+DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (Text with EEA relevance)
---+CHAPTER I GENERAL PROVISIONS
------+Article 1 Subject matter
------+Article 2 Scope
---------+Article 2 1.
---------+Article 2 2.
---------+Article 2 3.
---------+Article 2 4.
------+Article 3 Exemptions
---------+Article 3 1.
---------+Article 3 2.
---------+Article 3 3.
---------+Article 3 4.
---------+Article 3 5.
---------+Article 3 6.
------+Article 4 Definitions
---------+Article 4 1.
---------+Article 4 2.
---------+Article 4 3.
---------+Article 4 4.
------+Article 5 Determination of the AIFM
---------+Article 5 1.
---------+Article 5 2.
---------+Article 5 3.
---+CHAPTER II AUTHORISATION OF AIFMs
------+Article 6 Conditions for taking up activities as AIFM
---------+Article 6 1.
---------+Article 6 2.
---------+Article 6 3.
---------+Article 6 4.
---------+Article 6 5.
---------+Article 6 6.
---------+Article 6 7.
---------+Article 6 8.
------+Article 7 Application for authorisation
---------+Article 7 1.
---------+Article 7 2.
---------+Article 7 3.
---------+Article 7 4.
---------+Article 7 5.
---------+Article 7 8.
------+Article 8 Conditions for granting authorisation
---------+Article 8 1.
---------+Article 8 2.
---------+Article 8 3.
---------+Article 8 4.
---------+Article 8 5.
---------+Article 8 6.
------+Article 9 Initial capital and own funds
---------+Article 9 1.
---------+Article 9 2.
---------+Article 9 3.
---------+Article 9 4.
---------+Article 9 5.
---------+Article 9 6.
---------+Article 9 7.
---------+Article 9 8.
---------+Article 9 9.
---------+Article 9 10.
------+Article 10 Changes in the scope of the authorisation
---------+Article 10 1.
---------+Article 10 2.
------+Article 11 Withdrawal of the authorisation
---+CHAPTER III OPERATING CONDITIONS FOR AIFMs
------+SECTION 1 General requirements
---------+Article 12 General principles
------------+Article 12 1.
------------+Article 12 2.
------------+Article 12 3.
------------+Article 12 4.
---------+Article 13 Remuneration
------------+Article 13 1.
------------+Article 13 2.
---------+Article 14 Conflicts of interest
------------+Article 14 1.
------------+Article 14 2.
------------+Article 14 2a.
------------+Article 14 3.
------------+Article 14 4.
---------+Article 15 Risk management
------------+Article 15 1.
------------+Article 15 2.
------------+Article 15 3.
------------+Article 15 3a.
------------+Article 15 4.
------------+Article 15 4a.
------------+Article 15 4b.
------------+Article 15 4c.
------------+Article 15 4d.
------------+Article 15 4e.
------------+Article 15 4f.
------------+Article 15 4g.
------------+Article 15 4h.
------------+Article 15 4i.
------------+Article 15 5.
---------+Article 16 Liquidity management
------------+Article 16 1.
------------+Article 16 2.
------------+Article 16 2a.
------------+Article 16 2b.
------------+Article 16 2c.
------------+Article 16 2d.
------------+Article 16 2e.
------------+Article 16 2f.
------------+Article 16 2g.
------------+Article 16 2h.
------------+Article 16 2i.
------------+Article 16 3.
---------+Article 17
------+SECTION 2 Organisational requirements
---------+Article 18 General principles
------------+Article 18 1.
------------+Article 18 2.
---------+Article 19 Valuation
------------+Article 19 1.
------------+Article 19 2.
------------+Article 19 3.
------------+Article 19 4.
------------+Article 19 5.
------------+Article 19 6.
------------+Article 19 7.
------------+Article 19 8.
------------+Article 19 9.
------------+Article 19 10.
------------+Article 19 11.
------+SECTION 3 Delegation of AIFM functions
---------+Article 20 Delegation
------------+Article 20 1.
------------+Article 20 2.
------------+Article 20 3.
------------+Article 20 3a.
------------+Article 20 4.
------------+Article 20 5.
------------+Article 20 6.
------------+Article 20 6a.
------------+Article 20 7.
------+SECTION 4 Depositary
---------+Article 21 Depositary
------------+Article 21 1.
------------+Article 21 2.
------------+Article 21 3.
------------+Article 21 4.
------------+Article 21 5.
------------+Article 21 5a.
------------+Article 21 6.
------------+Article 21 7.
------------+Article 21 8.
------------+Article 21 9.
------------+Article 21 10.
------------+Article 21 11.
------------+Article 21 12.
------------+Article 21 13.
------------+Article 21 14.
------------+Article 21 15.
------------+Article 21 16.
------------+Article 21 17.
---+CHAPTER IV TRANSPARENCY REQUIREMENTS
------+Article 22 Annual report
---------+Article 22 1.
---------+Article 22 2.
---------+Article 22 3.
---------+Article 22 4.
------+Article 23 Disclosure to investors
---------+Article 23 1.
---------+Article 23 2.
---------+Article 23 3.
---------+Article 23 4.
---------+Article 23 5.
---------+Article 23 6.
---------+Article 23 7.
------+Article 24 Reporting obligations to competent authorities
---------+Article 24 1.
---------+Article 24 2.
---------+Article 24 3.
---------+Article 24 4.
---------+Article 24 5.
---------+Article 24 6.
---+CHAPTER V AIFMs MANAGING SPECIFIC TYPES OF AIF
------+SECTION 1 AIFMs managing leveraged AIFs
---------+Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage
------------+Article 25 1.
------------+Article 25 2.
------------+Article 25 3.
------------+Article 25 4.
------------+Article 25 5.
------------+Article 25 6.
------------+Article 25 7.
------------+Article 25 8.
------------+Article 25 9.
------+SECTION 2 Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers
---------+Article 26 Scope
------------+Article 26 1.
------------+Article 26 2.
------------+Article 26 3.
------------+Article 26 4.
------------+Article 26 5.
------------+Article 26 6.
------------+Article 26 7.
---------+Article 27 Notification of the acquisition of major holdings and control of non-listed companies
------------+Article 27 1.
------------+Article 27 2.
------------+Article 27 3.
------------+Article 27 4.
------------+Article 27 5.
---------+Article 28 Disclosure in case of acquisition of control
------------+Article 28 1.
------------+Article 28 2.
------------+Article 28 3.
------------+Article 28 4.
------------+Article 28 5.
---------+Article 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed companies
------------+Article 29 1.
------------+Article 29 2.
------------+Article 29 3.
---------+Article 30 Asset stripping
------------+Article 30 1.
------------+Article 30 2.
------------+Article 30 3.
---+CHAPTER VI RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
------+Article 30a Conditions for pre-marketing in the Union by an EU AIFM
---------+Article 30a 1.
---------+Article 30a 2.
---------+Article 30a 3.
---------+Article 30a 4.
------+Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM
---------+Article 31 1.
---------+Article 31 2.
---------+Article 31 3.
---------+Article 31 4.
---------+Article 31 5.
---------+Article 31 6.
------+Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM
---------+Article 32 1.
---------+Article 32 2.
---------+Article 32 3.
---------+Article 32 4.
---------+Article 32 5.
---------+Article 32 6.
---------+Article 32 7.
---------+Article 32 8.
---------+Article 32 9.
------+Article 32a De-notification of arrangements made for the marketing of units or shares of some or all EU AIFs in the Member States other than in the home Member State of the AIFM
---------+Article 32a 1.
---------+Article 32a 2.
---------+Article 32a 3.
---------+Article 32a 4.
---------+Article 32a 5.
---------+Article 32a 6.
---------+Article 32a 7.
---------+Article 32a 8.
------+Article 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
---------+Article 33 1.
---------+Article 33 2.
---------+Article 33 3.
---------+Article 33 4.
---------+Article 33 5.
---------+Article 33 6.
---------+Article 33 7.
---------+Article 33 8.
---+CHAPTER VII SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
------+Article 34 Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States
---------+Article 34 1.
---------+Article 34 2.
---------+Article 34 3.
------+Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM
---------+Article 35 1.
---------+Article 35 2.
---------+Article 35 3.
---------+Article 35 4.
---------+Article 35 5.
---------+Article 35 6.
---------+Article 35 7.
---------+Article 35 8.
---------+Article 35 9.
---------+Article 35 10.
---------+Article 35 11.
---------+Article 35 12.
---------+Article 35 13.
---------+Article 35 14.
---------+Article 35 15.
---------+Article 35 16.
---------+Article 35 17.
------+Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM
---------+Article 36 1.
---------+Article 36 2.
---------+Article 36 3.
---------+Article 36 4.
------+Article 37 Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40
---------+Article 37 1.
---------+Article 37 2.
---------+Article 37 3.
---------+Article 37 4.
---------+Article 37 5.
---------+Article 37 6.
---------+Article 37 7.
---------+Article 37 8.
---------+Article 37 9.
---------+Article 37 10.
---------+Article 37 11.
---------+Article 37 12.
---------+Article 37 13.
---------+Article 37 14.
---------+Article 37 15.
---------+Article 37 16.
---------+Article 37 17.
---------+Article 37 18.
---------+Article 37 19.
---------+Article 37 20.
---------+Article 37 21.
---------+Article 37 22.
---------+Article 37 23.
------+Article 38 Peer review of authorisation and supervision of non-EU AIFMs
---------+Article 38 1.
---------+Article 38 2.
---------+Article 38 3.
---------+Article 38 4.
---------+Article 38 5.
---------+Article 38 6.
---------+Article 38 7.
---------+Article 38 8.
---------+Article 38 9.
---------+Article 38 10.
------+Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM
---------+Article 39 1.
---------+Article 39 2.
---------+Article 39 3.
---------+Article 39 4.
---------+Article 39 5.
---------+Article 39 6.
---------+Article 39 7.
---------+Article 39 8.
---------+Article 39 9.
---------+Article 39 10.
---------+Article 39 11.
------+Article 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM
---------+Article 40 1.
---------+Article 40 2.
---------+Article 40 3.
---------+Article 40 4.
---------+Article 40 5.
---------+Article 40 6.
---------+Article 40 7.
---------+Article 40 8.
---------+Article 40 9.
---------+Article 40 10.
---------+Article 40 11.
---------+Article 40 12.
---------+Article 40 13.
---------+Article 40 14.
---------+Article 40 15.
---------+Article 40 16.
---------+Article 40 17.
------+Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs
---------+Article 41 1.
---------+Article 41 2.
---------+Article 41 3.
---------+Article 41 4.
---------+Article 41 5.
---------+Article 41 6.
---------+Article 41 7.
---------+Article 41 8.
------+Article 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM
---------+Article 42 1.
---------+Article 42 2.
---------+Article 42 3.
---------+Article 42 4.
---+CHAPTER VIII MARKETING TO RETAIL INVESTORS
------+Article 43 Marketing of AIFs by AIFMs to retail investors
---------+Article 43 1.
---------+Article 43 2.
---------+Article 43 3.
------+Article 43a Facilities available to retail investors
---------+Article 43a 1.
---------+Article 43a 2.
---------+Article 43a 3.
---+CHAPTER IX COMPETENT AUTHORITIES
------+SECTION 1 Designation, powers and redress procedures
---------+Article 44 Designation of competent authorities
---------+Article 45 Responsibility of competent authorities in Member States
------------+Article 45 1.
------------+Article 45 2.
------------+Article 45 3.
------------+Article 45 4.
------------+Article 45 5.
------------+Article 45 6.
------------+Article 45 7.
------------+Article 45 8.
------------+Article 45 9.
------------+Article 45 10.
------------+Article 45 11.
---------+Article 46 Powers of competent authorities
------------+Article 46 1.
------------+Article 46 2.
------------+Article 46 3.
------------+Article 46 4.
---------+Article 47 Powers and competences of ESMA
------------+Article 47 1.
------------+Article 47 2.
------------+Article 47 3.
------------+Article 47 4.
------------+Article 47 5.
------------+Article 47 6.
------------+Article 47 7.
------------+Article 47 8.
------------+Article 47 9.
------------+Article 47 10.
---------+Article 48 Administrative penalties
------------+Article 48 1.
------------+Article 48 2.
------------+Article 48 3.
---------+Article 49 Right of appeal
------------+Article 49 1.
------------+Article 49 2.
------+SECTION 2 Cooperation between different competent authorities
---------+Article 50 Obligation to cooperate
------------+Article 50 1.
------------+Article 50 2.
------------+Article 50 3.
------------+Article 50 4.
------------+Article 50 5.
------------+Article 50 5a.
------------+Article 50 5b.
------------+Article 50 5c.
------------+Article 50 5d.
------------+Article 50 5e.
------------+Article 50 5f.
------------+Article 50 5g.
------------+Article 50 5h.
------------+Article 50 6.
------------+Article 50 7.
---------+Article 51 Transfer and retention of personal data
------------+Article 51 1.
------------+Article 51 2.
---------+Article 52 Disclosure of information to third countries
------------+Article 52 1.
------------+Article 52 2.
---------+Article 53 Exchange of information relating to the potential systemic consequences of AIFM activity
------------+Article 53 1.
------------+Article 53 2.
------------+Article 53 3.
------------+Article 53 4.
---------+Article 54 Cooperation in supervisory activities
------------+Article 54 1.
------------+Article 54 2.
------------+Article 54 3.
------------+Article 54 4.
---------+Article 55 Dispute settlement
---+CHAPTER X TRANSITIONAL AND FINAL PROVISIONS
------+Article 56 Exercise of the delegation
---------+Article 56 1.
---------+Article 56 2.
---------+Article 56 3.
------+Article 57 Revocation of the delegation
---------+Article 57 1.
---------+Article 57 2.
---------+Article 57 3.
------+Article 58 Objections to delegated acts
---------+Article 58 1.
---------+Article 58 2.
---------+Article 58 3.
------+Article 59 Implementing measures
---------+Article 59 1.
---------+Article 59 2.
------+Article 60 Disclosure of derogations
------+Article 61 Transitional provisions
---------+Article 61 1.
---------+Article 61 2.
---------+Article 61 3.
---------+Article 61 4.
---------+Article 61 6.
------+Article 63 Amendments to Directive 2009/65/EC
------+Article 64 Amendment to Regulation (EC) No 1060/2009
------+Article 65 Amendment to Regulation (EU) No 1095/2010
------+Article 66 Transposition
---------+Article 66 1.
---------+Article 66 2.
---------+Article 66 3.
---------+Article 66 4.
---------+Article 66 5.
---------+Article 66 6.
------+Article 67 Delegated act on the application of Article 35 and Articles 37 to 41
---------+Article 67 1.
---------+Article 67 2.
---------+Article 67 3.
---------+Article 67 4.
---------+Article 67 5.
---------+Article 67 6.
---------+Article 67 7.
------+Article 68 Delegated act on the termination of the application of Articles 36 and 42
---------+Article 68 1.
---------+Article 68 2.
---------+Article 68 3.
---------+Article 68 4.
---------+Article 68 5.
---------+Article 68 6.
---------+Article 68 7.
------+Article 69 Review
---------+Article 69 1.
---------+Article 69 2.
---------+Article 69 3.
---------+Article 69 4.
------+Article 69a Assessment of the passport regime
------+Article 69-a Other review
---------+Article 69-a 1.
---------+Article 69-a 2.
---------+Article 69-a 3.
---------+Article 69-a 4.
------+Article 69b Accessibility of information on the European single access point
------+Article 70 Entry into force
------+Article 71 Addressees
---+ANNEX I
---+ANNEX II
---+ANNEX III
---+ANNEX IV
---+ANNEX V LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO AIFMs MANAGING OPEN-ENDED AIFs
|
English -
European Union -
Financial Industry -
DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (Text with EEA relevance)
DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 8 June 2011
on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
(Text with EEA relevance)
1. Apžvalga
| Pavadinimas |
Reguliavimas |
|
CHAPTER I GENERAL PROVISIONS
|
CHAPTER I GENERAL PROVISIONS
|
|
CHAPTER II AUTHORISATION OF AIFMs
|
CHAPTER II AUTHORISATION OF AIFMs
|
|
CHAPTER III OPERATING CONDITIONS FOR AIFMs
|
CHAPTER III OPERATING CONDITIONS FOR AIFMs
|
|
CHAPTER IV TRANSPARENCY REQUIREMENTS
|
CHAPTER IV TRANSPARENCY REQUIREMENTS
|
|
CHAPTER V AIFMs MANAGING SPECIFIC TYPES OF AIF
|
CHAPTER V AIFMs MANAGING SPECIFIC TYPES OF AIF
|
|
CHAPTER VI RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
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CHAPTER VI RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
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CHAPTER VII SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
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CHAPTER VII SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
|
|
CHAPTER VIII MARKETING TO RETAIL INVESTORS
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CHAPTER VIII MARKETING TO RETAIL INVESTORS
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CHAPTER IX COMPETENT AUTHORITIES
|
CHAPTER IX COMPETENT AUTHORITIES
|
|
CHAPTER X TRANSITIONAL AND FINAL PROVISIONS
|
CHAPTER X TRANSITIONAL AND FINAL PROVISIONS
|
|
ANNEX I
|
ANNEX I
1. Investment management functions which an AIFM shall at least perform when managing an AIF:
2. Other functions that an AIFM may additionally perform in the course of the collective management of an AIF:
(a)
Administration:
(i)
legal and fund management accounting services;
(iii)
valuation and pricing, including tax returns;
(iv)
regulatory compliance monitoring;
(v)
maintenance of unit-/shareholder register;
(vii)
unit/shares issues and redemptions;
(viii)
contract settlements, including certificate dispatch;
(c)
Activities related to the assets of AIFs, namely services necessary to meet the fiduciary duties of the AIFM, facilities management, real estate administration activities, advice to undertakings on capital structure, industrial strategy and related matters, advice and services relating to mergers and the purchase of undertakings and other services connected to the management of the AIF and the companies and other assets in which it has invested;
▼M9
(d)
Originating loans on behalf of an AIF;
(e)
Servicing securitisation special purpose entities.
▼B
|
|
ANNEX II
|
ANNEX II
REMUNERATION POLICY
1. When establishing and applying the total remuneration policies, inclusive of salaries and discretionary pension benefits, for those categories of staff, including senior management, risk takers, control functions and any employee 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 AIFs they manage, AIFMs shall comply with the following principles in a way and to the extent that is appropriate to their size, internal organisation and the nature, scope and complexity of their activities:
(a)
the remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the AIFs they manage;
(b)
the remuneration policy is in line with the business strategy, objectives, values and interests of the AIFM and the AIFs it manages or the investors of such AIFs, and includes measures to avoid conflicts of interest;
(c)
the management body of the AIFM, in its supervisory function, adopts and periodically reviews the general principles of the remuneration policy and is responsible for its implementation;
(d)
the implementation of the remuneration policy is, at least annually, subject to central and independent internal review for compliance with policies and procedures for remuneration adopted by the management body in its supervisory function;
(e)
staff engaged in control functions are compensated in accordance with the achievement of the objectives linked to their functions, independent of the performance of the business areas they control;
(f)
the remuneration of the senior officers in the risk management and compliance functions is directly overseen by the remuneration committee;
(g)
where remuneration is performance related, the total amount of remuneration is based on a combination of the assessment of the performance of the individual and of the business unit or AIF concerned and of the overall results of the AIFM, and when assessing individual performance, financial as well as non-financial criteria are taken into account;
(h)
the assessment of performance is set in a multi-year framework appropriate to the life-cycle of the AIFs managed by the AIFM in order to ensure that the assessment process is based on longer term performance and that the actual payment of performance-based components of remuneration is spread over a period which takes account of the redemption policy of the AIFs it manages and their investment risks;
(i)
guaranteed variable remuneration is exceptional, occurs only in the context of hiring new staff and is limited to the first year;
(j)
fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy, on variable remuneration components, including the possibility to pay no variable remuneration component;
(k)
payments related to the early termination of a contract reflect performance achieved over time and are designed in a way that does not reward failure;
(l)
the measurement of performance used to calculate variable remuneration components or pools of variable remuneration components includes a comprehensive adjustment mechanism to integrate all relevant types of current and future risks;
(m)
subject to the legal structure of the AIF and its rules or instruments of incorporation, a substantial portion, and in any event at least 50 % of any variable remuneration consists of units or shares of the AIF concerned, or equivalent ownership interests, or share-linked instruments or equivalent non-cash instruments, unless the management of AIFs accounts for less than 50 % of the total portfolio managed by the AIFM, in which case the minimum of 50 % does not apply.
The instruments referred to in this point shall be subject to an appropriate retention policy designed to align incentives with the interests of the AIFM and the AIFs it manages and the investors of such AIFs. Member States or their competent authorities may place restrictions on the types and designs of those instruments or ban certain instruments as appropriate. This point shall be applied to both the portion of the variable remuneration component deferred in line with point (n) and the portion of the variable remuneration component not deferred;
(n)
a substantial portion, and in any event at least 40 %, of the variable remuneration component, is deferred over a period which is appropriate in view of the life cycle and redemption policy of the AIF concerned and is correctly aligned with the nature of the risks of the AIF in question.
The period referred to in this point shall be at least three to 5 years unless the life cycle of the AIF concerned is shorter; remuneration payable under deferral arrangements vests no faster than on a pro-rata basis; in the case of a variable remuneration component of a particularly high amount, at least 60 % of the amount is deferred;
(o)
the variable remuneration, including the deferred portion, is paid or vests only if it is sustainable according to the financial situation of the AIFM as a whole, and justified according to the performance of the business unit, the AIF and the individual concerned.
The total variable remuneration shall generally be considerably contracted where subdued or negative financial performance of the AIFM or of the AIF concerned occurs, taking into account both current compensation and reductions in payouts of amounts previously earned, including through malus or clawback arrangements;
(p)
the pension policy is in line with the business strategy, objectives, values and long-term interests of the AIFM and the AIFs it manages.
If the employee leaves the AIFM before retirement, discretionary pension benefits shall be held by the AIFM for a period of 5 years in the form of instruments defined in point (m). In the case of an employee reaching retirement, discretionary pension benefits shall be paid to the employee in the form of instruments defined in point (m), subject to a 5 year retention period;
(q)
staff are required to undertake not to use personal hedging strategies or remuneration- and liability-related insurance to undermine the risk alignment effects embedded in their remuneration arrangements;
(r)
variable remuneration is not paid through vehicles or methods that facilitate the avoidance of the requirements of this Directive.
2. The principles set out in paragraph 1 shall apply to remuneration of any type paid by the AIFM, to any amount paid directly by the AIF itself, including carried interest, and to any transfer of units or shares of the AIF, made to the benefits of those categories of staff, including senior management, risk takers, control functions and any employee 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 their risk profile or the risk profiles of the AIF that they manage.
3. AIFMs that are significant in terms of their size or the size of the AIFs they manage, their internal organisation and the nature, the scope and the complexity of their activities shall establish a remuneration committee. The remuneration committee shall be constituted in a way that enables it to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk.
The remuneration committee shall be responsible for the preparation of decisions regarding remuneration, including those which have implications for the risk and risk management of the AIFM or the AIF concerned and which are to be taken by the management body in its supervisory function. The remuneration committee shall be chaired by a member of the management body who does not perform any executive functions in the AIFM concerned. The members of the remuneration committee shall be members of the management body who do not perform any executive functions in the AIFM concerned.
|
|
ANNEX III
|
ANNEX III
DOCUMENTATION AND INFORMATION TO BE PROVIDED IN CASE OF INTENDED MARKETING IN THE HOME MEMBER STATE OF THE AIFM
(a)
A notification letter, including a programme of operations identifying the AIFs the AIFM intends to market and information on where the AIFs are established;
(b)
the AIF rules or instruments of incorporation;
(c)
identification of the depositary of the AIF;
(d)
a description of, or any information on, the AIF available to investors;
(e)
information on where the master AIF is established if the AIF is a feeder AIF;
(f)
any additional information referred to in Article 23(1) for each AIF the AIFM intends to market;
(g)
where relevant, information on the arrangements established to prevent units or shares of the AIF from being marketed to retail investors, including in the case where the AIFM relies on activities of independent entities to provide investment services in respect of the AIF.
|
|
ANNEX IV
|
ANNEX IV
DOCUMENTATION AND INFORMATION TO BE PROVIDED IN THE CASE OF INTENDED MARKETING IN MEMBER STATES OTHER THAN THE HOME MEMBER STATE OF THE AIFM
(a)
A notification letter, including a programme of operations identifying the AIFs the AIFM intends to market and information on where the AIFs are established;
(b)
the AIF rules or instruments of incorporation;
(c)
identification of the depositary of the AIF;
(d)
a description of, or any information on, the AIF available to investors;
(e)
information on where the master AIF is established if the AIF is a feeder AIF;
(f)
any additional information referred to in Article 23(1) for each AIF the AIFM intends to market;
(g)
the indication of the Member State in which it intends to market the units or shares of the AIF to professional investors;
(h)
information about arrangements made for the marketing of AIFs and, where relevant, information on the arrangements established to prevent units or shares of the AIF from being marketed to retail investors, including in the case where the AIFM relies on activities of independent entities to provide investment services in respect of the AIF;
▼M5
(i)
the details necessary, including the address, for the invoicing or for the communication of any applicable regulatory fees or charges by the competent authorities of the host Member State;
(j)
information on the facilities for performing the tasks referred to in Article 43a.
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ANNEX V LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO AIFMs MANAGING OPEN-ENDED AIFs
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ANNEX V
LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO AIFMs MANAGING OPEN-ENDED AIFs
1. Suspension of subscriptions, repurchases and redemptions: suspension of subscriptions, repurchases and redemptions means temporarily disallowing the subscription, repurchase and redemption of the fund’s units or shares.
2. Redemption gate: a redemption gate means a temporary and partial restriction of the right of unit-holders or shareholders to redeem their units or shares, so that investors can only redeem a certain portion of their units or shares.
3. Extension of notice periods: the extension of notice periods means extending the period of notice that unit-holders or shareholders must give to fund managers, beyond a minimum period which is appropriate to the fund, when redeeming their units or shares.
4. Redemption fee: redemption fee means a fee, within a predetermined range that takes account of the cost of liquidity, that is paid to the fund by unit-holders or shareholders when redeeming units or shares, and that ensures that unit-holders or shareholders who remain in the fund are not unfairly disadvantaged.
5. Swing pricing: swing pricing means a pre-determined mechanism by which the net asset value of the units or shares of an investment fund is adjusted by the application of a factor (‘swing factor’) that reflects the cost of liquidity.
6. Dual pricing: dual pricing means a pre-determined mechanism by which the subscription, repurchase and redemption prices of the units or shares of an investment fund are set by adjusting the net asset value per unit or share by a factor that reflects the cost of liquidity.
7. Anti-dilution levy: anti-dilution levy means a fee that is paid to the fund by a unit-holder or shareholder at the time of a subscription, repurchase or redemption of units or shares, that compensates the fund for the cost of liquidity incurred because of the size of that transaction, and that ensures that other unit-holders or shareholders are not unfairly disadvantaged.
8. Redemption in kind: redemption in kind means transferring assets held by the fund, instead of cash, to meet redemption requests of unit-holders or shareholders.
9. Side pockets: side pockets means separating certain assets, whose economic or legal features have changed significantly or become uncertain due to exceptional circumstances, from the other assets of the fund.
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1.1 Nuorodos
1.2 Nustatyti reikalavimai
1.3 Susiję standartai
2. Nustatyti reikalavimai
Reikalavimai
| Šaltinis |
Reikalavimas |
3. Susiję standartai
Standartai
| Šaltinis |
Reikalavimas |
Susietos užduotys
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