Text · Comparison of two versions

Changes from report parliamentary committee draft to plenary report

ECON-PR-732549 → A-9-2023-0020

From: ECON-PR-732549 report parliamentary committee draft of 16 May 2022
To: A-9-2023-0020 Plenary report of 2 Feb 2023
Changes: Not comparable
Paragraphs: +574 added · −237 removed · 5 changed

More facts (2)

Title (from): on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds
Title (to): on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

Title (from): on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds
Title (to): on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

These two texts have too little in common to be compared paragraph by paragraph (under 15 % of their paragraphs match): they are different documents rather than versions of one — for example a group’s motion and the joint text that was adopted.

Every difference

The full paragraph comparison, packaging included; long runs of unchanged paragraphs are folded. One part of the text per page.

Part 15 of 15: Paragraphs 795–825

AddedThis Directive is addressed to the Member States.

AddedDone at Brussels,

AddedFor the European Parliament For the Council

AddedThe President The President

AddedIn Annex I of Directive 2011/61/EU, the following points are added:

Added‘(ca) management of joint ventures and of mandates in respect of immovable property

Added3. Originating loans.

Added4. Servicing securitisation special purpose entities.’

AddedIn Directive 2011/61/EU, the following is added:

Added‘ANNEX V

AddedLIQUIDITY MANAGEMENT TOOLS AVAILABLE TO AIFMs MANAGING OPEN-ENDED AIFs

Added(1) Suspension of redemptions and subscriptions: suspension of redemptions and subscriptions implies that investors are temporarily unable to redeem or purchase fund’s units or shares.

Added(2) Redemption gates: a redemption gate is a temporary restriction of the right of shareholders to redeem their units or shares. This restriction is partial, so that investors can only redeem a certain portion of their units or shares.

Added(3) Notice periods: a notice period refers to the period of advance notice that investors must give to fund managers when redeeming their units or shares.

Added(4) Redemption fees: a redemption fee is a pre-determined fee charged to investors when redeeming their fund’s units or shares.

Added(5) Swing pricing: swing pricing can be used to adjust the price of units or shares in an investment fund so that it reflects the cost of fund transactions resulting from investor activity.

Added(6) Anti-dilution levy: an anti-dilution levy is a charge applied to individual transacting investors, payable to the fund, to protect remaining investors from bearing the costs associated with purchases or sales of assets because of large inflows or outflows. An anti-dilution levy does not involve any adjustment to the value of the fund’s shares. The levy shall be calculated taking into consideration ongoing liquidity costs and market conditions.

Added(7) Redemptions in kind: redemptions-in-kind allow the fund manager to meet a redemption request by transferring securities held by the fund, instead of cash, to the redeeming shareholders.

Added(8) Side pockets: side pockets allow illiquid investments to be separated from remaining liquid investments of the investment fund.’

AddedIn Annex I of Directive 2009/65/EC, Schedule A, the table, point 1.13 is replaced by the following:

AddedIn Directive 2009/65/EC, the following is inserted:

Added‘ANNEX IIA

AddedLIQUIDITY MANAGEMENT TOOLS AVAILABLE TO UCITS

Added(1) Suspension of redemptions and subscriptions: suspension of redemptions and subscriptions implies that investors are temporarily unable to redeem or purchase fund’s units.

Added(2) Redemption gates: a redemption gate is a temporary restriction of the right of unitholders to redeem their units . This restriction is partial, so that investors can only redeem a certain portion of their units.

Added(3) Notice periods: a notice period refers to the period of advance notice that investors must give to fund managers when redeeming their units.

Added(4) Redemption fees: a redemption fee is a fee pre-determined to investors when redeeming their fund’s units.

Added(5) Swing pricing: swing pricing can be used to adjust the price of units in an investment fund so that it reflects the cost of fund transactions resulting from investor activity.

Added(7) Redemptions in kind: redemptions-in-kind allow the fund manager to meet a redemption request by transferring securities held by the fund, instead of cash, to the redeeming unitholders.

Added(8) Side pockets: side pockets allow illiquid investments to be separated from remaining liquid investments of the investment fund.’

Sources & citation

Where the facts on this page come from, and how to cite it.

Permalink: https://news.eu-parl.st-solutions.dev/texts/ECON-PR-732549/compare/A-9-2023-0020?all=1&part=15
Data source: European Parliament Open Data
Licensed CC BY 4.0.
Retrieved: 27 September 2026

Cite as

European Parliament (2023). “Changes between ECON-PR-732549 and A-9-2023-0020”. Text, 2 February 2023. from ECON-PR-732549, to A-9-2023-0020. EU Parl Watch Research. https://news.eu-parl.st-solutions.dev/texts/ECON-PR-732549/compare/A-9-2023-0020?all=1&part=15 (retrieved 27 September 2026). Data: European Parliament Open Data, https://data.europarl.europa.eu/ (CC BY 4.0).

BibTeX

@misc{epw-text-2023-02-02,
  author = {{European Parliament}},
  title = {{Changes between ECON-PR-732549 and A-9-2023-0020}},
  year = {2023},
  date = {2023-02-02},
  howpublished = {\url{https://news.eu-parl.st-solutions.dev/texts/ECON-PR-732549/compare/A-9-2023-0020?all=1&part=15}},
  url = {https://news.eu-parl.st-solutions.dev/texts/ECON-PR-732549/compare/A-9-2023-0020?all=1&part=15},
  urldate = {2026-09-27},
  publisher = {EU Parl Watch Research},
  note = {Text. from ECON-PR-732549, to A-9-2023-0020. Data: European Parliament Open Data (CC BY 4.0)}
}