Changes between two versions
What changed between the draft committee report and the plenary report
From · draft committee report· 16 May 2022
on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds
To · plenary report· 2 Feb 2023
on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds
These two texts have too little in common to compare paragraph by paragraph: they are different documents rather than versions of one (for example one group’s motion and the joint text that was adopted).
+574 added · −237 removed · 5 changed paragraphs, packaging included.
Part 15 of 15: Paragraphs 795–825
Added:This Directive is addressed to the Member States.
Added:Done at Brussels,
Added:For the European Parliament For the Council
Added:The President The President
Added:In Annex I of Directive 2011/61/EU, the following points are added:
Added:‘(ca) management of joint ventures and of mandates in respect of immovable property
Added:3. Originating loans.
Added:4. Servicing securitisation special purpose entities.’
Added:In Directive 2011/61/EU, the following is added:
Added:‘ANNEX V
Added:LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO AIFMs MANAGING OPEN-ENDED AIFs
Added:(1) Suspension of redemptions and subscriptions: suspension of redemptions and subscriptions implies that investors are temporarily unable to redeem or purchase fund’s units or shares.
Added:(2) Redemption gates: a redemption gate is a temporary restriction of the right of shareholders to redeem their units or shares. This restriction is partial, so that investors can only redeem a certain portion of their units or shares.
Added:(3) Notice periods: a notice period refers to the period of advance notice that investors must give to fund managers when redeeming their units or shares.
Added:(4) Redemption fees: a redemption fee is a pre-determined fee charged to investors when redeeming their fund’s units or shares.
Added:(5) Swing pricing: swing pricing can be used to adjust the price of units or shares in an investment fund so that it reflects the cost of fund transactions resulting from investor activity.
Added:(6) Anti-dilution levy: an anti-dilution levy is a charge applied to individual transacting investors, payable to the fund, to protect remaining investors from bearing the costs associated with purchases or sales of assets because of large inflows or outflows. An anti-dilution levy does not involve any adjustment to the value of the fund’s shares. The levy shall be calculated taking into consideration ongoing liquidity costs and market conditions.
Added:(7) Redemptions in kind: redemptions-in-kind allow the fund manager to meet a redemption request by transferring securities held by the fund, instead of cash, to the redeeming shareholders.
Added:(8) Side pockets: side pockets allow illiquid investments to be separated from remaining liquid investments of the investment fund.’
Added:In Annex I of Directive 2009/65/EC, Schedule A, the table, point 1.13 is replaced by the following:
Added:In Directive 2009/65/EC, the following is inserted:
Added:‘ANNEX IIA
Added:LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO UCITS
Added:(1) Suspension of redemptions and subscriptions: suspension of redemptions and subscriptions implies that investors are temporarily unable to redeem or purchase fund’s units.
Added:(2) Redemption gates: a redemption gate is a temporary restriction of the right of unitholders to redeem their units . This restriction is partial, so that investors can only redeem a certain portion of their units.
Added:(3) Notice periods: a notice period refers to the period of advance notice that investors must give to fund managers when redeeming their units.
Added:(4) Redemption fees: a redemption fee is a fee pre-determined to investors when redeeming their fund’s units.
Added:(5) Swing pricing: swing pricing can be used to adjust the price of units in an investment fund so that it reflects the cost of fund transactions resulting from investor activity.
Added:(6) Anti-dilution levy: an anti-dilution levy is a charge applied to individual transacting investors, payable to the fund, to protect remaining investors from bearing the costs associated with purchases or sales of assets because of large inflows or outflows. An anti-dilution levy does not involve any adjustment to the value of the fund’s units.
Added:(7) Redemptions in kind: redemptions-in-kind allow the fund manager to meet a redemption request by transferring securities held by the fund, instead of cash, to the redeeming unitholders.
Added:(8) Side pockets: side pockets allow illiquid investments to be separated from remaining liquid investments of the investment fund.’