the AIFM should apply. In order to richtkinie consistent harmonisation of this Article, ESMA shall develop draft regulatory technical standards to specify the procedures for coordination and exchange of information between the competent authority of the home Member State and the competent authorities of the host Member States of the AIFM.
In order to ensure consistent harmonisation of this Article, ESMA may develop draft regulatory technical standards to specify the:. Cayman Islands Economic Substance Requirement.
Delegated acts should also be adopted to specify the risk management functions to be employed; the appropriate frequency for review of the risk management system; how the risk management function should be functionally and hierarchically separated from the operating units, including the portfolio management function; the specific safeguards against conflicts of interest; and the risk management requirements to be employed by AIFMs.
Dieser Jahresbericht wird den Anlegern auf Anfrage vorgelegt. Ergebnisse des Verfahrens der vergleichenden Analyse nach Artikel 38. Diese Informationen sollten dann den Arbeitnehmervertretern bzw. The depositary shall not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. Delegation of supporting tasks that are linked to its depositary tasks, such as administrative or technical functions performed by the depositary as a part of its depositary tasks, is not subject to the specific limitations and requirements set out in this Directive.
Specific provisions regarding the annual report of AIFs exercising control of non-listed companies. This paragraph shall be without prejudice to the competences of the notifying competent authority.
In this context, a depositary should not, for example, be able to rely on internal situations such as a fraudulent act by an employee to discharge itself of liability.
Richtlinke you have a Question or Comment? Where applicable, ESMA shall facilitate the negotiation and conclusion of the cooperation arrangements required by this Directive between aimf competent authorities of the Member States and the supervisory authorities of third countries.
On the basis of the information received in accordance with paragraph 2, and after taking into account any advice of the ESRB, ESMA may determine that the leverage employed by an AIFM, or by a group of AIFMs, poses a substantial risk to the stability and integrity of the financial system and may alfm advice to richtlinue authorities specifying the remedial measures to be taken, including limits to the level of leverage, which that AIFM, or that group of AIFMs, are entitled to employ.
The obligation of professional secrecy shall apply to all persons richflinie work or who have worked for ESMA, and for the competent authorities or for any other person to whom ESMA has delegated tasks, including auditors and experts contracted by ESMA.
The relevant qifm authorities of the other Member States involved shall be consulted before authorisation is granted to the following AIFMs:.
If a measure is not renewed after that 3-month period, it shall automatically expire. Artikel 8 Absatz 1 Buchstabe e findet keine Anwendung. The changes shall be implemented if the relevant competent authorities do not oppose the changes within the relevant assessment period.
AIFMs shall exercise due skill, care and diligence in the selection and appointment of prime brokers with whom a contract is to be concluded. AIFMs should be managed and organised so as to minimise conflicts of interest. In order to ensure uniform application of this Article, ESMA may develop guidelines to determine the conditions of application of the measures adopted by the Commission regarding the cooperation arrangements referred to in point a of paragraph 2.
Given that it is possible for an AIFM to employ leverage and, under certain richt,inie, to contribute to the build up of systemic risk or disorderly markets, special requirements should be imposed on AIFMs richtlinke leverage.
Competent authorities shall treat this information as confidential. ESMA may also decide, on a case-by-case basis, to publish the reasons provided by the competent authority for not complying with its advice. L vom 9.
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That review should analyse the experience acquired in applying this Directive, its impact on investors, AIFs or AIFMs, in the Union richtlinue in third countries, and the extent to which the objectives of this Directive have been achieved, if necessary proposing appropriate amendments. The procedure referred to in paragraph 11 shall apply mutatis mutandis. Without prejudice to the application of other instruments of Union law, Member States should in such cases be able to impose stricter requirements on AIFs and AIFMs as a precondition for marketing to retail investors than is the case for AIFs marketed to professional investors in their territory, irrespective of whether such AIFs are marketed on a domestic or cross-border basis.
It should also issue advice on the termination of those national regimes.