CHAPTER X

TRANSITIONAL AND FINAL PROVISIONS

Review
Article 69
1
By 22 July 2017, the Commission shall, on the basis of public consultation and in the light of the discussions with competent authorities, start a review on the application and the scope of this Directive. That review shall analyse the experience acquired in applying this Directive, its impact on investors, AIFs or AIFMs, in the Union and in third countries, and the degree to which the objectives of this Directive have been achieved. The Commission shall, if necessary, propose appropriate amendments. The review shall include a general survey of the functioning of the rules in this Directive and the experience acquired in applying them, including:
a
the marketing by EU AIFMs of non-EU AIFs in the Member States taking place through national regimes;
b
the marketing of AIFs in the Member States by non-EU AIFMs taking place through national regimes;
c
the management and marketing of AIFs in the Union by AIFMs authorised in accordance with this Directive taking place through the passport regime provided for in this Directive;
d
the marketing of AIFs in the Union by or on behalf of persons or entities other than AIFMs;
e
the investment into AIFs by or on behalf of European professional investors;
f
the impact of the depositary rules set out in Article 21 on the depositary market in the Union;
g
the impact of the transparency and reporting requirements set out in Articles 22 to 24, 28 and 29 on the assessment of systemic risk;
h
the potential adverse impact on retail investors;
i
the impact of this Directive on the operation and viability of the private equity and venture capital funds;
j
the impact of this Directive on the investor access in the Union;
k
the impact of this Directive on investment in or for the benefit of developing countries;
l
the impact of this Directive on the protection of non-listed companies or issuers provided by Articles 26 to 30 of this Directive and on the level playing field between AIFs and other investors after the acquisition of major holdings in or control over such non-listed companies or issuers.
When reviewing marketing and/or management of AIFs referred to in points (a), (b) and (c) of the first subparagraph, the Commission shall analyse the appropriateness of entrusting ESMA with further supervisory responsibilities in this area.
2
For the purposes of the review referred to in paragraph 1, Member States shall provide the Commission annually with information on the AIFMs that are managing and/or marketing AIFs under their supervision, either under the passport regime provided for in this Directive, or under their national regimes, with an indication of the date on which the passport regime has been transposed and, if relevant, applied, in their jurisdiction.
ESMA shall provide the Commission with information on all the non-EU AIFMs that have been authorised or have requested authorisation in accordance with Article 37.
The information referred to in the first and second subparagraphs shall include:
a
information on where the AIFMs concerned are established;
b
if applicable, identification of the EU AIFs managed and/or marketed by them;
c
if applicable, identification of the non-EU AIFs managed by EU AIFMs but not marketed in the Union;
d
if applicable, identification of the non-EU AIFs marketed in the Union;
e
information on the applicable regime, whether national or Union, under which the relevant AIFMs are performing their activities; and
f
any other information relevant to the understanding of how the management and the marketing of AIFs by AIFMs in the Union operates in practice.
3
The review referred to in paragraph 1 shall take due account of developments at international level and discussions with third countries and international organisations.
4
After finalising its review, the Commission shall, without undue delay, submit a report to the European Parliament and the Council. If appropriate, the Commission shall make proposals, including amendments to this Directive, taking into account the objectives of this Directive and its effects on investor protection, market disruption and competition, the monitoring of systemic risk and potential impacts on investors, AIFs or AIFMs in the Union and in third countries.