AIFM RICHTLINIE PDF

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EUR-Lex Access to European Union law

It is necessary to ensure that the richttlinie authorities of the 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 will impact their situation. Ferner wird untersucht, inwieweit die Ziele der Richtlinie erreicht worden sind.

An AIFM authorised in accordance with this Directive should meet the richrlinie for authorisation established in this Directive at all times. Die Zulassung gilt in allen Mitgliedstaaten.

Member States shall require AIFMs to have remuneration policies and practices for those categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of the AIFMs or of the AIFs they manage, that are consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the AIFs they manage.

Where the sub-delegate further delegates richtlinnie of the functions delegated to it, the conditions set out in paragraph 4 shall apply mutatis mutandis. Recent difficulties in financial markets have underlined that many AIFM strategies are vulnerable to some or several important risks in relation to investors, other market participants and markets.

The relevant delegate shall review the services provided by each sub-delegate on an ongoing basis. It should also issue advice on the termination of those national regimes.

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AIFMs shall assess whether their operating conditions may involve any other material conflicts of interest and disclose them to the investors of the AIFs. Without prejudice to the application of Article 46, only paragraphs 3 and 4 of this Article shall apply to the following AIFMs:.

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In order 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 aifj techniques employed by Richtkinie.

It is also considered necessary to allow ESMA, after taking into account the advice of the ESRB, to determine that the leverage used by an AIFM or by a group of AIFMs poses a substantial ricytlinie to the stability and the integrity of the financial system and to issue advice to competent authorities specifying the remedial measures to be taken. For other provisions the competent authorities of the host Member States should under certain circumstances be allowed to request action from the competent authorities of the home Member State and to intervene if no such action is undertaken.

This takes account of current practice for certain types of closed-ended funds. Member States shall lay down the rules on measures and penalties applicable to infringements of the national richtlinke adopted pursuant to this Directive and shall take all measures necessary to ensure that those rules are enforced.

Artikel 8 Absatz 1 Buchstabe a gilt unbeschadet des Absatzes 2 des vorliegenden Artikels. The notification and disclosure requirements and the specific safeguards against asset stripping in the case of control over a non-listed company or an issuer should be subject to a general exception for control over small and medium-sized enterprises and special purpose vehicles with the purpose of purchasing, holding or administrating real estate.

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. That obligation to provide information on financing should also apply when an AIFM manages AIFs which acquire control over sifm issuer of shares admitted to trading on a regulated market.

The Commission shall adopt implementing acts with a view to specifying the procedure to be followed by the possible Member States of reference when determining the Member State of reference from among those Member States in accordance with the second subparagraph of paragraph 4.

Delegated acts should also be adopted to specify the requirements that AIFMs have to comply with when investing in such securitisation instruments; to specify administrative and accounting procedures, control and safeguard arrangements for electronic data processing and richflinie internal control mechanisms; to specify the procedures for the proper valuation of the assets and the calculation of the net asset value per unit or share of the AIF, the professional guarantees the external valuer must be able to provide, and the frequency for valuation appropriate for open-ended AIFs.

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It should be possible for a depositary to delegate the safe-keeping of assets to a third party which, in its turn, should be able to delegate that function. They should be subject to oversight to ensure that they have adequate risk management. An AIFM should, for each of the EU AIFs it manages and for each of the AIFs it markets in the Union, make available an annual report for each financial year no later than 6 months following the end of the financial year in accordance with this Directive.

Notification of the acquisition of major holdings and control of non-listed companies. L 55 vom AIFMs are responsible for the proper valuation of AIF assets, the calculation of the net asset value and the publication of that net asset value. Where the stability and integrity of the financial system may be threatened, the competent authorities of the home Member State of the AIFM should be able to impose limits to the level of leverage that an AIFM can employ in AIFs under its management.

Artikel 8 Absatz 1 Buchstabe e findet keine Anwendung.

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

The valuation shall be performed ruchtlinie and with all due skill, care and diligence. Such early approval of delegated acts is particularly important where deadlines need to be met, for example to allow Member States to transpose delegated acts within the transposition period laid down in this Directive, where relevant.

In order to ensure transparency regarding the controlled company, enhanced transparency, disclosure and reporting requirements should apply. The competent authorities concerned shall receive advance notice of such publication. In order to ensure the uniform application of this Article, ESMA shall develop draft regulatory technical standards on the following:.