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The competent authorities of the Member State of reference shall, within 1 month of receiving the complete documentation in accordance with paragraph 2 or within 2 months of receiving the complete documentation in accordance with paragraph 3, transmit that documentation to the competent authorities of the host Member States of the AIFM.
The competent authorities shall, on a quarterly basis, inform Ruchtlinie of authorisations granted or withdrawn in accordance with this Chapter. In order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing technical standards to determine:.
Artikel 8 Absatz 1 Buchstabe e findet keine Anwendung. The AIFM shall provide its supervisory authorities with information about the identity of those entities responsible for carrying out the duties referred to in Article 21 78 and 9.
Dieser Jahresbericht wird den Anlegern auf Anfrage vorgelegt. It is necessary to ensure that the competent authorities of the home Member State of the AIFM, the companies over which AIFs managed aidm an AIFM exercise control and the employees of such companies receive aigm information necessary for those companies to assess how that control will impact their situation. The following conditions shall be met:. An example of such fund structures is where the responsibility for appointing the depositary rests with the AIF or another entity afim on behalf of the AIF.
EU case law Case law Digital reports Directory of case law. The notification required under paragraph 2 shall contain the following additional information:. Such AIFMs should be required to disclose information regarding the overall level of leverage employed, the leverage arising from borrowing of cash or securities and the leverage arising from positions held in derivatives, the reuse of assets and the main sources of leverage in their AIFs.
The investors shall be informed of the valuations and calculations as set out in the relevant AIF rules or instruments of incorporation. Auswirkungen dieser Richtlinie auf den Zugang der Anleger in der Union. L vom 9. If the AIF is of the closed-ended type, such valuations and calculations shall also be carried out in case of an increase or decrease of the capital by the relevant AIF. Such EU AIFMs should, however, ensure that one or more entities are appointed to carry tichtlinie the duties of the depositary.
AIFM-Richtlinie : Frank Dornseifer :
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 in relation to paragraph 7 of this Article specifying:. They should, however, be adapted to the specificities of different business models.
The depositary shall not delegate to third parties its functions as described in this Article, save for those referred to in paragraph 8. News About this Firm. The notification referred to in paragraph 3 shall be made not less than 10 working days before the proposed measure is intended to take effect or to be renewed.
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Delegated acts should also be adopted to specify the content and format richtlknie the annual report that AIFMs have to make available for each AIF they manage and to specify the disclosure obligations of AIFMs to investors and reporting requirements to competent authorities as well as their frequency.
When transposing this Directive into national law, the Member States should take into account the regulatory purpose of that requirement and should ensure that investment firms established in a third country that, pursuant to the relevant national law, can provide investment services in respect of AIFs also aitm within the scope of that requirement.
This Directive therefore provides for an authorisation applicable to non-EU AIFMs which will become applicable after the entry into force of the delegated act adopted by the Rochtlinie in this regard. 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 d of paragraph 7.
Member States shall provide that any decision taken under laws, regulations or administrative provisions adopted in accordance with this Directive is properly reasoned and is the subject of the ricntlinie of appeal to the courts.
In iafm to provide comprehensive and common arrangements for supervision, it is necessary to establish a framework capable of addressing those risks taking into account the diverse range of investment strategies and techniques employed by AIFMs. The legal representative shall richtliinie established in the new Member State of reference.
In the case of a positive decision, the AIFM may start marketing the AIF in its Member State of reference as of the date of the notification by the competent authorities to that effect.
Where the AIFM changes its marketing strategy after the period referred to in paragraph 11 and intends to change its Member State of reference on the basis of its new marketing strategy, it may submit a request to change its Member State of reference to the competent authorities of the original Member State of reference. Expand all Collapse all. In the event that a competent authority does not comply or intend to comply, it shall inform ESMA, sifm its reasons. AIFMs shall ensure that, for each AIF that they manage, the investment strategy, the liquidity profile and the redemption policy are consistent.
At the April summit in London, G20 Leaders agreed that hedge funds or their managers should be registered and should be required to disclose appropriate information on an ongoing basis to supervisors or regulators.
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Artikel 8 Absatz 1 Buchstabe a gilt unbeschadet des Absatzes 2 des vorliegenden Artikels. Chapter 06 Volume P.
If a measure is not renewed after that 3-month period, it shall automatically expire. The obligations imposed on AIFMs pursuant to paragraph 1 shall relate to the following:. In order to address the potentially detrimental effect of poorly designed remuneration structures on the sound management of risk and control of risk-taking behaviour by individuals, there should be an express obligation for AIFMs to establish and maintain, for those categories of staff whose professional activities have a material impact on the risk profiles of AIFs they manage, remuneration policies and practices that are consistent with sound and effective risk management.
Delegated acts should also be adopted to specify the requirements 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 EU case law Case law Digital reports Directory of case law. The notification shall at least specify the following details:. OJ L1. As a consequence, this Directive should not apply to holding companies as defined herein.