Delegated regulation 2015/514 - Information to be provided by competent authorities to the European Securities and Markets Authority pursuant to Article 67(3) of Directive 2011/61/EU - Main contents

EN

Official Journal of the European Union

L 82/5

It is necessary to specify the contents of the information that the competent authorities of Member States have to provide quarterly to the European Securities and Market Authority (ESMA) in accordance with Article 67(3) of Directive 2011/61/EU to enable it to evaluate the functioning of the passport for EU alternative investment fund managers (EU AIFMs) managing or marketing EU alternative investment funds (EU AIFs) in the Union, the operating conditions for AIFs and their managers and the potential impact of an extension of the passport.

It is important to ensure that information provided by competent authorities is pertinent and capable of supporting an informed assessment. All competent authorities should therefore provide information that allows a consistent assessment throughout the Union, while retaining the possibility to also provide any additional information that they might consider useful for assessing the overall functioning of the EU passport, of the national rules governing private placements, as well as any potential impact of extending the passport to third country funds and managers. In order to ensure that a uniform set of reporting requirements applies directly to all competent authorities it is necessary to lay down rules on the information to be provided to ESMA in the form of a Regulation.

In order to assess the use made of the EU passport, it is important to gather quantitative data on AIFMs and AIFs using the passports provided in Articles 32 and 33 of Directive 2011/61/EU, data on the jurisdictions where cross-border activities take place, as well as on the types of cross-border activities.

Effective cooperation among competent authorities is an essential aspect of the overall functioning of the EU passport. To assess effectiveness, it is essential to collect information on the cooperation between competent authorities in executing their responsibilities in accordance with Articles 45 and 50 of Directive 2011/61/EU. This implies assessing the instances when the different competences were triggered, the responsive measures taken, as well as efficacy of cooperation in terms of timing, pertinence and detail.

The EU passport is based on the notification system provided for in Articles 32 and 33 of Directive 2011/61/EU. Competent authorities should therefore provide information as to the operation of such system, especially in terms of timing, smoothness, quality of information notified and any potential divergences arising from its application.

In order to allow for an objective assessment, competent authorities should be required to provide information on the functioning of the passport also from investors' perspective, particularly in terms of impacts on the investor protection. Competent authorities should also provide information on complaints filed by investors about AIFMs or AIFs established in other Member States than the one where the investor is domiciled, queries from investors related to the distribution of competencies between competent authorities...