What changed, Directive 2011/61/EU

− ### art_1
− Article 1
− ### art_2
− Article 2
− | (a) | EU AIFMs which manage one or more AIFs irrespective of whether such AIFs are EU AIFs or non-EU AIFs; |
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− | (b) | non-EU AIFMs which manage one or more EU AIFs; and |
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− | (c) | non-EU AIFMs which market one or more AIFs in the Union irrespective of whether such AIFs are EU AIFs or non-EU AIFs. |
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− | (a) | whether the AIF belongs to the open-ended or closed-ended type; |
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− | (b) | whether the AIF is constituted under the law of contract, under trust law, under statute, or has any other legal form; |
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− | (c) | the legal structure of the AIFM. |
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− | (a) | holding companies; |
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− | (b) | institutions for occupational retirement provision which are covered by Directive 2003/41/EC, including, where applicable, the authorised entities responsible for managing such institutions and acting on their behalf referred to in Article 2(1) of that Directive or the investment managers ap…
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− | (c) | supranational institutions, such as the European Central Bank, the European Investment Bank, the European Investment Fund, the European Development Finance Institutions and bilateral development banks, the World Bank, the International Monetary Fund, and other supranational institutions and …
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− | (d) | national central banks; |
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− | (e) | national, regional and local governments and bodies or other institutions which manage funds supporting social security and pension systems; |
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− | (f) | employee participation schemes or employee savings schemes; |
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− | (g) | securitisation special purpose entities. |
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+ ## CHAPTER I / **GENERAL PROVISIONS**
+ ### Article 1 — Subject matter
+ ### Article 2 — Scope
+ (a) EU AIFMs which manage one or more AIFs irrespective of whether such AIFs are EU AIFs or non-EU AIFs;
+ (b) non-EU AIFMs which manage one or more EU AIFs; and
+ (c) non-EU AIFMs which market one or more AIFs in the Union irrespective of whether such AIFs are EU AIFs or non-EU AIFs.
+ (a) whether the AIF belongs to the open-ended or closed-ended type;
+ (b) whether the AIF is constituted under the law of contract, under trust law, under statute, or has any other legal form;
+ (c) the legal structure of the AIFM.
+ (a) holding companies;
+ (b) institutions for occupational retirement provision which are covered by Directive 2003/41/EC, including, where applicable, the authorised entities responsible for managing such institutions and acting on their behalf referred to in Article 2(1) of that Directive or the investment managers appoin…
+ (c) supranational institutions, such as the European Central Bank, the European Investment Bank, the European Investment Fund, the European Development Finance Institutions and bilateral development banks, the World Bank, the International Monetary Fund, and other supranational institutions and simi…
+ (d) national central banks;
+ (e) national, regional and local governments and bodies or other institutions which manage funds supporting social security and pension systems;
+ (f) employee participation schemes or employee savings schemes;
+ (g) securitisation special purpose entities.
+ ### Article 3 — Exemptions
+ (a) 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 …
+ (b) 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 in total do not exceed a threshold of EUR 500 million when the portf…
+ (a) are subject to registration with the competent authorities of their home Member State;
+ (b) identify themselves and the AIFs that they manage to the competent authorities of their home Member State at the time of registration;
+ (c) provide information on the investment strategies of the AIFs that they manage to the competent authorities of their home Member State at the time of registration;
+ (d) regularly provide the competent authorities of their home Member State with information on the main instruments in which they are trading and on the principal exposures and most important concentrations of the AIFs that they manage in order to enable the competent authorities to monitor systemic…
+ (e) notify the competent authorities of their home Member State in the event that they no longer meet the conditions referred to in paragraph 2.
+ (a) how the thresholds referred to in paragraph 2 are to be calculated and the treatment of AIFMs which manage AIFs whose assets under management, including any assets acquired through the use of leverage, occasionally exceed and/or fall below the relevant threshold in the same calendar year;
+ (b) the obligation to register and to provide information in order to allow effective monitoring of systemic risk as set out in paragraph 3; and
+ (c) the obligation to notify competent authorities as set out in paragraph 3.
+ ### Article 4 — Definitions
+ (a) ‘AIFs’ means collective investment undertakings, including investment compartments thereof, which:
+ (i) raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and