EU Directive on Alternative Investment Fund Managers (AIFMs)
from the International Association of Hedge
Funds Professionals (IAHFP)
Proposal for a Directive on Alternative Investment Fund Managers
Chapter IX
Transitional and final provisions
Article 49
Committee
1. The Commission shall be assisted by the European Securities
Committee established
by Commission Decision 2001/528/EC of 6 June 2001 establishing the
European
Securities Committee.
2. Where reference is made to this paragraph, Articles 5 and 7 of
Council Decision
1999/468/EC of 28 June 1999 laying down the procedures for the
exercise of
implementing powers conferred on the Commission shall apply, having
regard to the
provisions of Article 8 thereof.
The period laid down in Article 5(6) of Decision 1999/468/EC shall
be set at three
months.
3. Where reference is made to this paragraph, Article 5a(1) to (4)
and Article 7 of
Decision 1999/468/EC shall apply, having regard to the provisions of
Article 8
thereof.
Article 50
Review
Two years after the date referred to in Article 54, the Commission
shall, on the basis of public
consultation and in the light of the discussions with competent
authorities, review the
application and the scope of this Directive.
This review shall also
take due account of
developments at international level and
discussions with third
countries
and international
organisations.
It shall submit a report to the European Parliament and the Council
together with appropriate
proposals.
Article 51
Transitional provision
AIFM operating in the Community before [the deadline for the
transposition of this Directive]
shall adopt all necessary measures to comply with this Directive and
shall submit an
application for authorisation within one year of the deadline for
the transposition of this
Directive.
Article 52
Amendment of Directive 2004/39/EC
The following indent is added in Article 19(6) of Directive
2004/39/EC:
"- the service does not relate to an AIF within the meaning of
Article 3(a) of [Directive
xx/xx/EC"].
Article 53
Amendment of Directive 2009/…/EC27
Directive 2009/XX EC shall be amended as follows:
The following new Article 50a shall be inserted:
"In order to ensure cross-sectoral consistency and to remove
misalignment between the
interest of firms that 'repackage' loans into tradeable securities
and other financial instruments
(originators) and UCITS that invest in these securities or other
financial instruments, the
Commission shall adopt implementing measures laying down the
requirements in the
following areas:
(a) the requirements that need to be met by the originator in order
for a UCITS to
be allowed to invest in securities or other financial instruments of
this type
issued after 1 January 2011, including requirements that ensure that
the
originator retains a net economic interest of not less than 5 per
cent;
(b) qualitative requirements that must be met by UCITS which invest
in these
securities or other financial instruments.
Those measures, designed to amend this Directive by supplementing
it, shall be adopted in
accordance with the regulatory procedure with scrutiny referred to
in Article 107(2)."
Article 54
Transposition
1. Member States shall bring into force the laws, regulations and
administrative
provisions necessary to comply with this Directive by […] at the
latest.
They shall
forthwith communicate to the Commission the text of those provisions
and a
correlation table between those provisions and this Directive.
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