Implementation of Directive 2011/61/Eu of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers Into Czech Legal System

Zuzana  Šiková

Implementation of Directive 2011/61/Eu of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers Into Czech Legal System

Publication date: 31.03.2021

Financial Law Review, 2021, Issue 21 (1)/ 2021, pp. 47 - 61

https://doi.org/10.4467/22996834FLR.21.004.13287

Authors

Pobierz pełny tekst

PDF

Titles

Implementation of Directive 2011/61/Eu of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers Into Czech Legal System

Abstract

This contribution deals with the implementation of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 into Czech legal system. The main aim of the contribution is to confirm or disprove the hypothesis that entity in Section 15 of Act no. 240/2013 Coll, on Investment Companies and Investment Funds, as amended, is an alternative fund according to the Directive 2011/61/EU and that Directive 2011/61/EU was not transposed in Czech Republic properly. Author used to confirm or disprove above mentioned hypothesis scientific methods, especially comparison, induction and deduction. This contribution also looks at the Directive 2011/61/EU evaluation of its effectiveness and possible development of regulation in this area.

Keywords

Investment fund, Underhand Retail Investment Fund, Implementation, Management of assets comparable to the management of Investment Funds, Alternative Investment Fund

References

Download references

Doležalová D.: On the Proposal for a New Directive of the European Parliament and of the Council on Alternative Investment Fund Managers, Commercial and Legal Review 7/2010.

Doležalová D.: Some aspects of the delegation of depositary functions from the perspective of the AIFMD and the Implementing Regulation, Commercial and Legal Review 9/2013.

Králík A.: The scope of the new AIFMD, Commercial and Legal Review 10/2011.

Schall A., Kravets A.: Recent Capital Market Regulatory Developments in Germany and the EU. Korea Capital Market Institute. EU Financial Market Focus I, Spring 2014.

Štenglová I.: Collective investment (in:) HENDRYCH, D. (et al.), Právnický slovník [Law Dictionary]. 3rd ed., Prague: C.H. Beck, 2009

Legal Acts

Act No. 189/2004 Coll, on collective investment.

Act No. 240/2013 Coll., on Investment Companies and Investment Funds, as amended.

Act No. 240/2013 Coll., on Investment Companies and Investment Funds, effective from 19 August 2013 to 31 December 2014.

Other Official Documents

Commission Implementing Regulation (EU) No. 447/2013 of 15 May 2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the Council. Available at: https://www.beck-online.cz/bo/document-view.seam?documentId=mv2tgxzsgaytgx3sga2diny&groupIndex=0&rowIndex=0,accessed: 31st August 2020.

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010. Available at: https://www.beck-online.cz/bo/document-view.seam?documentId=mv2tgxzsgaytcx3mgaydmmi, accessed: 31st August 2020.

Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). Available at: https://www.beck-online.cz/bo/document-view.seam?documentId=mv2tgxzsgaytcx3mgaydmmi, accessed: 31st August 2020.

European Securities and Markets Authority. Questions and Answers. Application of the EuSEF and EuVECA Regulations. ESMA/2016/774 on 31 May 2016, Available at: https://www.esma.europa.eu/sites/default/files/library/2016-774_qa_eusef-euveca.pdf, accessed: 31st August 2020.

Explanatory Memorandum to Act No. 240/2013 Coll., on Investment Companies and Investment Funds. Available at: https://www.beck-online.cz/bo/chapterview-document.seam?documentId=oz5f6mrqgezv6mrugbpwi6q&rowIndex=0, accessed: 31st August 2020.

Guidelines on key concepts of the AIFMD. ESMA/2013/611 of 13 August 2011. European Securities and Markets Authority. Available at: https://www.esma.europa.eu/sites/default/files/library/2015/11/esma_2013_00600000_cs_tra.pdf, accessed: 31st August 2020

Information of the Czech National Bank dated 25. 11. 2014. Asset management comparable with the management (Section 15 ZISIF). Available at: https://www.cnb.cz/export/sites/cnb/cs/casto-kladenedotazy/.galleries/stanoviska_a_odpovedi/pdf/sprava_majetku_srovnatelna_s_

obhospodarovanim_par_15_zisif.pdf, accessed: 31st August 2020.

Information of the Czech National Bank dated 23. 4. 2018. The term "public" in the regulations on the financial market. Czech National bank. Available at: www.cnb.cz/export/sites/cnb/cs/casto-kladene-dotazy/.galleries/stanoviska_a_odpovedi/pdf/pojem_verejnost.pdf, accessed: 31st August 2020.

Ministry of Finance. Transposition of the Directive on Alternative Investment Fund Managers Consultation material of 15 July 2011. Available at: https://www.mfcr.cz/cs/soukromy-sektor/kapitalovy-trh/investicni-fondy/2011/ministerstvo-financi-zverejnuje-konzulta-10026, accessed: 31st August 2020.

Report from the Commission to the European Parliament and the Council, Brussels 10. 6. 2020, COM (2020) 232, about assessing the application and the scope of Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers. Available at: https://ec.europa.eu/transparency/regdoc/rep/1/2020/EN/COM-2020-232-F1-EN-MAIN-PART-1.PDF, accessed: 31st August 2020.

Regulation (EU) No. 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1599637117212&uri=CELEX:32013R0345, accessed: 31st August 2020.

Regulation (EU) No. 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1599638667495&uri=CELEX:32013R0346, accessed: 31st August 2020.

Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. Available at: https://eur-lex.europa.eu/legal-content/cs/TXT/?uri=CELEX%3A32017R1129, last accessed: 31st August 2020

Internet Resources

U. S. Securities and Exchange commission. Ponzi Scheme. United States government Available at: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme, accessed: 31st August 2020.

KPMG. AIFMD Transposition update. KMPG. August 2014 Available at: https://assets.kpmg/content/dam/kpmg/pdf/2014/09/aifmd-transposition-update-report-fs.pdf, accessed: 30th August 2020.

Lists and records of regulated entities on the financial market. General overview of the number of entities as of 31 August 2020. Czech National bank Available at: https://apl.cnb.cz/apljerrsdad/JERRS.WEB24.SUBJECTS_COUNTS_2, last accessed: 30th August 2020.

Information

Information: Financial Law Review, 2021, Issue 21 (1)/ 2021, pp. 47 - 61

DOI: https://doi.org/10.4467/22996834FLR.21.004.13287

Article type: Original article

Authors

Zuzana Šiková

https://orcid.org/0000-0002-6808-0196

Department of Financial Law and Economics, Faculty of Law, Masaryk University in Brno, Czech Republic

Published at: 31.03.2021

Article status: Open

Licence: CC BY-NC-ND

Percentage share of authors:

Zuzana Šiková (Author) - 100%

Classification number:

JEL Classification System:

International Law (K33)

Article corrections:

Publication languages:

English

View count: 893

Number of downloads: 731

<p>Implementation of Directive 2011/61/Eu of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers Into Czech Legal System</p>

Download xml