AIFMD II – The Council position – Miscellaneous

The Council position clarifies the use of the terms shares and shareholders with additional references to units and unitholders, as the European Parliament draft report does.

The Council position refers to the term liquidity management tools, not liquidity management instruments, as the European Parliament draft report does.

The notification obligations of the regulatory authorities concerning their cooperation obligation are also developed in the Council Proposal with the same approach as the European Parliament draft report, particularly regarding the notification of the ESRB if there are potential risks to the stability and integrity of the financial system.

All information exchanged under the AIFMD between ESMA, national regulatory authorities, the EBA, EIOPA and the European Systemic Risk Board is no longer considered confidential if 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 that included in the Commission proposal and the European Parliament draft report.

The disclosure of derogations to the European Commission is broadened by the Council position with the derogation or option of articles 15.3 (risk management by loan-originating AIFs) and 15.4aa (leverage of a loan-originating AIF) included in the list of derogations to be disclosed to the Commission. Member states may choose to include derogations relating to these two articles when they transpose AIFMD II into national law. The European Commission will make information relating to these derogations public. Neither the Commission proposal nor the European Parliament Draft Report modifies the disclosure of derogations to the European Commission.

Access the European Council position of June 2022 here.

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