Clarification of the use of the terms shares and shareholders with additional references to units and unitholders. Use of the term liquidity management tools in appendix V, rather than liquidity management instruments.

ESMA should follow a risk-based approach in carrying out its functions under the AIFMD. Neither the Commission proposal nor the Council position includes such a provision.

All information exchanged under the AIFMD between ESMA, NCAs, EBA, EIOPA, and the ESRB is not considered confidential anymore where the information disclosed is used in a summary or in an aggregate form in which individual financial market participants cannot be identified. This change relating to the confidentiality of some information is the same as the one inserted in the Commission proposal.

The regulatory authorities of the home member state of an AIFM shall notify the regulatory authorities of the host member state of the AIFM and ESMA before exercising the new powers relating to the activation or deactivation of an LMT by AIFMs, in particular, non-EU AIFMs that are marketing in the Union AIFs that they manage or EU AIFMs managing non-EU AIFs. The regulatory authorities of the host member state of the AIFM may request the competent authority of the home member state of the AIFM to exercise such powers specifying the reasons for the request and notifying ESMA. The ESRB should also be notified by the regulatory authorities of the host member state of the AIFM provided that there is a potential risk to the stability and integrity of the financial system. The difference with the Commission proposal is that the ESRB should be notified only if there is a potential risk to the stability and integrity of the financial system. The draft RTS to be developed by ESMA shall recognise the primary responsibility of the AIFM for liquidity risk management and the fact that intervention by the regulatory authorities is a last resort.

Access the draft report of 16 May 2022 from the European Parliament here.