March 29, 2020


AIFM-Richtlinie by Claus Tollmann, , available at Book Depository with free delivery worldwide. AIFM-Richtlinie on *FREE* shipping on qualifying offers. Umsetzung der AIFM-Richtlinie in Deutschland, Frankreich und Luxemburg: Auswirkungen auf Investitionen in Immobilienanlageprodukte (German Edition).

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The functional and hierarchical separation of the functions riichtlinie 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.

That right to appeal to the courts shall apply also where, in respect of an application for authorisation which provides all the information required, no decision is taken within 6 months of the submission of the application.

L 84 vom In order to ensure uniform conditions for the implementation of this Directive, implementing powers should be conferred on the Commission. Expand all Collapse all. 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 both the competent authorities of the home and the host Member States receive sufficient information in order to be able to exercise their supervisory and investigatory powers under this Directive.

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Although the activities of the AIFMs concerned are unlikely to have individually significant consequences for financial stability, it is possible that aggregation causes their activities to give rise to systemic risks. AIFMs which either directly or indirectly, through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIFs whose assets under management, including any assets acquired through use of leverage, in total do not exceed a threshold of EUR million; or.

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It shall provide information on the main instruments in which it is trading, on markets of which it is a member or where it actively trades, and on the principal exposures and most important concentrations of each of the AIFs it manages. The recipient authorities shall richtlinnie appropriate action, shall inform ESMA and the notifying competent authorities of the outcome of that action and, to the extent possible, of significant interim developments.

Auswirkungen dieser Richtlinie auf den Zugang der Anleger in der Union. Help Print this page. Each AIFM the authorisation of which also covers the discretionary portfolio management service referred to in point a of Article 6 4 shall:. The advice may, in particular, address whether the conditions for taking action appear to be met, whether the measures are appropriate and the duration of the measures. In that case the AIF shall no longer be marketed in the Union.


Member States shall ensure that electronic transmission and filing of the documents referred to in xifm 6 are accepted by their rchtlinie authorities. The European Parliament and the Council should have 3 months from the date of notification to object to a delegated act. Ferner wird untersucht, inwieweit die Ziele der Richtlinie erreicht worden sind. L vom This Directive also takes account of the fact that many AIFs, and in particular hedge funds, currently make use of a prime broker.

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

News About this Firm. ESMA may publish the fact that a competent authority does not comply or intend to comply with its advice. No later than 20 working days after receipt of a complete notification pursuant to paragraph 2, the competent authorities of the Member State of reference of the AIFM shall inform the AIFM whether it may start marketing the AIF identified in the notification referred to in paragraph 2 in its territory.

From the date of transmission of the authorisation and supervision file, the competent authorities of the new Member State of reference shall be competent for authorising and supervising the AIFM.

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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.

Member States shall ensure that the competent authorities have the powers necessary to take all measures required in order to ensure the orderly functioning of markets in those cases where the activity of one or more AIFs in the market for a financial instrument could jeopardise the orderly functioning of that market. The depositary may delegate to third parties the richtlinue referred to in paragraph 8 subject to the following conditions:.

AIFMs authorised in accordance with this Directive shall meet the conditions for authorisation established in this Directive at all times. Member States shall take the necessary steps to ensure that where the conditions set out in paragraph 2 are no longer met, the AIFM concerned applies for authorisation within 30 calendar days in accordance with the relevant procedures laid down in this Directive.

Member States shall ensure that the notification letter of the AIFM referred to in paragraph 5 and the statement referred to in paragraph 6 are provided in a language customary in the sphere of international finance. richtliniee

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In order to ensure consistent harmonisation of this Article, ESMA may develop draft regulatory technical standards to specify the ricchtlinie to be notified in accordance with paragraphs 2 and 3. Where an external valuer performs the valuation function, the AIFM shall demonstrate that:. The AIFM shall justify its assessment by disclosing its new marketing strategy to its original Member State of reference. Cayman Islands Economic Substance Requirement.


The legal representative shall be established in the new Member State of reference. In order to ensure a proper assessment of the risks induced by the use of leverage by an AIFM with respect to the AIFs it manages, the AIFM should demonstrate that the leverage limits for each AIF it manages are reasonable and that it complies with those limits at all times.

When transposing this Directive into national law, the Member States should take into account the regulatory purpose of that requirement and should ensure that investment firms established in a third country that, pursuant to the relevant national law, can provide investment services in respect of AIFs also fall within the scope of dichtlinie requirement.

The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures specifying:. EU case law Case law Digital reports Directory of case law. L 8 vom AIFMs shall assess whether their operating conditions may involve any other material conflicts of interest and disclose them to the investors of the AIFs. For AIFs that have no redemption rights exercisable during the period of 5 years from the date of the initial investments and that, in accordance with their core investment policy, generally do not invest in assets that must be held in custody in accordance with this Directive or generally invest in issuers or non-listed companies in order potentially to acquire control over such companies in accordance with this Directive, such as private equity, venture capital funds and aufm estate funds, Member States should be able to allow a notary, richtlinid lawyer, a registrar or another entity to be appointed to carry out depositary functions.

No delegation of portfolio management or risk management shall be conferred on:. Member States shall require that when an AIF acquires, individually or jointly, control of a non-listed company pursuant to Article 26 1in conjunction with paragraph 5 of that Article, the AIFM managing such AIF ensure that the AIF, or richtoinie AIFM acting on behalf of the AIF, disclose its intentions with regard to the future business of the non-listed company and the likely repercussions on employment, including any material change in the conditions of employment, to:.