ESMA/2011/379: Bericht mit Empfehlungen zu AIFM Richtlinie

Die ESMA hat am 16.11.2011 auf ihrer Internetseite den Abschlussbericht zu den technischen Implementierungsempfehlungen bezüglich der AIFMD veröffentlicht. Im 230 Seiten umfassenden Dokument werden alle Aspekte zur Anwendung der Richtlinie, Registrierung und Zulassung bei Aufsichtsbehörden, Verfahren zur Wertermittlung, Vorgaben zum Informationsaustausch und organisatorische Anforderungen sowie detaillierte Beschreibungen zu Risko- und Liquiditätsmanagement aufgegriffen. Neben diesen Regelungen, die den AIFM selbst betreffen, sind auch die im Vorfeld häufig diskutierten Pflichten der Verwahrstellen hinsichtlich der Haftung und Kontrolltätigkeiten ausgeführt. Hier wird sehr ausführlich auf konstituierende Elemente, Sachverhalte und Konsequenzen aus dem möglichen Verlust von Vermögensgegenständen eines AIF eingegangen. Im Übrigen orientieren sich die Vorschläge zu großen Teilen an den Vorgaben für UCITS in Verbindung mit den MIFID-Rahmenbedingungen. Das Dokument der ESMA finden Sie hier: http://www.esma.europa.eu/popup2.php?id=8059.

Folgend die Inhalte aus der Management Summary des Dokumentes:

„This paper sets out ESMA’s advice for implementing measures regarding the issues identified in the European Commission’s request. The formal advice is contained in the boxes in Sections III to IX of the paper, while further commentary and explanation is provided in the explanatory text. A cost-benefit analysis of ESMA’s advice can be found in Annex II, followed in Annex III by the formal advice provided by ESMA’s Securities and Markets Stakeholder Group. Feedback on the public consultations is set out in Annex IV.

General provisions, authorisation and operating conditions

This section includes advice on the implementing measures foreseen under Article 3 of the Directive, which cover the following issues:

· the identification of the portfolios of alternative investment funds (AIFs) under management by a particular alternative investment fund manager (AIFM) and calculation of the value of assets under management (Article 3(2));

· influence of leverage on the assets under management (Article 3(2));

· the determination of the value of the assets under management by an AIF for a given calendar year (Article 3(2));

· the treatment of potential cases of cross-holding among the AIFs managed by an AIFM (Article 3(2));

· the treatment of AIFMs whose total assets under management occasionally exceed and/or fall below the relevant threshold (Article 3(2));

· the content of the obligation to register with national competent authorities and  suitable mechanisms for gathering information set out in Article 3(3);

· the registration requirements for entities falling below the thresholds set out in Article 3(3); and

· the procedures for small managers to ‘opt-in’ to the AIFMD set out in Article 3(4).

As regards general operating conditions, the advice covers the following elements:

· initial capital and own funds;

· conflicts of interest;

· risk management;

· liquidity management;

· general principles;

· investment in securitisation positions;

· valuation;

· delegation of AIFM functions; and

· organisational requirements.

Depositaries

This section sets out ESMA’s advice on the contract evidencing appointment of the depositary, general criteria for assessing the effective prudential regulation and supervision of third countries, depositary functions, segregation obligations, loss of financial instruments, external events beyond reasonable control and objective reasons to contract a discharge.

Transparency and leverage

The advice under this heading covers the definition of leverage and appropriate methods for its calculation, the content and format of the annual report to be prepared by the AIFM, disclosure to investors, the use of information by competent authorities and limits to leverage.

Supervision

This part of the advice focuses on the co-operation arrangements to be put in place with third country authorities pursuant to Chapter VII of the Directive.

Next steps

The European Commission asked ESMA to submit its advice by 16 November 2011. The Commission will now work to prepare the implementing measures in light of ESMA’s advice.