What changed, Directive 2011/61/EU

− (ii) control, namely the relationship between a parent undertaking and a subsidiary, as referred to in Article 1 of the Seventh Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (22), or a similar relationship between a natural or legal person and an undertaking; for the purposes…
− (an) ‘securitisation special purpose entities’ means entities whose sole purpose is to carry on a securitisation or securitisations within the meaning of Article 1(2) of Regulation (EC) No 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of…
− 2. For the purposes of point (ad) of paragraph 1 of this Article, Articles 13 to 16 of Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (24) shall apply *mutatis mutandis*.
− 1. Member States shall require that an AIFM which is an internally managed AIF has an initial capital of at least EUR 300 000.
− 2. Where an AIFM is appointed as external manager of AIFs, the AIFM shall have an initial capital of at least EUR 125 000.
− (b) with regard to the services referred to in Article 6(4), be subject to Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (25).
− 2. AIFMs shall implement adequate risk-management systems in order to identify, measure, manage and monitor appropriately all risks relevant to each AIF investment strategy and to which each AIF is or may be exposed. In particular, AIFMs shall not solely or mechanistically rely on credit ratings iss…
− ### Article 17 — Investment in securitisation positions
− In order to ensure cross-sectoral consistency and to remove misalignment between the interest of firms that repackage loans into tradable securities and originators within the meaning of point (41) of Article 4 of Directive 2006/48/EC, and AIFMs that invest in those securities or other financial ins…
− (a) the requirements that need to be met by the originator, the sponsor or the original lender, in order for an AIFM to be allowed to invest in securities or other financial instruments of this type issued after 1 January 2011 on behalf of AIFs, including requirements that ensure that the originator…
− (b) qualitative requirements that must be met by AIFMs which invest in these securities or other financial instruments on behalf of one or more AIFs.
− The accounting information given in the annual report shall be audited by one or more persons empowered by law to audit accounts in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (27).…
− (a) small and medium-sized enterprises within the meaning of Article 2(1) of the Annex to Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (28); or
− (c) the information concerning acquisitions of own shares prescribed by Article 22(2) of Council Directive 77/91/EEC (29).
− 3. All the information exchanged under this Directive between ESMA, the competent authorities, EBA, the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (30) and the ESRB …
− 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (31). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
− ### Article 62 — Amendments to Directive 2003/41/EC
− Directive 2003/41/EC is amended as follows:
− (1) in Article 2(2), point (b) is replaced by the following:
− ‘(b) institutions which are covered by Directives 73/239/EEC (32), 85/611/EEC (33), 93/22/EEC (34), 2000/12/EC (35), 2002/83/EC (36) and 2011/61/EU (37);
− (2) Article 19(1) is replaced by the following:
− ‘1. Member States shall not restrict institutions from appointing, for the management of the investment portfolio, investment managers established in another Member State and duly authorised for this activity, in accordance with Directives 85/611/EEC, 93/22/EEC, 2000/12/EC, 2002/83/EC and 2011/61/EU…
− ‘1. Credit institutions as defined in Directive 2006/48/EC, investment firms as defined in Directive 2004/39/EC, insurance undertakings subject to the First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the take-up and…
− In Article 1(2) of Regulation (EU) No 1095/2010, the words ‘any future legislation in the area of Alternative Investment Fund Managers (AIFM)’ are replaced by the words ‘Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (43)
− (1) OJ C 272, 13.11.2009, p. 1.
− (2) OJ C 18, 19.1.2011, p. 90.
− (3) Position of the European Parliament of 11 November 2010 (not yet published in the Official Journal) and decision of the Council of 27 May 2011.
− (4) OJ L 302, 17.11.2009, p. 32.
− (5) OJ L 145, 30.4.2004, p. 1.
− (6) OJ L 177, 30.6.2006, p. 1.
+ (ii) control, namely the relationship between a parent undertaking and a subsidiary, as referred to in Article 1 of the Seventh Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (1), or a similar relationship between a natural or legal person and an undertaking; for the purposes …
+ (an) ‘securitisation special purpose entities’ means entities whose sole purpose is to carry on a securitisation or securitisations within the meaning of Article 1(2) of Regulation (EC) No 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of…
+ 2. For the purposes of point (ad) of paragraph 1 of this Article, Articles 13 to 16 of Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (3) shall apply *mutatis mutandis*.
+ 1. Member States shall require that an AIFM which is an internally managed AIF has an initial capital of at least EUR 300 000 .
+ 2. Where an AIFM is appointed as external manager of AIFs, the AIFM shall have an initial capital of at least EUR 125 000 .
+ (b) with regard to the services referred to in Article 6(4), be subject to Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (4).
+ 2. AIFMs shall implement adequate risk-management systems in order to identify, measure, manage and monitor appropriately all risks relevant to each AIF investment strategy and to which each AIF is or may be exposed. In particular, AIFMs shall not solely or mechanistically rely on credit ratings iss…
+ ### Article 17
+ Where AIFMs are exposed to a securitisation that no longer meets the requirements provided for in Regulation (EU) 2017/2402 of the European Parliament and of the Council (6), they shall, in the best interest of the investors in the relevant AIFs, act and take corrective action, if appropriate.
+ The accounting information given in the annual report shall be audited by one or more persons empowered by law to audit accounts in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (7). …
+ (a) small and medium-sized enterprises within the meaning of Article 2(1) of the Annex to Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (8); or
+ (c) the information concerning acquisitions of own shares prescribed by Article 22(2) of Council Directive 77/91/EEC (9).
+ 3. All the information exchanged under this Directive between ESMA, the competent authorities, EBA, the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (10) and the ESRB …
+ 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (11). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
+ ‘1. Credit institutions as defined in Directive 2006/48/EC, investment firms as defined in Directive 2004/39/EC, insurance undertakings subject to the First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the take-up and…
+ In Article 1(2) of Regulation (EU) No 1095/2010, the words ‘any future legislation in the area of Alternative Investment Fund Managers (AIFM)’ are replaced by the words ‘Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (*6)
+ (1) OJ L 193, 18.7.1983, p. 1.
+ (2) OJ L 15, 20.1.2009, p. 1.
+ (3) OJ L 177, 30.6.2006, p. 201.
+ (4) OJ L 84, 26.3.1997, p. 22.
+ (5) OJ L 302, 17.11.2009, p. 1.
+ (6) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU…
+ (7) OJ L 157, 9.6.2006, p. 87.
+ (8) OJ L 124, 20.5.2003, p. 36.
+ (9) OJ L 26, 31.1.1977, p. 1.
+ (10) OJ L 331, 15.12.2010, p. 48.
+ (11) OJ L 191, 13.7.2001, p. 45.
+ (*1) OJ L 228, 16.8.1973, p. 3.
+ (*2) OJ L 345, 19.12.2002, p. 1.
+ (*3) OJ L 323, 9.12.2005, p. 1.