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In order to ensure uniform conditions of application of this Article, ESMA may develop rlchtlinie implementing technical standards to determine:. In the case of a positive decision, the AIFM may start marketing the AIF in its home Member State from the date of the notification by the competent authorities to that effect. Member States shall take the necessary steps to ensure that AIFMs referred to in paragraph 1 comply with this Directive at all times.
Juli zu Verwahrstellen ernannt werden. The depositary shall make available to its competent authorities, on request, all information which it has obtained while performing its duties and that may be necessary for the competent authorities of the AIF or the AIFM. In this context, a depositary should not, for example, be aigm to rely on internal situations such as a fraudulent act by an employee to discharge itself of liability.
EUR-Lex – L – EN – EUR-Lex
ESMA shall publish the fact that a competent authority does not comply or intend to comply with that guideline or recommendation. Member States shall require that the AIFMs provide the competent authorities of their home Member State with the information they require to monitor compliance with the richtlibie referred to in this Directive at all times.
The AIFM shall also inform investors of any changes with respect to depositary liability without delay. Within 2 months of the issuance of a guideline or recommendation, each competent authority shall confirm airm it complies or intends to comply with that guideline or recommendation.
The third party may sub-delegate any of richtlunie functions delegated to it provided that the following conditions are met:.
In cases where an external AIFM is unable to ensure compliance with requirements of this Directive for which an AIF or another entity on its behalf is responsible, it shall immediately inform the competent authorities of its home Member State and, if applicable, the competent authorities of the EU AIF concerned.
EUR-Lex Access to European Union law
This Directive does not regulate AIFs. The competent authorities of the home Member State of richtline AIFM shall, no later than 20 working days after the date of receipt of the complete notification file referred to in paragraph 5, transmit that complete notification file to the competent authorities of the Member State where the AIF is intended to be marketed.
Managers of alternative investment funds AIFMs are responsible for the management of a significant amount of invested assets in the Union, account for significant amounts of trading in markets for financial instruments, and can exercise an important influence on markets and companies in which they invest.
L 80 vom Where necessary for the effective monitoring of systemic risk, the competent authorities of the home Member State may require information in addition to that described in this Article, on a periodic as well as on an ad-hoc basis. It is necessary to provide for a stringent regulatory and supervisory framework which leaves no gaps in financial regulation. Before requesting the competent authority to take or renew any measure referred to in paragraph 4, ESMA shall consult, where appropriate, the ESRB and other relevant authorities.
AIFMs shall implement adequate risk management systems in order to identify, measure, manage and monitor appropriately all risks relevant to each AIF investment strategy and to which each AIF is or may be exposed. By way of derogation from paragraph 2, Member States may authorise an external AIFM to provide the following services:.
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.
Depositaries should be able to delegate custody tasks to one or more prime brokers or other third parties. An example of such fund structures is where the responsibility for appointing the depositary rests with the AIF or another entity acting on behalf of the AIF.
AIFM-Richtlinie : Frank Dornseifer :
An AIFM shall regularly report to the competent authorities of its home Member State on the principal markets and instruments in which it trades on behalf of the AIFs it manages. The competent authorities of the home Member State shall, in accordance with procedures relating to the applicable regulatory technical standards referred to in Article 35 14Article 37 17 or Article 40 14forward the information received from third-country supervisory authorities in accordance with cooperation arrangements with such supervisory authorities in respect of an AIFM, or, where relevant, rchtlinie to Article 45 6 or 7to the competent authorities of host Member State of the AIFM concerned.
Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 59 2. Without prejudice to Articles 37, 39 and 40, Member States may allow non-EU AIFMs to market to professional investors, in their territory only, units or shares of AIFs they manage subject at least richtliniie the following conditions:.
Worldwide Europe European Union U. They should be subject to oversight to ensure that they have adequate risk management.
The depositary may delegate to third parties the functions referred to in paragraph 8 subject to the following conditions:. In order to ensure consistent harmonisation of this Article, ESMA may develop draft regulatory technical standards to specify the information to be provided to the competent authorities in the application for the authorisation of the AIFM, including the programme of activity.
The annual report shall be provided to investors on request.
When transposing this Directive into national law, the Member States should take into account the regulatory purpose of the provisions of Section 2 of Chapter V of this Directive and take due account in this context of the need for a level playing field between EU AIFs and non-EU AIFs when acquiring control in companies established in the Union.
The obligation of professional secrecy shall apply to all persons who 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.