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 8 of 15: Paragraphs 421–434
Removed:Annex IV, Annex IIA – point 4: (4) Redemption fees: a redemption fee is a fee charged to investors when redeeming their fund’s units.
Added:(c) in paragraph 4, the introductory phrase is replaced by the following:
Removed:Directive 2009/65/EC
Added:‘4. The third party may sub-delegate any of the functions and provision of services delegated to it provided that the following conditions are met:’;
Removed:Annex IV, Annex IIA – point 5: (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:(d) the following paragraph is inserted:
Removed:Directive 2009/65/EC
Added:‘6a. By way of derogation from paragraphs 1 to 6 of this Article, where the marketing function as referred to in Annex I, paragraph 2, point (b) is performed by one or several distributors which are acting on their own behalf and which market the AIF under Directive 2014/65/EU or through insurance-based investment products in accordance with Directive 2016/97/EU, such function shall not be considered to be a delegation subject to the requirements set out in paragraphs 1 to 6 of this Article irrespective of any distribution agreement between the AIFM and the distributor.’;
Removed:Annex IV, Annex IIA – point 6: (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:(8) Article 21 is amended as follows:
Removed:Directive 2011/65/EC
Added:(-a) the following paragraph is inserted:
Removed:Annex IV, Annex IIA – point 7: (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:‘5a. The home Member State of an AIF may entitle its national competent authorities to allow, following a case-by-case assessment, institutions referred to in Article 21(3), point (a) and established in another Member State to be appointed as a depositary, provided that the following conditions are fulfilled: