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Mirco Melone

Vom Ereignis zur Ikone

2023

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Nachwort: Digital Asset Management S. 137-140

doi.org/10.24894/978-3-7965-4834-5

Marius Müller - Credit Rating Over-Reliance in Asset Management

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Marius Müller

Credit Rating Over-Reliance in Asset Management

Series: Studien zum Bank-, Börsen- und Kapitalmarktrecht

Volume 82 2023

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IV. Empirical Analysis of Mutual Fund Investment Guidelines S. 165-230

„… debt funds. (European Fund and Asset ManagementIV. Empirical Analysis of Mutual Fund Investment …” „… management practices to the size of the asset managementfirm. Therefore, a smaller firm is not expected to …” „… conducted. The basis for this empirical study is a setof fund prospectuses accessed via the asset management …”

III. Regulating Ratings’ Regulatory Function – The Case of Rating Over-Reliance within Mutual Fund Investment Guidelines S. 93-164

„… consequences of ratingdowngrades.1. Rationale for Collective Investments & Significance of Asset ManagementThe …” „… underlyingrationale and initiatives undertaken, before looking at the particular case ofrating use in asset management …” „… amount of assets under management subjected to this specific index, itwas still sufficient to cause …”

I. Introduction S. 21-28

„… assessment encouraged.1. Regulation of Rating Over-Reliance in Asset ManagementInstitutional investors have …” „… companies, large quantities of assets under management (AUM)are accumulated by a few market participants.6 …” „… Reducing theReliance in Asset Management”, which reflect the principles issued bythe FSB for the Asset …”

Titelei/Inhaltsverzeichnis S. 1-20

„… Credit Rating Over-Reliance in Asset ManagementMarius MüllerA Legal and Economic Analysis of Mutual …” „… Over-Reliance in Asset ManagementA Legal and Economic Analysis of Mutual Fund Prospectuses and Regulatory Law in …” „… in Asset ManagementA Legal and Economic Analysis of Mutual Fund Prospectuses and Regulatory Law in …”

Bibliography S. 251-262

„… . “Conflicts of Interest in Asset Management.”Accessed November 2020. https://www.sec.gov/news/speech/spch …” „… Consultation Report: Good Practices on Reducing Reliance onCRAs in Asset Management.” 2014 September.Blaurock …” „… Directorate General Internal Market and Services.European Fund and Asset Management Association. 2019. “An …”

V. Summary and Conclusion S. 231-236

„… capacity of asset management firms, especially smallerones, to independently perform analytical supervision …” „… investment management sector has been identified as particularlyrelevant in the context of the regulatory …” „… applications of credit ratings withthe potential to enforce asset sell-offs. Within this sector …”

II. Regulation of Credit Ratings as Subject of Research S. 29-92

„… stability,however at the expense of banks’ cost effectiveness. Given managements’incentive to increase banks …” „… Over-Reliance onCredit Rating Agencies.” Sovereign Risk: A World Without Risk-Free Assets? BISPapers Nr. 72, p …” „… financial asset. In this strict form of the ECMH, all information inter‐mediaries, including credit rating …”

doi.org/10.5771/9783748918622

Christoph Brömmelmeyer, Helmut Heiss, Ulrich Meyer, Dieter Rückle, Hans-Peter Schwintowski, Astrid Wallrabenstein - Pflegeversicherung - Risikosteuerung und Versicherungsaufsicht - Europa - Versicherungsvertragsrecht

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Christoph Brömmelmeyer (ed.), Helmut Heiss (ed.), Ulrich Meyer (ed.), Dieter Rückle (ed.), Hans-Peter Schwintowski (ed.), Astrid Wallrabenstein (ed.)

Pflegeversicherung - Risikosteuerung und Versicherungsaufsicht - Europa - Versicherungsvertragsrecht

Series: Versicherungswissenschaftliche Studien

Volume 35 2009

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Oliver Horn Theorie und Anwendung von Managementregeln im Asset-Liability-Management von Versicherern S. 269-276

„… 269 Theorie und Anwendung von Managementregeln im Asset-Liability- Management von Versicherern …” „… im Asset-Liability-Management 271 II. Die Auswirkungen von Managementregeln in „kritischen …” „… , verwiesen. II. Die Auswirkungen von Managementregeln im Asset-Liability-Management von Versicherern …”

Frank Romeike Auswirkungen von Solvency II auf Verbraucher S. 119-140

„… , • Kapitalanlagevorschriften und Bilanzmanagement (Asset & Liability Management), • Kreditrisiko, Marktrisiko …” „… 1998, ist das führende, deutschsprachige Kompetenz-Portal zum Thema Risk Management und Compliance …” „… . Vorstandsvorsitzender der Risk Management Association e. V. (RMA). 121 I. Grundsätze und Zielsetzung der …”

Eva Wagner Kreditderivate – Marktüberblick sowie Bedeutung und „Wesen“ von Credit Default Swaps S. 349-366

„… synthetische Verbriefungen8 (z. B. synthetische Asset Backed Securities (ABS), synthetische Mortgaged Backed …” „… Asset Backed Securities wird auf Bertl (2004) verwiesen. 9 Bei MBS handelt es sich um Anleihen, die …” „… puts depends upon realisations of the stochastic process governing movements of the underlying asset’s …”

Markus Dick Distressed Debt als Investmentalternative für Versicherungen S. 329-348

„… NPL-Portfolien durch die zur Abwicklung insolventer Savings & Loan Associations (S&L) gegründete Asset …” „… Management Company RTC (vgl. Sahling, 1993, 51 ff. bzw. Lim, 1998, 343 ff.) verkauften auch US-Banken selbst …” „… eine Nachfrage von mehr als 190 auf Distressed Debt spezialisierten Investoren mit Assets under …”

Titelei/Inhaltsverzeichnis S. 1-8

„… Anwendung von Managementregeln im Asset-Liability-Management von Versicherern 269 Johann Klinge, Berlin …”

Johann Klinge Diskussionsbericht S. 277-278

„… Ergebnis hätten. Grundsätzlich benötige man beim stochastischen Asset-Liability-Management jedoch …” „… Managementregel von Horn nicht mit der landläufigen Definition übereinstimmen muss. Unter einer Managementregel …” „… Verhaltensweisen aus den Managementregeln ausschließen oder ob er diese mit seinem Modell erfassen könne. Horn …”

doi.org/10.5771/9783845218304

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 70 Disclosures on categories and volatility of assets, risk management S. 1412-1413

„… assets, risk management 1. The prospectus shall indicate in which categories of assets a UCITS is …” „… . Investement and management companies should also consider the additional disclosure on remuneration required …” „… in any category of assets defined in Article 50 other than transferable securities or money market …”

Article 22 Mandatory depositary; appointment and duties of depositary S. 1353-1357

„… by the UCITS, or by the management company acting on behalf of the UCITS, of such assets by assessing …” „… evidence; (ii) maintain a record of those assets for which it is satisfied that the UCITS or the management …” „… assets. Both intermediaries – the management company and depositary – oversee each other’s activities …”

Article 19 Valuation S. 1499-1502

„… conferred only on undertakings which are authorised or registered for the purpose of asset management and …” „… adequate and appropriate ressources for the proper management of AIF, with respect to both human and …” „… and independent valuation of the assets of the AIF can be performed in accordance with this Article …”

Article 1 Scope and UCITS definition S. 1304-1317

„… Zeitschrift für Gesellschaftsrecht 285 et seq. (2010); Moloney N, ‘Collective Asset Management: the UCITS …” „… 8/9, 187-190; Zetzsche D A, ‘The AIFMD and the Joint Principles of European Asset Management Law’, in …” „… assets under management of the UCITS,23 although Member States may set the limit at 3%. The UCITS …”

Article 51 Risk management, exposure limits, reliance on credit rating agencies S. 1386-1389

„… sions apply mutatis mutandis and need to be considered by the UCITS management company.1 Article 51 …” „… Risk management, exposure limits, reliance on credit rating agencies 1. A management or investment …” „… company shall employ a risk-management process which enables it to monitor and measure at any time the …”

Article 55 Investment limits for UCI target investments S. 1393-1394

„… single issue shall not account for more than 30 % of its total assets. 2. The UCITS referred to in …” „… guaranteeing securities in which they intend to invest more than 35 % of their assets. Such fund rules or …” „… bodies in the securities of which it intends to invest or has invested more than 35 % of its assets. I …”

Article 48 Consequences of merger S. 1377-1380

„… cases where UCITS have not designated a management company, Member States shall ensure that any legal …” „… determining the relevant net asset value for cash payments. For cross-border mergers, the laws of the …” „… point (p)(i) of Article 2(1) shall have the following consequences: (a) all the assets and liabilities …”

Article 23 Disclosure to investors S. 1514-1517

„… statement of assets and liabilities and an income and expenditure account. Furthermore, it must contain a …” „… assets in which the AIF may invest, the techniques it may employ and all associated risks, any applicable …” „… asset reuse arrangements, and the maximum level of leverage which the AIFM are entitled to employ on …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… managed, directly or by delegation, by the same management company or by any other company with which the …” „… management company is linked by common management or control, or by a substantial direct or indirect holding …” „… , that management company or other company shall not charge subscription or redemption fees on account of …”

Article 3 Exemptions S. 1469-1471

„… of AIFs whose assets under management, including any assets acquired through use of leverage, in …” „… direct or indirect holding, manage portfolios of AIFs whose assets under management in total do not …” „… assets under management, including any assets acquired through the use of leverage, occasionally exceed …”

Article 2 Definitions S. 1317-1323

„… applied to companies; (iii) where asset management activities are carried out by another entity on behalf …” „… other provisions laid down in Chapter IV and Section 3 of Chapter V; (b) ‘management company’ means a …” „… company, the regular business of which is the management of UCITS in the form of common funds or of …”

Article 16 Organisational requirements S. 65-120

„… Services 78 Dirk Zetzsche 11 MiFIR framework with the UCITSD, AIFMD and the asset management-related parts …” „… requirements are the standard requirements in other EU rules on asset management. In a way, Art 16 in …” „… of CRDIV/CRR, and establishes joint principles on European asset management law.3 Conflicts of …”

Article 22 a Delegation by depositary S. 1357-1359

„… ) the reuse of the assets is executed for the account of the UCITS; (b) the depositary is carrying out …” „… the instructions of the management company on behalf of the UCITS; (c) the reuse is for the benefit of …” „… the collateral shall always amount to at least the market value of the reused assets plus a premium …”

Article 4 Uncovered position in a sovereign credit default swap S. 892-894

„… have long or short positions, and for fund management activities relating to separate funds in Arts 12 …” „… group or amongst different funds of a single management entity.16 Article 4 Uncovered position in a …” „… legal person holds assets or is subject to liabilities, including but not limited to financial contracts …”

Article 18 General principles S. 1498-1499

„… January 2011 if there is a substitution or addition of underlying assets. Section 2 Organisational …” „… , adequate and appropriate human and technical resources that are necessary for the proper management of AIFs …” „… for the holding or management of investments in order to invest on its own account and ensuring, at …”

Chapter 3 Prudential requirements S. 1643-1653

„… member or client providing clearing services, their assets are protected and can be transferred to other …” „… Article 39 EMIR to clarify that assets covering the positions recorded in an account are not part of the …” „… Prudential requirements Article 40 Exposure management A CCP shall measure and assess its liquidity and …”

Article 30 Internally managed investment companies, restrictions on third-party portfolio management S. 1369-1370

„… tion for management companies.6 The reasons for withdrawing authorisation under Art 29(4) of UCITSD …” „… are likewise analogous to those for the authorisation of the management company.7 Since the management …” „… managed investment company. This prompts the question of how the respective boards of the management …”

Article 83 Borrowing limits S. 1426-1427

„… key investor information are the expected result of a management company’s decision, the revised key …” „… Borrowing limits 1. The following shall not borrow: (a) an investment company; (b) a management company or …” „… company, no more than 10 % of its assets, or – in the case of a common fund, no more than 10 % of the …”

Article 21 Depositary S. 1504-1512

„… Special requirements apply under Art 20 (2), (5) to the delegation of the portfolio management or …” „… risk management. Neither the portfolio management, nor the risk management may be delegated to the …” „… accordance with their core investment policy, generally do not invest in assets that must be held in custody …”

Article 4 Definitions S. 1471-1477

„… holding that does not exceed EUR 100 million. Details governing the calculation of assets under management …” „… AIFMD are obliged to monitor their assets under management on an ongoing basis (Art 3 AIFMD Level 2 …” „… linked by common management or control or by a substantive direct or indirect holding that does not …”

Article 15 Risk management S. 1493-1496

„… the creditworthiness of the AIFs’ assets. AIFMs shall review the risk management systems with …” „… generally follow the pattern of related European legislation on investment firms and UCITS management …” „… management. As part of the obligation to prevent and manage conflicts of interests, AIFM are obliged to …”

Article 69 Minimum content of mandatory disclosures S. 1410-1412

„… volatility of assets, risk management 1. The prospectus shall indicate in which categories of assets a UCITS …” „… establishes standard duties for investment and management companies concerning the ongoing investor disclosure …” „… . An investment or management company must publish a prospectus, an annual report for each financial …”

Article 2 Scope S. 1467-1469

„… AIFMD also contains provisions governing the provision of asset management services by non-EU AIFM in …” „… management or control, or by a substantive direct or indirect holding, manage portfolios of AIFs whose assets …” „… under management, including any assets acquired through use of leverage, in total do not exceed a …”

Article 30 Asset stripping S. 1527-1529

„… required under Art 29 if they are only contained in the AIF’s annual report. Article 30 Asset stripping 1 …” „… date of the last financial year the net assets as set out in the company’s annual accounts are, or …” „… uncalled part of the subscribed capital is not included in the assets shown in the balance sheet, this …”

Chapter 2 Conduct of business rules S. 1637-1643

„… accordance with the best interests of such clearing members and clients and sound risk management. 2. A CCP …” „… accounts with the CCP the assets and positions held for the account of one clearing member from the assets …” „… and positions held for the account of any other clearing member and from its own assets. 2. A CCP …”

Article 24 Liability of depositary towards UCITS and unit-holders S. 1360-1362

„… ; (g) all members of its management body and senior management, shall, at all times, be of sufficiently …” „… good repute, possess sufficient knowledge, skills and experience; (h) its management body shall possess …” „… , including the main risks; (i) each member of its management body and senior management shall act with …”

Article 57 Exemptions from Art 52, 56 in certain cases S. 1396-1397

„… liquidate the UCITS’ assets when necessary. A controlling stake is difficult to sell in distressed times and …” „… UCITS’ assets when necessary. Beyond the general control ban, notwithstanding its applicability at the …” „… body. Again, these limits shall secure the liquidity of the UCITS assets. Member States may waive the …”

Article 31 Prudential and conduct of business rules, organisational requirements for internally managed investment companies S. 1370-1371

„… ‘management company’ is replaced by ‘investment company’. In addition to Art 28 of UCITSD, investment …” „… companies may only manage assets in their own portfolio and shall not under any circumstances receive any …” „… mandate to manage assets on behalf of a third party as set out in subparagraph 3. The restrictions on …”

Article 52 Risk management S. 1653-1654

„… Problem: What is the requirement on a CCP for portability of client assets in a member default …” „… default, a CCP should transfer the assets and positions recorded as being held for the account of the …” „… , the CCP may try to transfer the assets and positions on a best effort basis, but ultimately possesses …”

Article 50 Eligible assets S. 1381-1385

„… Article 50 Eligible assets 1. The investments of a UCITS shall comprise only one or more of the …” „… for unit-holders in a UCITS, and in particular that the rules on asset segregation, borrowing, lending …” „… in half-yearly and annual reports to enable an assessment to be made of the assets and liabilities …”

Article 9 Initial capital and own funds S. 1485-1486

„… 250 million, up to a cap of EUR 10 million. For purposes of calculating the assets under management …” „… to in point (a) of paragraph 7, shall be invested in liquid assets or assets readily convertible to …” „… adopted pursuant to paragraph 9, this Article shall not apply to AIFMs which are also UCITS management …”

Article 84 Unit-holders’ redemption rights S. 1427-1428

„… borrowing is allowed up to 10% of the UCITS assets and c) permanent borrowing is allowed up to 10% of the …” „… UCITS asset if the loan is used for the acquisition of real estate “essential for the direct pursuit of …” „… its business”. Since common funds do not have a business of their own (fund management is the …”

Article 14 Conduct of business rules S. 1337-1338

„… rule on delegations. In a common set-up, a UCITS fund management company delegates asset management …” „… 2. The liability of the management company or the depositary shall not be affected by delegation by …” „… the management company of any functions to third parties. The management company shall not delegate …”

Article 13 Delegation S. 1336-1337

„… given only to undertakings which are authorised or registered for the purpose of asset management and …” „… asset management activities to an asset manager licensed under MiFID. Art 13 of UCITSD ensures that the …” „… Paragraph 2 provides two requirements for UCITS management companies that simultaneously provided …”

Article 49 Compartments deemed UCITS S. 1380-1381

„… in the draft merger terms. The merger, according to Chapter VI UCITSD, will benefit the management …” „… and from the perspective of the management company, the small UCITS generates attractive (minimum …” „… does not define compartments of a UCITS. A compartment is any unit where the assets of a UCITS are …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… , including information on principal exposures, risk concentrations, illiquid assets, liquidity management …” „… competent authorities of its home Member State: (a) the percentage of the AIF’s assets which are subject to …” „… liquidity of the AIF; (c) the current risk profile of the AIF and the risk management systems employed by …”

Article 85 Valuation rules S. 1428-1429

„… redeem their shares directly ‘the redemption price should be the Net Asset Value (NAV) from which costs …” „… may be deducted’.3 Article 85 Valuation rules The rules for the valuation of assets and the rules for …” „… documents require UCITS to take for the assets, which if summed up make the fund unit price, the market …”

Article 59 Exemption procedure regarding feeder’s investments into master S. 1398-1399

„… feeder’s management company as well as the depositary can be the same entity. The UCITSD must provide …” „… feeder. Under the definition, a feeder is a UCITS that invests not less than 85% of its assets in another …” „… UCITS (which includes investment compartments thereof). The rest of the assets may be held in liquid …”

Article 50 a Investment in securitisation positions S. 1385-1386

„… management companies when entering OTC financial derivative transactions that are centrally cleared under …” „… regimes. II. Overview Art 50 a of UCITSD shall ensure sound risk management procedures and alignment of …” „… eligible assets for investment by UCITS. 8 Cf. CESR/07-044, para 8. 9 ESMA/2015/880, Opinion Impact of …”

Article 82 Submission of key investor information to UCITS competent authority; duty to keep key investor information up to date S. 1425-1426

„… depositary or the management company. Art 22 of Commission Regulation (EU) No 583/2010 specifies when an …” „… , if the changes to the key investor information are the expected result of a management company’s …” „… investment company; (b) a management company or depositary acting on behalf of a common fund. A UCITS may …”

Article 2 Definitions S. 396-403

„… out to hold or manage official foreign reserves of a Member State or the reserve management service …” „… management of its own funds, (b) for administrative purposes or for the staff of the ESCB member including …” „… links as defined in Article 4(1)(35) of Directive 2014/65/EU; (22) ‘management body’ means a management …”

Article 23 Registered office, qualification and organisation of depositary S. 1359-1360

„… ). The depositary remains liable for any lost assets under the conditions of Art 24 of UCITSD regardless …” „… of whether the depositary safekeeps the assets itself or delegates safekeeping to third parties. As …” „… ; (g) all members of its management body and senior management, shall, at all times, be of sufficiently …”

Article 52 Diversification S. 1389-1391

„… UCITS EAD defines techniques and instruments for the purpose of efficient portfolio management under …” „… assets in transferable securities or money market instruments issued by the same body; or (b) 20 % of its …” „… assets in deposits made with the same body. The risk exposure to a counterparty of the UCITS in an OTC …”

Article 17 Investment in securitisation positions S. 1496-1498

„… Article 16 Liquidity management 1. AIFMs shall, for each AIF that they manage which is not an …” „… unleveraged closedended AIF, employ an appropriate liquidity management system and adopt procedures which …” „… subject to the conditions of Articles 57 and 58, measures specifying: (a) the liquidity management systems …”

Article 45 Extraordinary redemption right S. 1376-1377

„… in another UCITS with similar investment policies and managed by the same management company or by …” „… any other company with which the management company is linked by common management or control, or by a …” „… designated a management company, Member States shall ensure that any legal, advisory or administrative costs …”

Article 64 Conversion disclosures and procedures S. 1405-1407

„… to the management company, the depositary or any asset manager or investment advisor of the UCITS …” „… transfers all or parts of its assets to the master UCITS in exchange for units, the procedure for valuing …” „… rely on information and documents received from the master UCITS or, where applicable, its management …”

Article 3 Short and long positions S. 888-892

„… 5 when different entities in a group have long or short positions or for fund management activities …” „… delivery of the underlying assets has been agreed upon.5 The inclusion of such transactions being …” „… University International Law & Management Review 61, 72; Howell, (2015) 12 European Company Law 79, 80, 86 …”

Overview of Articles 5-11 S. 894-895

„… tween the price of the assets or liabilities and the price of the relevant sovereign debt (see Art …” „… 10% of the assets the fund is invested in. Furthermore, S holds additional assets valued at € 10 m …” „… % of the € 20 m investment in the fund is € 2 m. As to the additional assets worth € 10 m the CDS …”

Article 58 Definitions, investment limits, exemptions S. 1397-1398

„… latter two cases, UCITS shall prioritise the sale of assets that exceed the investment limits to …” „… derogation from Article 1(2)(a), Articles 50, 52 and 55, and Article 56(2)(c), at least 85 % of its assets in …” „… up to 15 % of its assets in one or more of the following: (a) ancillary liquid assets in accordance …”

Article 88 Prohibition to guarantee loans S. 1429-1430

„… management company is not free to determine the payouts of profits. Fund documents tend to specify whether …” „… to the tax implications of such a decision. Article 87 Issue of unit equivalent to net asset value A …” „… UCITS unit shall not be issued unless the equivalent of the net issue price is paid into the assets of …”

Article 71 Disclosure of fund rules, instruments of incorporation S. 1413-1414

„… categories of assets as well as the right to participate in transactions with financial derivative …” „… profile must be described. If a UCITS principally invests in any category of assets other than …” „… UCITSD requires, if the situation warrants, that the prospectus indicate the net asset value of a UCITS …”

Article 51 Interoperability arrangements S. 1653

„… Problem: What is the requirement on a CCP for portability of client assets in a member default …” „… default, a CCP should transfer the assets and positions recorded as being held for the account of the …” „… , the CCP may try to transfer the assets and positions on a best effort basis, but ultimately possesses …”

Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 S. 1653

„… Problem: What is the requirement on a CCP for portability of client assets in a member default …” „… default, a CCP should transfer the assets and positions recorded as being held for the account of the …” „… , the CCP may try to transfer the assets and positions on a best effort basis, but ultimately possesses …”

Article 10 Changes in the scope of the authorisation S. 1486-1487

„… the assets under management, Art 9(4) provides that the AIFM must also take into consideration AIFs …” „… where it is the AIFM but for which it has delegated the portfolio management to third parties whereas …” „… liquid assets or assets readily convertible to cash in the short term. AIFM are not allowed to …”

Article 60 Relationship between feeder and master S. 1399-1401

„… both master and feeder UCITS are managed by the same management company, the agreement may be replaced …” „… their net asset value calculation and publication in order to avoid market timing in their units …” „… 85 % of the assets of the feeder UCITS in units of another master UCITS; or (b) the amendment of its …”

Article 65 Feeder’s monitoring obligation; attribution of fees and benefits to feeder S. 1407

„… received from the master UCITS or, where applicable, its management company, depositary and auditor, unless …” „… , its management company, or any person acting on behalf of either the feeder UCITS or the management …” „… company of the feeder UCITS, the fee, commission or other monetary benefit shall be paid into the assets …”

Article 2 Definitions S. 1576-1578

„… underlying asset, the type of underlying asset, and currency of notional amount. Derivatives belonging to the …” „… undertaking authorised in accordance with Directive 2005/68/EC, a UCITS and, where relevant, its management …” „… covered by Directive 2002/83/EC, provided that all assets and liabilities corresponding to the business …”

Article 19 Notification for cross-border services by virtue of a branch S. 1347-1348

„… , the management company shall give notice of the amendment in writing to the competent authorities of …” „… the management company’s home Member State and of the management company’s host Member State before …” „… implementing the change. The competent authorities of the management company’s home Member State shall update …”

Article 19 Managers’ transactions S. 808-824

„… which the exposure to the issuer’s shares or debt instruments does not exceed 20 % of the assets held by …” „… of assets in which the exposure to the issuer’s shares or debt instruments does not exceed 20 % of …” „… the portfolio’s assets; (c) the financial instrument is a unit or share in a collective investment …”

Article 66 Additional tasks vis-à-vis master’s competent authority S. 1407-1408

„… received from the master UCITS or, where applicable, its management company, depositary and auditor, unless …” „… , its management company, or any person acting on behalf of either the feeder UCITS or the management …” „… company of the feeder UCITS, the fee, commission or other monetary benefit shall be paid into the assets …”

Article 1 Subject matter and scope S. 1711-1720

„… collateral to a certain degree and revolutionarily overthrows traditional asset-based security interests at …” „… with or intervening in the management of public debt, and (ii) public sector bodies of Member States …” „… management company as defined in Article 1a(2) of Directive 85/611/EEC; (d) a central counterparty …”

Article 6 Recognition of title transfer financial collateral arrangements S. 1731-1732

„… those Member States must deal with such security interests, e.g. as lex rei situs of the assets provided …” „… underlying asset or assets. The collateral taker has discretion to enforce it, bound only by the terms of the …” „… collateral taker’s legal position as owner of the assets used as collateral. Consequently, title transfer …”

Article 77 Marketing communications S. 1417-1418

„… monthly net asset value calculation does not prejudice the interests of the unit-holders, the competent …” „… authority of the UCITS may permit such a practice. The monthly net asset value period is justified if a) no …” „… volatility of the underlying asset does not justify a shorter frequency. For instance, if certain derivatives …”

Article 4 Definitions S. 22-34

„… proprietary capital at prices defined by that person; (8) ‘portfolio management’ means managing portfolios in …” „… defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013; (28) ‘UCITS management company’ means …” „… a management company as defined in point (b) of Article 2(1) of Directive 2009/65/EC of the European …”

Article 98 Powers of competent authorities; inquiry rights S. 1439-1440

„… instance, there could be one authority in charge of asset und fund management, while the other authority …” „… competent authority, in particular a group of banks or fund management associations or other private sector …” „… conversations or electronic communications or other data traffic records held by UCITS, management companies …”

Article 12 Prudential regulation S. 1334-1336

„… given only to undertakings which are authorised or registered for the purpose of asset management and …” „… to in Article 10 of Directive 2004/39/EC, mean, respectively, ‘management company’ and ‘management …” „… regulation 1. Each Member State shall draw up prudential rules which management companies authorised in that …”

Article 20 Home member state supervision S. 1348-1350

„… ) restrictions on borrowing, lending and uncovered sales; (e) the valuation of assets and the accounting of the …” „… asset value and related investor compensation; (g) the distribution or reinvestment of the income; (h …” „… relation to points (a) to (m). 4. The management company shall comply with the obligations set out in the …”

Article 4 Annual financial reports S. 1118-1124

„… shall comprise: (a) the audited financial statements; (b) the management report; and (c) statements made …” „… with the applicable set of accounting standards give a true and fair view of the assets, liabilities …” „… as a whole and that the management report includes a fair review of the development and performance …”

Article 14 Conflicts of interest S. 1492-1493

„… management and members of staff who have a material impact on the risk profile of the AIFM Article 14 …” „… out in a written contract. In particular any possibility of transfer and reuse of AIF assets shall be …” „… generally follow the pattern of related European legislation on investment firms and UCITS management …”

Article 20 Delegation S. 1502-1504

„… conferred only on undertakings which are authorised or registered for the purpose of asset management and …” „… sufficiently experienced; (c) where the delegation concerns portfolio management or risk management, it must be …” „… management or risk management and is conferred on a third-country undertaking, in addition to the …”

Article 10 Non-financial counterparties S. 1600-1603

„… reporting on behalf of both counterparties to the transaction; (iii) the management company that manages a …” „… assets, services, inputs, products, commodities or liabilities that the non-financial counterparty or its …” „… arising from the potential indirect impact on the value of assets, services, inputs, products, commodities …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 8 41 Management body …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 44 247 Requirements for the management body of a market operator …” „… . . . . . . . . . . . . . . . . . . . .Article 45 252 Requirements relating to persons exercising significant influence over the management of …”

Article 47 Date of merger effect S. 1377

„… cases where UCITS have not designated a management company, Member States shall ensure that any legal …” „… determining the relevant net asset value for cash payments. For cross-border mergers, the laws of the …” „… point (p)(i) of Article 2(1) shall have the following consequences: (a) all the assets and liabilities …”

Article 46 Ban to impose merger costs on UCITS S. 1377

„… cases where UCITS have not designated a management company, Member States shall ensure that any legal …” „… determining the relevant net asset value for cash payments. For cross-border mergers, the laws of the …” „… point (p)(i) of Article 2(1) shall have the following consequences: (a) all the assets and liabilities …”

Article 87 Issue of unit equivalent to net asset value S. 1429

„… management company is not free to determine the payouts of profits. Fund documents tend to specify whether …” „… to the tax implications of such a decision. Article 87 Issue of unit equivalent to net asset value A …” „… UCITS unit shall not be issued unless the equivalent of the net issue price is paid into the assets of …”

Article 86 Distribution and reinvestments of income S. 1429

„… management company is not free to determine the payouts of profits. Fund documents tend to specify whether …” „… to the tax implications of such a decision. Article 87 Issue of unit equivalent to net asset value A …” „… UCITS unit shall not be issued unless the equivalent of the net issue price is paid into the assets of …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… designated a management company unless the investment company has a sufficient initial capital of at least …” „… EUR 300,000. In addition, when an investment company has not designated a management company …” „… need. 2. Where an investment company has not designated a management company, the investment company …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… relation to the execution of orders, portfolio management activities and holding client assets. In respect …” „… competence. 2. When providing investment advice or portfolio management the investment firm shall obtain the …” „… portfolio management or has informed the client that it will carry out a periodic assessment of suitability …”

Article 53 Provision of margins among CCPs S. 1654-1655

„… coverage and need to limit contagion. 2. Where the risk-management models used by the CCPs to cover their …” „… distinguish in accounts the assets and positions held for the account of CCPs with whom it has entered into an …” „… notified under Directive 98/26/EC. 4. The assets referred to in paragraphs 1 and 2 shall be available to …”

Article 1 Subject matter and scope S. 1574-1576

„… risk-management requirements for over-the counter (‘OTC’) derivative contracts, reporting requirements for …” „… functions and other Union public bodies charged with or intervening in the management of the public debt; (b …” „… intervening in the management of the public debt in the following countries: (i) Japan; (ii) United States of …”

Article 17 Algorithmic trading S. 120-134

„… financing transactions may require the transfer of title of clients’ assets, in that context investment …” „… .” Safeguarding client assets in exceptional cases (Art 16 (11) MiFID) If Member States believe that in addition …” „… assets they may, in deviation from the Single Rulebook approach, impose additional requirements on …”

Article 13 Remuneration S. 1489-1492

„… in portfolio management, namely investment firms engaging in discretionary asset management under the …” „… 2. Each AIFM the authorisation of which also covers the discretionary portfolio management service …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …”

Article 22 Annual report S. 1512-1514

„… a statement of assets and liabilities; (b) an income and expenditure account for the financial year …” „… amount of remuneration broken down by senior management and members of staff of the AIFM whose actions …” „… . The annual report must contain a balance sheet or statement of assets and liabilities and an income …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… management of the AIFM; and (e) the head office and the registered office of the AIFM are located in the same …” „… following AIFMs: (a) a subsidiary of another AIFM, of a UCITS management company, of an investment firm, of …” „… subsidiary of the parent undertaking of another AIFM, of a UCITS management company, of an investment firm …”

Index S. 1785-1803

„… – exemptions AIFMD 3 1 et seq. – family office AIFMD 5 5 – marketing of units AIFMD 31 3 – risk management …” „… – UCITS management companies AIFMD 8 2 Algorithmic trading – application of MiFID II MiFID II 4 11 …” „… . – liability TD 7 8 – management report TD 4 12 et seq. – origins TD 4 2 – publication TD 4 17 et seq …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1. Risk management rules …” „… scope, approval process and risk management features. As defined under Article 2 EMIR, an …” „… Exchange Traded Derivatives (ETDs) but not OTC derivatives, provided that: (i) the risk management of OTC …”

Articles 40 to 41 S. 1303-1304

„… Zeitschrift für Gesellschaftsrecht 285 et seq. (2010); Moloney N, ‘Collective Asset Management: the UCITS …” „… , ‘Investment Management Arrangements and the Federal Securities Laws’, 58 Ohio State Law Journal (1997-98) No …” „… edn, 2015), 293-310; Clerc C, ‘The AIF Depositary’s Liability for Lost Assets’, in Zetzsche D (ed …”

Article 7 Recognition of close-out netting provisions S. 1732-1734

„… taker’s legal position as owner of the assets used as collateral. Consequently, title transfer collateral …” „… the assets provided as collateral independent of an enforcement event is contractually obliged to …” „… State insolvency laws, thereby encouraging the use of close-out netting as a risk management 1. 6 …”

Article 9 Waivers for non-equity instruments S. 432-441

„… orders held in an order management facility of the trading venue pending disclosure; (b) actionable …” „… minimum size of orders held in an order management facility pending disclosure for which pre-trade …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2. Order management facility waiver (Art 9(1)(a) MiFIR) . . . . . . . . . . . . . . . . . . . 9 3 …”

Article 2 Exemptions S. 10-18

„… similar functions in the Union, other public bodies charged with or intervening in the management of the …” „… assets of pension funds that are members of those associations; (m) ‘agenti di cambio’ whose activities …” „… activity in that asset class. In determining the extent to which ancillary activities constitute a minority …”

Article 8 Methodologies, models and key rating assumptions S. 1263-1269

„… another credit rating agency with respect to underlying assets or structured finance instruments, it shall …” „… members and management of a rating agency or a company conducting rating activities. 16 ESMA, Q&As on …” „… by another credit rating agency with respect to underlying assets or structured finance instruments …”

Article 62 Communication between feeder’s and master’s auditors S. 1403-1404

„… those of the master UCITS, the management company and the depositary of the feeder UCITS about any …” „… particular master UCITS and as such permanently invests 85 % or more of its assets in units of that master …” „… disclose in any relevant marketing communications that it permanently invests 85 % or more of its assets in …”

Article 16 Liquidity management S. 1496

„… Article 16 Liquidity management 1. AIFMs shall, for each AIF that they manage which is not an …” „… unleveraged closedended AIF, employ an appropriate liquidity management system and adopt procedures which …” „… subject to the conditions of Articles 57 and 58, measures specifying: (a) the liquidity management systems …”

Article 11 Qualifying holdings S. 1333-1334

„… that the assets of the UCITS managed by the management Art. 12 UCITSD 4. Funds 1334 Dirk Zetzsche …” „… authorities of the management company’s home Member State shall require that the management company which they …” „… (2). The own funds of a management company shall not fall below the level specified in Article 7(1)(a …”

Article 4 Clearing obligation S. 1584-1588

„… Where intra-group risk management applies, the risk reducing obligations imposed by EMIR are …” „… , provided that those arrangements do not increase counterparty risk and ensure that the assets and positions …” „… management techniques to ensure that financial instruments, cash, or both, are available to secure the …”

Article 6 Authorisation requirement for management company S. 1327-1328

„… have more assets under management than most MiFID firms. Arts 6(3) and (4) of UCITSD establish …” „… Chapter III Obligations regarding management companies Section 1 Conditions for taking up business …” „… Article 6 Authorisation requirement for management company 1. Access to the business of management …”

Article 14 a Remuneration policy S. 1338-1339

„… – with regard to fund management companies since any conduct relating to the assets of the UCITS fund …” „… business, risk management and content of the agreement between a depositary and a management company, OJ …” „… conflicts of interest on behalf of the UCITS management company. Art 14 of UCITSD and implementing …”

Article 25 Inability to function as management company and depositary; conflicts of interests S. 1362-1363

„… and oversight duties as well as to the registration requirement applicable to assets that cannot be …” „… the management company or the investment company. The standing is subject to the condition that it …” „… against the depositary from the management company or (2) national laws directly granting standing to …”

Article 5 The prospectus S. 974-984

„… broadened to include, inter alia, management reports, corporate governance documents, asset valuation …” „… necessary to enable investors to make an informed assessment of the assets and liabilities, financial …” „… issue of the said securities, under national legislation, are placed in assets which provide sufficient …”

Article 69 Supervisory powers S. 358-362

„… or by Regulation (EU) No 600/2014; (e) require the freezing or the sequestration of assets, or both …” „… assets or liabilities in the underlying market; (k) require the temporary or permanent cessation of any …” „… from the management board of an investment firm or market operator. By 3 July 2016, the Member States …”

Article 24 General principles and information to clients S. 157-180

„… client must be clearly disclosed and are excluded from this point. 8. When providing portfolio management …” „… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 1. Portfolio management services …” „… 65 (duty of investment firms carrying out portfolio management and reception and transmission of …”

Article 12 General principles S. 1488-1489

„… in portfolio management, namely investment firms engaging in discretionary asset management under the …” „… AIFM the authorisation of which also covers the discretionary portfolio management service referred to …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …”

Article 43 Marketing of AIFs by AIFMs to retail investors S. 1561-1563

„… companies or issuers as set out in Art 26-30, i.e. in particular the asset stripping rules (→ Art 30 …” „… Murphy D, ‘Central Counterparties (CCPs) and the law of default management’ (2017), 17 Journal of …” „… Central Clearing Counterparty Reduce Counterparty Risk?’ (2011) 1 Re of Asset Pricing Studies 74 …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… , rating analysts and rating teams regarding shareholders, administrative and management bodies and sales …” „… ) with regard to corporate governance, organisation, and the management of conflicts of interest. They …” „… conflicts of interest is to ensure the independence of ratings.2 Moreover, the most valuable asset of a …”

Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies S. 1459-1460

„… II. Commentary Art 106(1) of UCITSD imposes a duty on the auditor of the UCITS, the management …” „… company, the depositary or other service providers (in particular, licensed asset managers and …” „… home Member State to the authorities of the UCITS host Member States and, if the management company of …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… objective and consistent with the risk management policy and procedures of the systematic internaliser.5 …” „… Part of any risk management policy must be a policy for identifying the number or volume of orders that …” „… management policies and procedures for the purposes of this section are those referred to in Art 23 of the …”

Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 403-408

„… der Section C of Annex I of MiFID II cannot be considered physical assets/underlyings for EFPs.20 …” „… , not venue-based but method- and asset-based.16 Article 3(1) of the Commission Delegated Regulation (EU …” „… non-discriminatory basis. Operators of trading systems have to make available their arrangements only for those asset …”

Article 99 Sanctioning powers of competent authorities; minimum sanctions S. 1440-1442

„… implementation of this Directive; (f) request the freezing or the sequestration of assets; (g) request the …” „… temporary prohibition of professional activity; (h) require authorised investment companies, management …” „… companies, management companies or depositaries continue to comply with the requirements of this Directive …”

Article 97 Appointment and qualifications of competent authorities S. 1438-1439

„… authority, for instance, there could be one authority in charge of asset und fund management, while the …” „… functioning as a competent authority, in particular a group of banks or fund management associations or other …” „… conversations or electronic communications or other data traffic records held by UCITS, management companies …”

Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM S. 1529-1530

„… , including fines, may be taken against an AIFM violating the asset stripping provisions. The same applies to …” „… management of the AIF does not or will not comply with this Directive or the AIFM otherwise does not or will …” „… AIFM’s management of the AIF would no longer comply with this Directive or the AIFM would otherwise no …”

Article 89 Prohibition of naked short sales S. 1430-1431

„… ): (a) an investment company; (b) a management company or depositary acting on behalf of a common fund …” „… short sales, i.e. where the UCITS owns the financial assets owed under the agreement. 1. 2. 1 Cf. ESMA …” „… management company is empowered to charge to a common fund and the method of calculation of such remuneration …”

Article 7 Conditions for authorisation S. 1328-1331

„… have more assets under management than most MiFID firms. Arts 6(3) and (4) of UCITSD establish …” „… management (as defined in Annex I) is a regulated activity. Art 6(2) of UCITSD ensures that fund management …” „… companies are specialists. A fund management may not hold, for instance, a banking license under CRD IV or …”

Article 61 Communication between feeder’s and master’s depositary S. 1401-1403

„… intensified coordination concerns: a) information and disclosure,1 b) timing and publication of net asset …” „… behalf. Member States shall require that the feeder UCITS or, when applicable, the management company of …” „… authorities of the master UCITS home Member State, the feeder UCITS or, where applicable, the management …”

Introduction S. 1563-1574

„… Perspectives 22; Braithwaite J and Murphy D, ‘Central Counterparties (CCPs) and the law of default management …” „… ?’ (2011) 1 Re of Asset Pricing Studies 74; Ferrarini G and Saguato P, ‘Reforming Securities and …” „… Asset Pricing Studies 74; Pirrong, ‘The economics of Clearing in derivatives Markets, Netting …”

Article 9 S. 1702-1706

„… Collateral plays a crucial role for the risk management in payment and securities settlement systems. It …” „… creditors or third parties in respect to assets belonging to the debtor which are situated within the …” „… all other realisable assets as well. 3. 1. 9 For this debate see Ruzik, 516 et seq. 10 Art 1(1)(h …”

Article 1 Subject matter S. 1467

„… AIFMD also contains provisions governing the provision of asset management services by non-EU AIFM in …”

Article 10 Shareholders and members with qualifying holdings S. 50-53

„… Notification re management and changes (Art 9(5) MiFID) The initial information on the management …” „… with regard to changes to the membership of the management body. Art 5 (1) Commission Implementing …” „… of the management body. Pursuant to that provision, an “investment firm shall notify the competent …”

Article 2 Definitions S. 1104-1114

„… the right to appoint or remove a majority of the members of the administrative, management or …” „… of such units, repurchased or redeemed, directly or indirectly, out of the assets of those …” „… investment undertaking and representing rights of the participants in such an undertaking over its assets; 1 …”

Article 106 Reporting of auditors to competent authorities S. 1458-1459

„… II. Commentary Art 106(1) of UCITSD imposes a duty on the auditor of the UCITS, the management …” „… company, the depositary or other service providers (in particular, licensed asset managers and …”

Article 29 Obligations of investment firms when appointing tied agents S. 205-207

„… ’ money and financial instruments within its territory, in accordance with the MiFID II asset protection …” „… and their management companies, pension funds and their management companies, other financial …”

Introduction S. 1466-1467

„… governing the provision of asset management services by non-EU AIFM in the EU. Article 2 Scope 1. Subject to …”

Article 82 Exercise of the delegation S. 1678-1679

„… management and board members (para 6). To complete the regulatory regime, rules are provided to govern …” „… , emission allowances and derivatives thereof to the overall market trading activity in a particular asset …”

Article 67 Designation of competent authorities S. 357-358

„… & Management 459. Article 67 Designation of competent authorities 1. Each Member State shall designate the …” „… or by Regulation (EU) No 600/2014; (e) require the freezing or the sequestration of assets, or both …”

Article 30 Transitional provisions S. 1226-1227

„… drawing up its financial statements in accordance with Article 4(3) and its management report in …” „… view of the issuer's assets and liabilities, financial position and results; 4. 6 ESMA, Q&A, Q24. 7 See …”

Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings S. 1261-1263

„… management position in a rated entity or related third party within six months.8 The purpose of the latter …” „… underlying assets or structured finance instruments, it shall not refuse to issue a credit rating of an …” „… authorisation after the rating has been issued. This may apply to members and management of a rating agency or a …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… MiFID II asset protection regime. In the case of cross border activities, a Member State may also, but …” „… companies, UCITS and their management companies, pension funds and their management companies, other …” „… management of conflicts of interest. 1. 2. Art. 31 MiFID II 1. Security Markets and Services 210 Christoph …”

Article 3 Integration of securities markets S. 1114-1118

„… . This is important for the abolishment of the so-called ‘interim management reports’, which used to be …” „… financial report shall comprise: (a) the audited financial statements; (b) the management report; and (c …” „… accordance with the applicable set of accounting standards give a true and fair view of the assets …”

Introduction S. 1710-1711

„… revolutionarily overthrows traditional asset-based security interests at least amongst financial institutions.1 So …” „… )) including: (i) public sector bodies of Member States charged with or intervening in the management of public …”

Article 9 Management body S. 43-50

„… investment firms for a period of five years. Article 9 Management body 1. Competent authorities granting the …” „… authorisation in accordance with Article 5 shall ensure that investment firms and their management bodies comply …” „… in accordance with Article 5, competent authorities may authorise members of the management body to …”

Article 5 c Over-reliance on credit ratings in Union law S. 1249-1252

„… , Solvency II), which are intended to encourage rating users to expand the scope of their risk management …” „… retirement provision, management and investment companies, alternative investment fund managers and central …” „… underlying assets, in accordance Art 2(1) Directive 2013/14/EU. Here, too, a national competent authority …”

Article 7 Minimum information S. 987-990

„… , such as a valuation or other expert's report on the assets of the issuer, in addition to the …” „… distinction between assumptions about factors which the members of the administrative, management or …” „… the members of the administrative, management or supervisory bodies; the assumptions must be readily …”

Article 3 Intragroup transactions S. 1579-1584

„… assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the …” „… . Securities Clearing and Settlement 1582 Paola Lucantoni 8 9 10 11 The clearing and risk management and …” „… management companies, alternative investment funds authorized under AIFMD and institutions for occupational …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… with Arts 6, 10 and 26 of MiFIR. TITLE IV POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY …” „… Derivatehandel’, Recht der Finanzinstrumente 2015, 92. Article 57 Position limits and position management …” „… trades commodity derivatives apply position management controls. Those controls shall include at least …”

Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing S. 511-513

„… to ensure proper management of operational or other risks. ESMA shall have ongoing authority to …” „… those arrangements do not increase counterparty risk and ensure that the assets and positions of the …”

Articles 27 to 31 S. 934-937

„… of ESMA’s opinions, Elineau, (2012) 8 Brigham Young University International Law & Management Review …” „… , (2012) 8 Brigham Young University International Law & Management Review 61, 84: “[R]equiring stricter …” „… sequestration of assets (see Art 33(2) SSR). These powers are subject to the qualification that they are ‘in …”

Article 5 Half-yearly financial reports S. 1124-1131

„… condensed set of financial statements; (b) an interim management report; and (c) statements made by the …” „… assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in …” „… the consolidation as a whole as required under paragraph 3, and that the interim management report …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… . These powers include judicial orders, sanctions against directors and those responsible for management …” „… hand, not exercised or otherwise used to intervene in the management of the issuer and, on the other …” „… , insurance undertaking, reinsurance undertaking, investment firm or UCITS management company authorised in …”

Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM S. 1539-1541

„… legal representative shall perform the compliance function relating to the management and marketing …” „… assets is being managed; Chapter VII Rules in relation to third countries Art. 37 AIFMD Christian …”

Article 13 Accepted market practices S. 756-767

„… , national competent authorities should consider whether arrangements have been made to ensure that assets …” „… dedicated to the performance of the AMP are clearly identified as either client assets or the person’s own …” „… assets, the duties of a person performing an AMP and the beneficiary are clearly defined, and trading …”

Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP S. 1603-1611

„… proposing that non-financial counterparties clear only the asset classes for which they have breached the …” „… counterparties shall have risk-management procedures that require the timely, accurate and appropriately …” „… 16 August 2012. Non-financial counterparties referred to in Article 10 shall have risk-management …”

Article 21 Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives S. 478-482

„… (for example the Net Asset Value, NAV, for ETFs), investment firms must use ´PNDG`.6 At the time a …” „… dividend re-investment plan etc.; (b) transactions executed by a management company11 or an alternative …” „… transactions or in the context of a CCP margin or collateral requirements, or as part of the default management …”

Article 29 Publication of decisions S. 1223-1226

„… ) and its management report in accordance with Article 4(5) as long as (a) the competent authority of …” „… third country give a true and fair view of the issuer's assets and liabilities, financial position and …”

Chapter 1 Organisational requirements S. 1628-1637

„… maintain a clear separation between the reporting lines for risk management and those for the other …” „… sound and effective risk management and which does not create incentives to relax risk standards. 6. A …” „… 1095/2010. Article 27 Senior management and the board 1. The senior management of a CCP shall be of …”

Article 3 Definitions S. 654-657

„… Article 19(10), who is: (a) a member of the administrative, management or supervisory body of that entity …” „… of the value of one or more underlying assets or prices, including estimated prices, actual or …”

Article 22 Competent authorities S. 835-838

„… & Management 459. Chapter 4 ESMA and competent authorities Art. 21 MAR Jörn Axel Kämmerer 835 9 10 11 12 …” „… assets, or both; (j) to suspend trading of the financial instrument concerned; (k) to require the …”

Article 7 Inside information S. 673-692

„… belated disclosure of the intention of the chairman of the management board of Daimler to step down …” „… with the resignation of the chairman of Daimler’s management board and his replacement by resolution of …” „… intention to resign with the other members of the management and supervisory boards, the preparation of a …”

Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 428-432

„… . However, trading venues must make available their arrangements only for those asset classes for which they …” „… orders held in an order management facility of the trading venue pending disclosure; (b) actionable …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… appropriately calibrated in a way which takes into account the liquidity of different asset classes and …” „… (EU) 2017/584. The self-assessment must be approved by the management body or the senior management of …” „… responsibilities to ensure effective supervision of compliance.16 Compliance function While a management board is …”

Article 4 Waivers for equity instruments S. 408-417

„… . Operators of trading systems have to make available their arrangements only for those asset classes for …” „… ) orders that are large in scale compared with normal market size; (d) orders held in an order management …” „… management facility of a trading venue pending disclosure for which pre-trade disclosure may be waived under …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… of the administrative, management or supervisory bodies of the issuer or of an associate company. 3 …” „… reflect a changed asset base. However, stabilisation measures and share buy-backs are likely to fall …” „… underwriting agreement or lead management agreement which permits acceptance of subscriptions or offers to …”

Article 5 Clearing obligation procedure S. 1588-1593

„… for all asset classes. The proposed Article 4a(1) further explains the method for calculating the …” „… contracts through a CCP; (f) the risk management and the legal and operational capacity of the range of …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… , and in case of a physical settlement, i.e. when there is delivery of the underlying asset, there must …” „… continuation of trading on the market is necessary to perform critical post-trade risk management functions …”

Article 3 Definitions S. 1236-1242

„… characteristics of the types of rated entities, issuers and financial instruments or other assets; […] (w) ‘rating …” „… occupational retirement provision, management companies, investment companies, alternative investment fund …”

Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 472-478

„… is executed (for example, the Net Asset Value, or NAV, for ETFs), investment firms have to use ‘PNDG …” „… transactions or in the context of a CCP margin or collateral requirements, or as part of the default management …”

Article 37 Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40 S. 1541-1550

„… to the management and marketing activities performed by the AIFM under this Directive together with …” „… Member State where the largest amount of assets is being managed; Chapter VII Rules in relation to …” „… with the AIFM the compliance function to the extent the AIFM’s management or marketing activities under …”

Article 17 Public disclosure of inside information S. 778-799

„… significant contracts, management and supervisory board decisions, important staffing changes, capital …” „… , acquisitions, splits and spin-offs, purchases or disposals of major assets or branches of corporate activity …” „… decisions taken or contracts entered into by the management body of an issuer which need, pursuant to …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… for the sound management of the technical operations of the facility, including the establishment of …” „… , the asset classes of financial instruments traded on the system, the rules and procedures for making …”

Article 13 S. 1073-1081

„… , a PRIIP may be considered complex ‘if it invests in underlying assets in which retail investors do …” „… rule is necessary for a retail client to have access to such investment products without a management …”

Article 12 Market manipulation S. 730-756

„… Stuffing’ (2016) 45 Financial Management 583; Frankel, ‘The Regulation of Brokers, Dealers, Advisers and …” „… strike price, for the calculation of mutual fund net assets, fund performance, margin requirements, or …” „… by the application of a formula to, or on the basis of the value of one or more underlying assets or …”

doi.org/10.5771/9783845279893

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zfwu Zeitschrift für Wirtschafts- und Unternehmensethik

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zfwu Volume 23 (2022) Issue 2 ISSN Online: 1439-880X

Results in this title

Benjamin Ruppert Shareholder Engagement im Kontext von Sustainable Finance. Eine Mixed-Methods-Studie zu Nachhaltigkeit im Asset Management in Deutschland S. 163-194

„… führen sollen.Empirische Untersuchung von Nachhaltigkeit im Asset ManagementStudiendesign und …” „… Nachhaltigkeit im Asset ManagementBedeutung von Nachhaltigkeit im Allgemeinen 24Rolle von Regulatorik 17 …” „… anderen Stakeholdern im Asset Management.LiteraturverzeichnisAdmati, A. R./Pfleiderer, P. (2009): The …”

Editorial S. 139-140

„… beschreiben, wie nachhaltig das Asset Management derzeit ist und wie dieser Status quo bewertet werden kann …” „… , die zu mehr Nachhaltigkeit im Asset Management führen können.Die beiden folgenden Beiträge sind …” „… verfolgt nämlich das Ziel, Ideen zur stärkeren Berücksichtigung von Nachhaltigkeitsaspekten im Asset …”

Oliver Schlaudt Mit einer Reform der Buchführung aus der Systemkrise? Neue Ansätze zu einer ökologischen Rechnungsführung S. 259-268

„… Reformprojekts des ›New Public Management‹ kennengelernt haben (vgl. Christofzik 2020). Aber genau dafür …” „… Produktionsmitteln, die zur Generierung von Profit genutzt werden (›assets‹), sondern eine Schuld oder …” „… in der Bilanz nicht bloß als ›asset‹ und Quelle von Dienstleitungen auf, wie sie als ›natural equity …”

Titelei/Inhaltsverzeichnis S. 137-138

„… FinanceEine Mixed-Methods-Studie zu Nachhaltigkeit im Asset Management in Deutschland .. 163Maximilian …”

doi.org/10.5771/1439-880X-2022-2

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