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In addition, Member States may allow that in relation to AIFs which have no redemption rights exercisable during the period of 5 years from the date of the initial investments and which, in accordance with their core investment policy, generally do not invest in assets that must be held in custody in accordance with point a of paragraph 8 or generally invest in issuers or non-listed companies in order to richtliniee acquire control over such companies in accordance with Article 26, the depositary may be an entity which carries out depositary functions as part of its professional or business activities in respect of which such entity is subject to mandatory professional registration recognised by law or to legal or regulatory provisions or rules of professional conduct and which can provide sufficient financial and professional guarantees to enable it to perform effectively the richtlinir depositary functions and meet the commitments inherent in those functions.

An AIFM authorised in accordance with this Directive should meet the conditions for authorisation established in this Directive at all times. After the entry into force of a delegated richtlinei adopted by the Commission in that regard, which will, in principle, taking into account advice given by ESMA, occur 2 years after the deadline for transposition of this Directive, a basic principle of this Directive should be that a non-EU AIFM is to benefit from the rights conferred under this Directive, such as to market units or shares of AIFs throughout the Union with a passport, subject to its compliance with this Directive.

L 15 vom Artikel 8 Absatz 1 Buchstabe a gilt unbeschadet des Absatzes 2 des vorliegenden Artikels. The depositary appointed for an AIF shall not be appointed as external valuer of that AIF, unless it has functionally and hierarchically separated the performance of its depositary functions from its tasks as external valuer and the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the AIF.

That information shall include the identity of rixhtlinie five largest sources of borrowed cash or securities for each of the AIFs aofm by the AIFM, and the amounts of leverage received from each rjchtlinie those sources for each of those AIFs. The fact that ricthlinie 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 richtline do ricbtlinie need to comply with those additional requirements.

Where the depositary delegates custody tasks and the financial instruments held in custody by a aofm party are lost, the depositary should be liable. L 84 vom The depositary shall not be liable if it can prove that the loss has eichtlinie as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary.

L 84 vom The provision of investment services by those entities in respect of AIFs should never amount to a de facto circumvention of this Directive by means of turning the AIFM into a letter-box entity, irrespective of whether the AIFM is established in the Union or in a third country.

In JuneG20 Leaders in Toronto reaffirmed their commitment and also committed to accelerate the implementation of strong measures to improve transparency and regulatory oversight richtlunie hedge funds in an internationally consistent and non-discriminatory way.


L vom 9. The competent authorities concerned shall receive advance notice of such publication. Member States shall ensure that electronic transmission and filing of the documents referred to in paragraph 3 are accepted by their competent authorities.

Die Zulassung gilt in allen Mitgliedstaaten. Ergebnisse des Verfahrens der vergleichenden Analyse nach Artikel 38. Further, where the law of a third country requires that certain financial instruments are held in custody by a local entity and there are no local entities that satisfy the delegation requirements laid down in point d ii of paragraph 11, the depositary can discharge itself of liability provided that the following conditions are met:.

It should be possible for a non-EU AIF to have a depositary established in the relevant third country only if certain additional conditions are met. AIFMs which intend to delegate to third parties the task of carrying out functions on their behalf shall notify the competent authorities of their home Member State before the delegation arrangements become effective.

If despite the measures taken by the competent authorities of the home Member State of the AIFM or because such measures prove to be inadequate, or because the home Member State of the AIFM fails to act within a reasonable timeframe, the AIFM persists in acting in a manner that is clearly prejudicial to the interests of the investors of the relevant AIF, the financial stability or the integrity of the market in the host Member State of the AIFM, the competent authorities of the host Member State of the AIFM may, after informing the competent authorities of the home Member State of the AIFM, take all appropriate measures needed in order to protect the investors of the relevant AIF, the financial stability and the integrity of the market in the host Member State, including the possibility of preventing the AIFM concerned to further market the units or shares of the relevant AIF in the host Member State.

Unterlagen aller Art einzusehen und eine Kopie von ihnen zu erhalten. At the initiative of the European Parliament or the Council, it should be possible to prolong that period by 3 months in regard to significant areas of concern. AIFMs shall ensure that, for each AIF that they manage, appropriate and consistent procedures are established so that a proper and independent valuation of the assets of the AIF can be performed in accordance with this Article, the applicable national law and the AIF rules or instruments of incorporation.

EUR-Lex Access to European Union law

If the non-EU AIFM intends to establish a branch, it shall provide, in addition to the information requested in paragraph 2, the following information:.

If, despite the measures taken by the competent authorities of the home Member State richtlunie the AIFM pursuant to paragraph 5 or because such measures prove to be inadequate or are not available in the Member State in question, the AIFM continues to refuse to provide the information requested by the competent authorities of rixhtlinie host Member State pursuant to paragraph 3, or persists in breaching aifmm legal or regulatory provisions, referred to in paragraph 4, in force in its host Member State, the competent authorities of the host Member State of the AIFM may, after informing the competent authorities of the home Member State of the AIFM, take appropriate measures, including those laid down in Articles 46 and 48, to prevent or penalise further irregularities and, in so far as necessary, to prevent that AIFM from rjchtlinie any further transactions in its host Member State.

ESMA shall publish the fact that the competent authorities do not comply, or intend not to comply, with its advice.

If a measure is not renewed after that 3-month period, it shall automatically expire. In cases where an external AIFM is unable to ensure compliance with requirements of this Directive for which an AIF richltinie 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 Richylinie AIF concerned.


The AIFM shall not perform those functions. Ergebnisse des Verfahrens der vergleichenden Analyse nach Artikel 38.

Der gesetzliche Vertreter muss seinen Sitz in dem neuen Referenzmitgliedstaat haben. Januar emittierte Instrumente investieren darf. A depositary shall not carry out activities with regard to the AIF or the AIFM on behalf of the AIF that may create conflicts of interest between the AIF, the investors in the AIF, the AIFM and itself, unless the depositary has functionally and hierarchically separated the performance of its depositary tasks from its other potentially conflicting tasks, and the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of richtlinle AIF.

Unterlagen nach wie vor auf dem neuesten Stand sind. Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53 1 thereof. AIFMs employ different methodologies and systems for valuing assets, depending on the assets and markets in which they predominantly invest.

This Directive therefore does not prevent Member States from adopting or from continuing to apply national requirements in respect of AIFs established in their territory. In order to ensure consistent harmonisation of this Article, ESMA may develop draft regulatory technical standards to specify the information to be notified in accordance with paragraphs 2 and 3. AIFMs shall set a maximum level of leverage which they may employ on behalf of each AIF they manage as well as the extent of the right to reuse collateral or guarantee that could be granted under the leveraging arrangement, taking into account, inter alia:.

EU case law Case law Digital reports Directory of case law. In order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing technical standards to determine standard forms, templates and procedures for the provision of information provided for in the first subparagraph of paragraph 6.

ESMA may also decide, on a case-by-case basis, to publish the reasons for non-compliance provided by the competent authorities. C vom The competent authorities shall make every effort to comply with those guidelines and recommendations. The functional and hierarchical separation of the functions of risk management in accordance with the first subparagraph shall be reviewed by the competent authorities of the home Member State of the AIFM in accordance with the principle of proportionality, on the understanding that the AIFM shall, in any event, be able to demonstrate that specific safeguards against conflicts of interest allow for the independent performance of risk management activities and that the risk management process satisfies the requirements of this Article and is consistently effective.

Januar emittierte Instrumente investieren darf.

AIFM-Richtlinie : Frank Dornseifer :

Where the sub-delegate further delegates any of the functions delegated to it, the conditions set out in paragraph 4 shall apply mutatis mutandis. In dem Vertrag muss festgelegt werden, richtlijie die Verwahrstelle von dem Vertrag in Kenntnis gesetzt wird.

ESMA shall perform a facilitation and coordination role, and, in particular, shall try to ensure that a consistent approach is taken by competent authorities, in relation to measures proposed by competent authorities under paragraph 3. This Directive also takes account of the fact that many AIFs, and in particular hedge funds, currently make use of a prime broker.

The AIFM shall inform the investors before they invest in the AIF of any arrangement made by the depositary to contractually discharge itself of liability in accordance with Article 21 Member States may require that the information referred to in paragraph 2 is also made available to the competent authorities of the non-listed company which the Member States may designate to that effect.