Council of the European Union
UCITS Directive and AIFMD - Council of EU publishes general approach on amendments - 17 June 2022
The Council of the EU (the Council) has published the text of its general approach to the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) and the Directive relating to undertakings for collective investment in transferable securities (UCITS) (2009/65/EC) (UCITS Directive) as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depository and custody services, and loan origination by alternative investment funds.
Among other things, the Council stresses the importance of consistent harmonisation in the area of liquidity risk management, and supports the creation of an EU framework for loan-originating funds.
The Council may now begin negotiations with the European Parliament in order to agree on a final version of the proposed Directive.
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 (9768/1/22 REV 1)
Press release
European Parliament
ELTIF Regulation - ECON adopts report on proposed amending regulation - 20 June 2022
The European Parliament’s Economic and Monetary Affairs Committee (ECON) has adopted its report (the Report) on the proposed regulation to amend the Regulation on European long-term investment funds (ELTIFs) ((EU) 2015/760) (ELTIF Regulation). The amending regulation forms part of the European Commission’s (the Commission’s) Capital Markets Union package, published in November 2021.
The associated press release highlights the following aspects of the amendments proposed by ECON in the Report:
- protecting investors: among other things, all ELTIFs marketed in the EU must be authorised, and the European Securities and Markets Authority must keep and update quarterly a central public register of authorised ELTIFs with updated links to their annual reports and, where available, the key information document; and
- greener investments: the creation of an optional sub-category of ELTIFs marketed as environmentally sustainable, which should be subject to stricter requirements, and which should invest exclusively in assets that meet the taxonomy obligations and disclose what share of their assets comply with these requirements to avoid greenwashing. ECON also proposes complementing existing rules so that green bonds and financial products that aim to make sustainable investments are explicitly included in the list of investment assets eligible for ELTIFs.
ECON will now open negotiations with the Council of the EU, which adopted its position on the amending regulation in May 2022.
Press release
