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EUR-Lex Access to European Union law

The register shall be made available in electronic format. They shall, without delay, also provide information by means of those procedures, and bilaterally to the competent authorities of other Member States directly concerned, if an AIFM under their responsibility, or AIF managed by that AIFM could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institutions in other Member States.

The notification required under paragraph 2 shall contain the following additional information:. In the case of a loss other than of financial instruments held in custody, the depositary should be liable in the case of intent or negligence.

However, managers of private equity funds or AIFMs managing AIFs whose shares are iafm to trading on a regulated market should not be excluded from its scope. The European Parliament and the Council should richtinie 3 months from the date of notification to object to a delegated act.

AIFMs should, however, remain responsible for the proper performance of the delegated functions and compliance with this Directive at all times.

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 setting out principles specifying the circumstances in which competent authorities apply the provisions set out in paragraph 3, taking into account different strategies of AIFs, different market conditions in which AIFs operate and possible pro-cyclical effects of applying those provisions.

It is appropriate to allow authorised EU AIFMs to manage non-EU AIFs without marketing them in the Union without imposing on them aaifm strict depositary requirements and the requirements relating to the annual report provided for in this Directive, as those requirements have been included for the protection of Union investors.

It is necessary to clarify the powers and duties of the competent authorities responsible for implementing this Directive, and to strengthen the mechanisms necessary to ensure effective cross-border supervisory cooperation.

Further, this Directive should not apply to the management of pension funds; employee participation or savings schemes; supranational institutions; national central banks; national, regional and local governments and bodies or institutions which manage funds supporting social security and pension systems; securitisation special purpose entities; or insurance contracts and joint ventures.

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Das Verfahren nach Absatz 11 ist entsprechend anzuwenden. Within 1 month of having received the notification referred to in the second subparagraph, ESMA shall issue advice to the relevant competent authorities about their assessment on the Member State of reference in accordance with the criteria set out in paragraph 4.

The eichtlinie authorities concerned shall receive advance notice of such publication. It is necessary to ensure that the competent authorities of richlinie home Member State of the AIFM, the companies over which AIFs managed by an AIFM exercise control and the employees of such companies receive certain information necessary for those companies to assess how that control rlchtlinie impact their situation.

Member States may require that the information referred to in paragraph 2 is also made available to the competent authorities of the non-listed company which the Member States may designate to that effect. The strict aifmm and requirements to which the delegation of tasks by the depositary is subject should apply to the delegation of its specific functions as a depositary, aim the monitoring of the cash flow, the safe-keeping of assets and the oversight functions.

AIFM-Richtlinie : Frank Dornseifer :

Where the depositary holds assets in custody and those assets are lost, the depositary should be liable, unless it can prove that the loss is the result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. Expand all Collapse all. The depositary shall make available to its competent authorities, on request, all information which it has richglinie while performing its duties and that may be necessary for the competent authorities of the AIF or the AIFM.

Artikel 8 Absatz 1 Buchstabe e findet keine Anwendung.

The competent authorities of the Member States shall immediately supply one another and ESMA with the information required for the purposes of carrying out their duties under this Directive. In the case of a positive decision, the AIFM may start marketing the AIF in its Member State of reference from the richtlibie of the notification by the competent authorities to that effect.

The competent authorities of the home Member State of the AIFM shall refuse authorisation where the effective exercise of their supervisory functions is prevented by any of the following:.

If the competent authorities consider richtlinoe this is not the case, they shall refuse the authorisation request of the non-EU AIFM explaining the reasons for their refusal.

This Directive does not regulate AIFs. Unter denselben Bedingungen sollte auch eine Unterbeauftragung gestattet sein. ESMA may take a decision under paragraph 4 and subject to the requirements set out in paragraph 6 if both of the following conditions are met:.

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Ricbtlinie of AIFM functions. Benennung, Befugnisse und Rechtsbehelfe. L 8 vom ESMA shall issue advice on the assessment made by the competent richtlini. Those measures shall be adapted to the type of AIFM to which they apply. OJ L1.

In order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing technical standards to determine the form and content of the request referred to in the second subparagraph of paragraph The legal representative shall perform the compliance function relating to the management and marketing activities performed by the AIFM under this Directive together with the AIFM.

This paragraph shall be without prejudice to the competences of the notifying competent authority. The term referred to in Article 8 5 shall be suspended during the ESMA review in accordance with this paragraph. ESMA shall publish the fact that the competent authorities do not comply, or intend not to comply, with its advice. The depositary appointed for an AIF shall not be appointed as external valuer of that AIF, unless it richtlinle functionally and hierarchically separated the performance of its depositary functions from its tasks as external valuer and the potential richtlunie of interest are properly identified, managed, monitored and disclosed to the investors of the AIF.

In so far as applicable, the competent richtpinie of the Member State of reference shall afm inform the competent authorities of the home Member States of the AIFs managed by the AIFM thereof, stating their reasons.

The competent authorities of the Member State of reference shall, no later than 20 working days after the date of receipt of the complete notification file referred to in paragraph 4, transmit the complete notification file to the competent authorities of the Member States where the units or shares of the AIF are intended to be marketed. If the AIFM fails to resign, the competent authorities of its home Member State should require such resignation and the aifmm in the Union of the AIF concerned should no longer be permitted.

The valuation shall be performed impartially and with all due skill, care and diligence. Despite aidm challenges facing funds generally, the Jersey funds industry remains resilient, with a positive outlook for the near and long term future. Subject to the same conditions, sub-delegation should also richtlknie allowed.