AIFM RICHTLINIE PDF
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The competent authorities may prolong this period for up to three additional months, where they consider it necessary due to the specific circumstances of the case and after having notified the AIFM accordingly. ESMA shall 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 the host Member States receive sufficient information in order to be able to exercise their supervisory and investigatory powers under this Directive.
How to mitigate the AIFM Directive impacts on small AIF ? – AIFM-Richtlinie | XING
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:.
The competent authorities of the Member State of reference shall, without undue delay, inform ESMA of the outcome of the initial authorisation process, about any changes in the authorisation of the AIFM and any withdrawal of authorisation. In very exceptional circumstances, if and to the extent compliance with a provision of this Directive is incompatible with compliance with the law to which the non-EU AIFM or the non-EU AIF marketed in the Union is subject, it should be possible for the non-EU AIFM to be exempted from compliance with the relevant provision of this Directive if it can demonstrate that: The competent authorities shall, on a quarterly basis, inform ESMA of authorisations granted or withdrawn in accordance with this Chapter.
The AIFM shall be either:. In order to ensure the uniform application of this Article, ESMA shall develop draft regulatory technical standards on the following:. Member States shall also inform the Commission and ESMA of any subsequent changes with regard to the first subparagraph.
The competent authorities concerned shall receive advance notice about such a publication.
On the basis of the criteria set out in delegated acts, the Commission should be empowered to adopt implementing measures, stating that prudential regulation and ricchtlinie of a third country have the same effect as Union law and are effectively enforced. For the purposes of those Articles, paragraphs 1 and 2 of this Article shall apply mutatis mutandis.
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The impact of AIFMs on the markets in which they operate is largely beneficial, but recent financial difficulties have underlined how the activities of AIFMs may also serve to spread or amplify risks through the financial system. In order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing technical standards to determine:. However, provided that the depositary is expressly allowed to discharge itself of liability subject to a contractual transfer of such liability to that third party, pursuant to a written contract between the depositary and the AIF or the AIFM acting on behalf of the AIF, in which such a discharge is objectively justified, and that the third party can be held liable for the loss based on a contract between the depositary and the rchtlinie party, the depositary should be able to discharge itself of liability if it can prove that it has exercised due skill, care and diligence and that the specific requirements for delegation are met.
The advice may, in particular, address whether the conditions for such exemption appear to afm met based on the information provided by the AIFM in accordance with points a ii and iii of paragraph 8 and on the regulatory technical standards on equivalence.
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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 richttlinie of which would have been unavoidable despite all reasonable efforts to the contrary. In order to support the G20 objectives, the International Organization of Securities Commissions issued high level principles of hedge fund oversight in June to guide the development of internationally consistent regulation in this area.
The principles governing remuneration policies should recognise that AIFMs are able to apply those policies in different ways according to their size and the size of the AIFs they manage, their internal organisation and the nature, the scope and the complexity of their activities.
In that case the AIF shall no longer be marketed in the Union. ESMA shall seek to build a common European supervisory culture and consistent supervisory practices and ensure consistent approaches among competent authorities in relation to the application of this paragraph. Benennung, Befugnisse und Rechtsbehelfe. AIFMs shall regularly conduct stress tests, under normal and exceptional liquidity conditions, which enable them to assess the liquidity risk of the AIFs and monitor the liquidity risk of the AIFs accordingly.
This Directive provides for a general coordinating role for ESMA, and the possibility of binding mediation procedures, chaired by ESMA, to resolve disputes between competent authorities.
ESMA shall publish the fact that the competent authorities do not comply or intend to comply with its advice. Juli AIF des geschlossenen Typs verwalten, die nach dem Where applicable, ESMA shall facilitate the negotiation and conclusion of the cooperation arrangements required by this Directive between the competent authorities of the Member States and the supervisory authorities of third countries.
Der gesetzliche Vertreter ricjtlinie seinen Sitz in dem neuen Referenzmitgliedstaat haben. This paragraph and paragraph 2 shall apply without prejudice to any stricter rules adopted by Member States with respect to AIFMs referred to in paragraph 2. Delegated acts should also be adopted to specify the type of conflicts of interest AIFMs have to identify, as well richhtlinie the reasonable steps AIFMs dichtlinie expected to take in terms of structures and organisational and administrative procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest.
Use the Advanced search. Der gesetzliche Vertreter muss seinen Sitz in dem neuen Referenzmitgliedstaat haben. L 26 vom Delegation by the depositary to such prime broker of its custody tasks in accordance with paragraph 11 is allowed if the relevant conditions are met. Unterlagen nach wie vor auf dem neuesten Stand sind.
Own funds, including any additional own funds as richttlinie to in point a of paragraph 7, shall be invested in liquid assets or assets readily convertible to cash in the short term and shall not include speculative positions.