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Notwithstanding point d ii of the second subparagraph, where the law of a third country requires that certain financial instruments be held in custody by a local entity and no local entities satisfy the delegation requirements laid down in that point, the depositary may delegate its functions to such a local entity only to the extent required by the law of the third country and only for as long as there are no local entities that satisfy rochtlinie delegation requirements, subject to the following requirements:.

Januar emittierte Instrumente investieren darf. The percentage of voting rights shall be calculated on the basis of all the shares to which voting rights are attached even if the exercise thereof is suspended. That exemption should not limit the ability of Member States to impose stricter requirements on those AIFMs that have not opted in.

L 26 vom Chapter 06 Volume P.

Die Zulassung gilt in allen Mitgliedstaaten. Member States shall provide that any decision taken under laws, regulations or administrative provisions adopted in accordance with this Directive is aiffm reasoned and is the subject of the right of appeal to the courts.

EUR-Lex – L – EN – EUR-Lex

L 80 vom Juli Folgendes mit:. The fact that a Member State may impose requirements additional to those applicable in other Member States on AIFs established in its territory should not prevent the exercise of rights of AIFMs authorised in accordance with this Directive in other Member States to market to professional investors in the Union certain AIFs established outside the Member State imposing additional requirements and which are therefore not subject to and do not need to comply with those additional requirements.

In that regard reference is made to the existing due diligence requirements applicable to professional investors pursuant to the relevant regulation applicable to such investors. Specific information requirements towards employees of certain companies apply in cases where AIFs acquire control over such companies in accordance with this Directive.


ESMA shall issue a negative advice only if it considers that the criteria set out in paragraph 4 have not been complied with. This Directive also takes account of the fact that many AIFs, and in particular hedge funds, currently make use of a prime broker. Member States shall take the necessary steps to ensure that where the conditions set out in paragraph 2 are no longer met, the AIFM concerned applies for authorisation within 30 calendar days in accordance with the relevant procedures laid down in this Directive.

An AIFM authorised in accordance with this Directive should meet the conditions for authorisation established in this Directive at all times. That review should include a general survey of the functioning of the rules laid down in this Directive and the experience acquired in applying them. A non-EU AIFM intending to obtain prior authorisation as referred to in paragraph 1 shall have a legal representative established in its Member State of reference.

If the AIFM concerned refuses to provide the competent authorities of its host Member State with information falling under their responsibility, or fails to take the necessary steps to put an end to the breach referred to in paragraph 4, the competent authorities of its host Member State shall inform the competent authorities of its home Member State thereof. That notification shall comprise the documentation and information set out in Annex Aif.

From the date of transmission of the authorisation and supervision file, the competent authorities of the new Member State of reference shall be competent richtlinoe authorising and supervising the AIFM. Member States shall ensure that electronic transmission and filing of the documents referred to in paragraph 6 are accepted by their competent authorities.

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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. Competent authorities shall use their powers for the purpose of cooperation, even in cases where the conduct under investigation does not constitute an infringement of any regulation in force in their own Member State.

  3COM WL-561 PDF

This Directive therefore provides for ricytlinie authorisation applicable to non-EU AIFMs which will become applicable after the entry into force of the delegated act adopted by the Commission in this regard. No delegation of portfolio management or risk management shall be conferred on:.

Member States should lay down rules on penalties applicable to infringements of this Directive and ensure that they are implemented.

This Directive distinguishes between the loss of financial instruments held in custody, and any other losses. L vom 9. That obligation to provide information on financing should also apply when an AIFM ridhtlinie AIFs which acquire control over an issuer of shares admitted to trading on a regulated market.

Without prejudice to paragraphs 1 and 2 of this Article, Article 27 1 shall also apply to AIFMs managing AIFs that acquire a non-controlling participation in a non-listed company. Despite current challenges facing funds generally, the Jersey funds industry remains resilient, with a positive outlook for the near and long term future.

Member States shall require that AIFMs, before implementation, notify the competent authorities of their home Member State of any material changes to the conditions for initial authorisation, in particular material changes to the information provided in accordance with Article 7.

Juli zu Verwahrstellen ernannt werden.

How to mitigate the AIFM Directive impacts on small AIF ? – AIFM-Richtlinie | XING

The measures taken by the competent qifm or competent authorities pursuant to paragraph 4 shall:. Without prejudice to the procedures for the withdrawal of authorisation or to the right of Member States to impose criminal penalties, Member States shall ensure, in accordance with their national law, that the appropriate administrative measures can be taken or administrative penalties be imposed against the persons responsible where the provisions adopted in the implementation of this Directive have not been complied with.

The notification referred to in paragraph 3 shall be made not less than 10 working days wifm the proposed measure is intended to take effect or to be renewed. More from this Author.