tailieunhanh - DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

In the EU, investment funds can be broadly categorised as UCITS (undertakings for collective investment in transferable securities) and non-UCITS (or non-harmonised) funds. 1 UCITS funds are those that comply with harmonised rules as laid down in the UCITS Directive (85/611/EEC) and are authorised for sale to the retail market. Non-harmonised funds (hereafter referred to collectively as alternative investment funds, or AIF) do not form a homogenous class of investment fund. 2 AIF invest in a wide variety of asset types and employ very different investment strategies. Inter alia, hedge funds, private equity funds (which can be broken down. | EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels SEC 2009 576 COMMISSION STAFF WORKING DOCUMENT Accompanying the Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Alternative Investment Fund Managers and amending Directives 2004 39 EC and 20O9 . EC IMPACT ASSESSMENT COM 2009 207 SEC 2009 577 EN EN TABLE OF CONTENTS 1. . The investment fund . Structure and location of AIF and . Investor base of . Risks associated with AIFM . AIFM and the financial . Focus of impact 2. Procedural issues and consultation of interested . Consultation and . How has the opinion of the Impact Assessment Board been taken into account .12 3. Problem . Description of the regulatory . Community . National . To what extent are existing rules effective in responding to the risks .18 . Macro-prudential systemic . Micro-prudential . Investor . Market efficiency and . Impact on market for corporate . Acquisition of control of companies by . . Internal Market . 4. Objectives. 26 5. Options - Analysis of . Target of . Coverage of . How much of the AIFM value chain should be required to be in the EU .26 . Appropriate level for potential . . Provisions of a potential proposal and expected impacts. 26 6. Comparing the options 7. Monitoring and evaluation . 26 ANNEX I ANNEX II Categories of non-harmonised funds non-UCITS .26 ANNEX III European Private Equity activity in ANNEX IV Key UCITS investor protection ANNEX V Qualified Investor vs Professional Client vs Eligible ANNEX VI Risks related to .