What changed, Directive 2011/61/EU

− 1. Subject to paragraph 3 of this Article and to Article 3, this Directive shall apply to:
− (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.
− 2. For the purposes of paragraph 1, the following shall be of no significance:
− (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.
− 3. This Directive shall not apply to the following entities:
− (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.
− 4. Member States shall take the necessary steps to ensure that AIFMs referred to in paragraph 1 comply with this Directive at all times.
− 1. This Directive shall not apply to AIFMs in so far as they manage one or more AIFs whose only investors are the AIFM or the parent undertakings or the subsidiaries of the AIFM or other subsidiaries of those parent undertakings, provided that none of those investors is itself an AIF.
− 2. Without prejudice to the application of Article 46, only paragraphs 3 and 4 of this Article shall apply to the following AIFMs:
− (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…
− 3. Member States shall ensure that AIFMs referred to in paragraph 2 at least:
− (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.
− 4. AIFMs referred to in paragraph 2 shall not benefit from any of the rights granted under this Directive unless they choose to opt in under this Directive. Where AIFMs opt in, this Directive shall become applicable in its entirety.
− 5. The Commission shall adopt implementing acts with a view to specifying the procedures for AIFMs which choose to opt in under this Directive in accordance with paragraph 4. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 59(2).
− 6. 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:
+ **1.** Subject to paragraph 3 of this Article and to Article 3, this Directive shall apply to:(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 i…
+ **2.** For the purposes of paragraph 1, the following shall be of no significance:(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 th…
+ **3.** This Directive shall not apply to the following entities:(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 …
+ **4.** Member States shall take the necessary steps to ensure that AIFMs referred to in paragraph 1 comply with this Directive at all times.
+ **1.** This Directive shall not apply to AIFMs in so far as they manage one or more AIFs whose only investors are the AIFM or the parent undertakings or the subsidiaries of the AIFM or other subsidiaries of those parent undertakings, provided that none of those investors is itself an AIF.
+ **2.** Without prejudice to the application of Article 46, only paragraphs 3 and 4 of this Article shall apply to the following AIFMs:(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…
+ **3.** Member States shall ensure that AIFMs referred to in paragraph 2 at least:(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 regi…
+ **4.** AIFMs referred to in paragraph 2 shall not benefit from any of the rights granted under this Directive unless they choose to opt in under this Directive. Where AIFMs opt in, this Directive shall become applicable in its entirety.
+ **5.** The Commission shall adopt implementing acts with a view to specifying the procedures for AIFMs which choose to opt in under this Directive in accordance with paragraph 4. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 59(2).
+ **6.** 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:(a) how the thresholds referred to in paragraph 2 are to be calculated and the treatment of AIFMs which manage AIFs whose assets under …
+ **1.** For the purpose of this Directive, the following definitions shall apply:(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 poli…
+ **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*.
+ **3.** 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:(a) the methods of leverage, as defined in point (v) of paragraph 1, including any financial and/or legal structures involving third pa…
+ **4.** The European Supervisory Authority (European Securities and Markets Authority) (ESMA) shall develop draft regulatory technical standards to determine types of AIFMs, where relevant in the application of this Directive, and to ensure uniform conditions of application of this Directive.
+ **1.** Member States shall ensure that each AIF managed within the scope of this Directive shall have a single AIFM, which shall be responsible for ensuring compliance with this Directive. The AIFM shall be either:(a) an external manager, which is the legal person appointed by the AIF or on behalf o…
+ **2.** In cases where an external AIFM is unable to ensure compliance with requirements of this Directive for which an AIF or another entity on its behalf is responsible, it shall immediately inform the competent authorities of its home Member State and, if applicable, the competent authorities of t…
+ **3.** If, notwithstanding the steps referred to in paragraph 2 being taken, the non-compliance persists, and in so far as it concerns an EU AIFM or an EU AIF, the competent authorities of the home Member State of the AIFM shall require that it resign as AIFM of that AIF. In that case the AIF shall …
+ **1.** Member States shall ensure that no AIFMs manage AIFs unless they are authorised in accordance with this Directive.
+ **2.** Member States shall require that no external AIFM engage in activities other than those referred to in Annex I to this Directive and the additional management of UCITS subject to authorisation under Directive 2009/65/EC.
+ **3.** Member States shall require that no internally managed AIF shall engage in activities other than the internal management of that AIF in accordance with Annex I.
+ **4.** By way of derogation from paragraph 2, Member States may authorise an external AIFM to provide the following services:(a) management of portfolios of investments, including those owned by pension funds and institutions for occupational retirement provision in accordance with Article 19(1) of …
+ **5.** AIFMs shall not be authorised under this Directive to provide:(a) only the services referred to in paragraph 4;(b) non-core services referred to in point (b) of paragraph 4 without also being authorised to provide the services referred to in point (a) of paragraph 4;(c) only the activities re…
+ **6.** Article 2(2) and Articles 12, 13 and 19 of Directive 2004/39/EC shall apply to the provision of the services referred to in paragraph 4 of this Article by AIFMs.
+ **7.** Member States shall require that the AIFMs provide the competent authorities of their home Member State with the information they require to monitor compliance with the conditions referred to in this Directive at all times.
+ **8.** Investment firms authorised under Directive 2004/39/EC and credit institutions authorised under Directive 2006/48/EC shall not be required to obtain an authorisation under this Directive in order to provide investment services such as individual portfolio management in respect of AIFs. Howeve…
+ **1.** Member States shall require that AIFMs apply for authorisation from the competent authorities of their home Member State.
+ **2.** Member States shall require that an AIFM applying for an authorisation shall provide the following information relating to the AIFM to the competent authorities of its home Member State:(a) information on the persons effectively conducting the business of the AIFM;(b) information on the ident…
+ **3.** Member States shall require that an AIFM applying for authorisation further provide the following information on the AIFs it intends to manage to the competent authorities of its home Member State:(a) information about the investment strategies including the types of underlying funds if the A…
+ **4.** Where a management company is authorised pursuant to Directive 2009/65/EC (UCITS management company) and applies for authorisation as an AIFM under this Directive, the competent authorities shall not require the UCITS management company to provide information or documents which the UCITS mana…
+ **5.** The competent authorities shall, on a quarterly basis, inform ESMA of authorisations granted or withdrawn in accordance with this Chapter.