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 8 of 15: Paragraphs 421–434

Removed~~Annex IV, Annex IIA – point 4: (4) Redemption fees: a redemption fee is a fee charged to investors when redeeming their fund’s units.~~

Added(c) in paragraph 4, the introductory phrase is replaced by the following:

Removed~~Directive 2009/65/EC~~

Added‘4. The third party may sub-delegate any of the functions and provision of services delegated to it provided that the following conditions are met:’;

RemovedAnnex IV, Annex IIA – point 5: (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(d) the following paragraph is inserted:

Removed~~Directive 2009/65/EC~~

Added‘6a. By way of derogation from paragraphs 1 to 6 of this Article, where the marketing function as referred to in Annex I, paragraph 2, point (b) is performed by one or several distributors which are acting on their own behalf and which market the AIF under Directive 2014/65/EU or through insurance-based investment products in accordance with Directive 2016/97/EU, such function shall not be considered to be a delegation subject to the requirements set out in paragraphs 1 to 6 of this Article irrespective of any distribution agreement between the AIFM and the distributor.’;

RemovedAnnex IV, Annex IIA – point 6: (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 units.

Added(8) Article 21 is amended as follows:

Removed~~Directive 2011/65/EC~~

Added(-a) the following paragraph is inserted:

RemovedAnnex IV, Annex IIA – point 7: (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‘5a. The home Member State of an AIF may entitle its national competent authorities to allow, following a case-by-case assessment, institutions referred to in Article 21(3), point (a) and established in another Member State to be appointed as a depositary, provided that the following conditions are fulfilled:

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=8
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=8 (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=8}},
  url = {https://news.eu-parl.st-solutions.dev/texts/ECON-PR-732549/compare/A-9-2023-0020?all=1&part=8},
  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)}
}