Rapport om gjennomføring av AIFMD i norsk rett - Finanstilsynet

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forsikringsvirksomhet i Norge, verdipapirforetak med rett til å yte investeringstjenester i Norge eller forvalter av alternative investeringsfond som har tillatelse til å forvalte tilsvarende fond i hjemstaten. "
EN 1.7.2011 Official Journal of the European Union L 174/1 I (Legislative acts) DIRECTIVES DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) thereof, Having regard to the proposal from the European Commission, Having regard to the opinion of the European Central Bank ( 1 ), Having regard to the opinion of the European Economic and Social Committee ( 2 ), Acting in accordance with the ordinary legislative procedure ( 3 ), Whereas: (1) Managers of alternative investment funds (AIFMs) are responsible for the management of a significant amount of invested assets in the Union, account for significant amounts of trading in markets for financial instruments, and can exercise an important influence on markets and companies in which they invest. (2) The impact of AIFMs on the markets in which they operate is largely beneficial, but recent financial difficulties have underlined how the activities of AIFMs may also serve to spread or amplify risks through the financial system. Uncoordinated national responses make the efficient management of those risks difficult. This (Text with EEA relevance) ( 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. Directive therefore aims at establishing common requirements governing the authorisation and supervision of AIFMs in order to provide a coherent approach to the related risks and their impact on investors and markets in the Union. (3) Recent difficulties in financial markets have underlined that many AIFM strategies are vulnerable to some or several important risks in relation to investors, other market participants and markets. In order to provide comprehensive and common arrangements for supervision, it is necessary to establish a framework capable of addressing those risks taking into account the diverse range of investment strategies and techniques employed by AIFMs. Consequently, this Directive should apply to AIFMs managing all types of funds that are not covered by Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to the undertakings for collective investment in transferable securities (UCITS) ( 4 ), irrespective of the legal or contractual manner in which the AIFMs are entrusted with this responsibility. AIFMs should not be entitled to manage UCITS within the meaning of Directive 2009/65/EC on the basis of an authorisation under this Directive. (4) This Directive aims to provide for an internal market for AIFMs and a harmonised and stringent regulatory and supervisory framework for the activities within the Union of all AIFMs, including those which have their registered office in a Member State (EU AIFMs) and those which have their registered office in a third country (non-EU AIFMs). As the practical consequences and possible difficulties resulting from a harmonised regulatory framework and an internal market for non- EU AIFMs performing management and/or marketing activities within the Union and EU AIFMs managing non-EU alternative investment funds (AIFs), are
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Rapport om gjennomføring av AIFMD
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9 10 11 12 13 14 15 8.4 RISIKOSTYRI
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1 1.1 INNLEDNING OG AVGRENSNING Man
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Ved ferdigstillelsen av rapporten h
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AIFMD regulerer markedsføring av a
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forbrukervernet, men tar ikke still
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eksponering ved bruk av derivater.
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den virksomhet porteføljeselskapet
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Organiseringen av et aktivt eierfon
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innbetalt til det aktive eierfondet
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Særrettighetene til de ulike inves
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verdipapirfondloven, se nærmere om
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For eiendomsfond organisert som aks
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oppbevarer verdiene som inngår i e
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AIFM-direktivet artikkel 2(2) presi
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Arbeidsgruppen foreslår i tråd me
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forvaltning forstås at AIF-ets ret
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5.6.3 Primærmegler I henhold til a
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akkumulerte virksomheten til disse
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AIFMD artikkel 6(4) åpner for at m
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7.3.3 Kapitalkrav I følge artikkel
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Etter artikkel 9(9) skal EU-kommisj
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8 8.1 OPERASJONELLE KRAV God forret
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8.2 Håndtering av interessekonflik
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Arbeidsgruppen foreslår at det inn
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8.4.2 EØS-rett Risikostyring er de
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likviditetsrisikoen til fondet og s
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Artikkel 18(1) første avsnitt krev
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Artikkel 19(8) krever at verdivurde
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utkontrakteringen til forvalterens
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Årsregnskapet skal i henhold til a
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- dersom tilgjengelig, fondets tidl
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forvalter eller AIF-fond forvaltere
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Artikkel 25(3) inneholder en hjemme
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- forvalterens retningslinjer for h
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Forvalteren skal heller ikke stemme
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midler) skal holdes atskilt fra for
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Etter artikkel 21(7) skal depotmott
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Dersom lovgivningen i en tredjestat
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depotmottaker, hvem som kan oppnevn
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Departementet sluttet seg til dette
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kraft, og ikrafttredelsen er beting
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Direktivets artikkel 37-41 gir nær
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endringene ikke har slike virkninge
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skillet mellom et markedsføringsfo
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Rapport om gjennomføring av AIFMD i norsk rett - Finanstilsynet

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