11250nam 2200589 450 991081290410332120231110232603.094-6274-877-2(CKB)4100000009598496(MiAaPQ)EBC5945719(Au-PeEL)EBL5945719(OCoLC)1126212091(MiAaPQ)EBC30562878(Au-PeEL)EBL30562878(OCoLC)1381712048(EXLCZ)99410000000959849620220527d2018 uy 0engurcnu||||||||txtrdacontentcrdamediacrrdacarrierDepositaries in European Investment Law towards Harmonization in Europe /Sebastiaan Hooghiemstra1st ed.The Hague, The Netherlands :Eleven International Publishing,[2018]©20181 online resource (416 pages)Masterreeks 94-6236-850-3 Includes bibliographical references.Intro -- Table of Contents -- List of Abbreviations -- 1 Introduction -- 1.1 Background -- 1.2 The Case for the Introduction of a Cross-Sectoral European Passport for Depositaries -- 1.2.1 Depositaries versus Custodians -- 1.2.2 Overcoming the 'European Depositary Passport Paradox' -- 1.2.3 The AIFMD/UCITSD V Depositary Passport 'Investor Protection Concerns' -- 1.2.3.1 The Concerns Raised upon Introduction of the 'Management Passport' under UCITSD IV -- 1.2.3.2 The Investor Protection Concerns upon Introducing an AIF/UCITS Depositary Passport -- 1.3 Research Questions -- 1.4 Methodology -- 1.5 Limitations -- 1.6 Scientific and Societal Relevance -- 1.6.1 Scientific Relevance -- 1.6.2 Societal Relevance: The Growing Importance of Depositaries -- 1.6.2.1 The Rise of European AuM -- 1.6.2.2 Possible Cost Reduction of a Depositary Passport -- 1.7 Study Outline -- Part I The European Depositary Passport Paradox -- 2 Locational Depositary Restrictions under the European Investment Laws -- 2.1 The European Depositary/Custodian Passport under European Investment Laws -- 2.1.1 The European Passport for 'Custodians' under MiFID II/CRD IV -- 2.1.2 The Location of the Depositary under the AIFMD and UCITSD V -- 2.1.2.1 The Location of the Depositary for UCITS -- 2.1.2.2 The Location of the Depositary for AIFs -- 2.1.2.3 Conclusion -- 2.1.3 The Depositary Mutual Recognition Approach under IORPD II -- 2.1.3.1 'Established in another Member State' -- 2.1.3.2 Mutual Recognition under IORPD II - Applying to Depositaries and or Custodians? -- 2.1.3.3 Cooperation between Supervisory Authorities -- 2.1.3.4 Conclusion -- 2.1.4 Conclusion -- 2.2 The European Depositary Passport Debate -- 2.2.1 UCITSD I-VI -- 2.2.1.1 UCITSD I -- 2.2.1.2 UCITSD II -- 2.2.1.3 UCITSD III/IV -- 2.2.1.4 UCITSD V/VI -- 2.2.2 The AIFMD -- 2.2.3 ISD-MiFID I/II/Second Banking Directive- CRD IV.2.2.4 IORPD I/II -- 2.2.5 Conclusion -- 2.3 Conclusion -- Part II The EEA's Approach towards the Cross-Border Provision of Financial Services 3 EEA Cross-Border Regulation for Financial Intermediaries -- 3.1 The Internal Dimension of the Cross-Border Provision of Financial Services -- 3.1.1 A Law and Economics Theory of the Internal Market for Financial Services -- 3.1.1.1 Market Efficiency and Economies of Scale and Scope -- 3.1.1.2 Risk Asymmetry and the Concept of 'Production' and 'Distribution' Member States -- 3.1.1.3 EEA Law as a Substitute for Risk Asymmetry -- 3.1.2 The Internal Dimension - The Four Freedoms -- 3.1.2.1 The Freedom of Capital -- 3.1.2.2 The Freedom of Establishment -- 3.1.2.3 The Freedom to Provide Services -- 3.1.2.4 Overlapping Fundamental Freedoms -- 3.2 The Joint Principles of the European Passport of EEA Financial Intermediaries -- 3.2.1 An Internal Market for Financial Intermediaries -- 3.2.2 The General Concept of the 'European Passport' -- 3.2.3 Positive Integration and EU Legal Instruments -- 3.2.3.1 The Choice of EU Policy Instruments -- 3.2.3.2 The Principles of Subsidiarity and Proportionality -- 3.2.3.3 The Lamfalussy Process -- 3.2.3.4 The Trend towards Maximum Harmonization -- 3.2.4 The Cornerstones of the European Passport for Financial Intermediaries: the 'Single Rulebook', 'Home Country Control' and the ESFS -- 3.2.4.1 The European Passport Substantive Legal Framework: 'The single rulebook' -- 3.2.4.2 The EEA Financial Supervisory Framework: Home Country Control and the ESFS -- 3.2.5 Conclusion -- 3.3 The External Dimension of the Cross-Border Provision of Financial Services -- 3.3.1 The External Dimension - A Law and Economics Theory -- 3.3.1.1 TC Financial Services and the EEA's External Dimension -- 3.3.1.2 Risk Asymmetry, TC Financial Centres and the Concept of 'Production' and 'Distribution' States.3.3.1.3 Equivalency as a Substitute for Risk Asymmetry -- 3.3.2 EEA Financial Intermediaries with an External Dimension -- 3.3.2.1 'Qualifying Holding' and 'Close Links' Requirements for Non-EEA Shareholders -- 3.3.2.2 Delegation -- 3.3.2.3 Consolidated Supervision and Conglomerates -- 3.3.3 Financial Intermediaries within the EEA -- 3.3.3.1 'Stand-alone' Authorizations -- 3.3.3.2 European Passports for TC Financial Intermediaries -- 3.3.3.3 The (Mutual) Agreements Solution -- 3.3.4 EEA Financial Intermediary TC Market Access -- 3.3.4.1 The EU Commission Negotiation Mandate -- 3.3.4.2 The (Mutual) Agreements Solution under the Commission Negotiation Mandate -- 3.4 The Joint Principles of EEA TC Financial Intermediary Regulation -- 3.4.1 Third Countries and EEA Secondary Law -- 3.4.1.1 The Internal Dimension - The Four Freedoms -- 3.4.1.2 The External Dimension: International Law Commitments and EEA Secondary Law -- 3.4.2 Equivalency in EEA Secondary Law -- 3.4.2.1 Equivalency of TC Regulatory and Supervision Regimes -- 3.4.2.2 Cooperation Agreements -- 3.4.2.3 Information Exchange -- 3.4.2.4 'Legal Representation' in the EEA -- 3.4.3 The EEA's Centralized Rulemaking and Supervision -- 3.4.3.1 The Role of the European Commission in Centralized Rulemaking -- 3.4.3.2 The Role of ESAs in TC Regimes -- 3.4.4 Judicial Control -- 3.5 Conclusion -- Part III Depositaries vs. Custodians -- 4 The AIFMD and UCITSD V Depositary Regulation -- 4.1 Introduction -- 4.2 The Scope of the AIFMD and UCITSD V with regard to Depositaries -- 4.2.1 The Obligation to Appoint a Depositary under the AIFMD -- 4.2.1.1 General Rule -- 4.2.1.2 The Retail-AIF Depositary -- 4.2.1.3 Exemptions from the Depositary Obligation -- 4.2.1.4 Depositary-Lite Regime -- 4.2.2 The Obligation to Appoint a Depositary under the UCITSD V.4.3 Entities Eligible as a Depositary and Its Organizational Requirements -- 4.3.1 Entities Eligible as a Depositary under the AIFMD -- 4.3.1.1 Credit Institution -- 4.3.1.2 Investment Firm -- 4.3.1.3 Other Eligible Institutions -- 4.3.1.4 Prime Broker -- 4.3.1.5 Eligible Non-EEA Entities -- 4.3.1.6 Option for Private Equity Funds, Venture Capital Funds and Real Estate AIFs -- 4.3.2 Entities Eligible as a Depositary under UCITSD V -- 4.3.2.1 National Central Bank -- 4.3.2.2 Credit Institutions -- 4.3.2.3 Another Legal Entity -- 4.4 EEA-AIF and UCITS Depositaries - General Requirements -- 4.4.1 Duty of Loyalty -- 4.4.2 Conflicts of Interest -- 4.4.3 The Third Party Depositary Requirement -- 4.4.4 Independence Requirements under UCITSD V -- 4.4.4.1 Common Management/Supervision -- 4.4.4.2 Cross-Shareholdings/Group Inclusion -- 4.5 AIFMD Third-Country Depositaries -- 4.5.1 Additional Requirements for TC Depositaries -- 4.5.2 The Third-Country Depositary and 'Effective Prudential Regulation' -- 4.5.2.1 Effectively Enforced Prudential Regulation -- 4.5.2.2 'Supervision under Equivalent' to That Applicable under EEA Law -- 4.6 The Depositary and Its Functions -- 4.6.1 The Particulars of the Written Contract -- 4.6.1.1 Eligible Assets -- 4.6.1.2 Flow of Information -- 4.6.1.3 Escalation Procedure -- 4.6.1.4 Third Parties -- 4.6.1.5 Termination of the Contract -- 4.6.2 Safekeeping -- 4.6.2.1 Financial Instruments That Should Be Held in Custody -- 4.6.2.2 Safekeeping Duties with regard to Assets Held in Custody -- 4.6.2.3 'Other Assets' -- 4.6.2.4 Safekeeping Duties regarding Ownership Verification and Record-keeping -- 4.6.3 Control -- 4.6.3.1 Oversight Duties - General Requirements -- 4.6.3.2 Subscriptions/Redemptions -- 4.6.3.3 Valuation of Shares/Units -- 4.6.3.4 AIFM's/UCITS ManCo Instructions -- 4.6.3.5 The Timely Settlement of Transactions.4.6.3.6 AIF's Income Distribution -- 4.6.3.7 Monitoring of the AIF's/UCITS' Cash Flows -- 4.6.3.8 UCITS Mergers and Master-Feeder Structures -- 4.7 Delegation in the Depositary Chain -- 4.7.1 Avoiding Requirements -- 4.7.2 Objective Reason -- 4.7.3 Due Diligence -- 4.7.3.1 Due Diligence upon Appointment of the Subcustodian -- 4.7.3.2 Ongoing Monitoring Diligence Sub-custodian -- 4.7.3.3 Insolvency Protection of UCITS Assets -- 4.7.4 Lex Specialis - The Prime Broker as a Sub-custodian under the AIFMD -- 4.8 The Depositary's Liability Regime under the AIFMD and UCITSD V -- 4.8.1 The Depositary's Liability under the AIFMD and UCITSD V -- 4.8.1.1 Loss of Financial Instruments That Can Be Held in Custody -- 4.8.1.2 The AIFMD and UCITSD V Liability Discharge -- 4.8.1.3 The AIFMD Contractual Discharge of Liability -- 4.8.2 The Impact of the AIFMD/UCITSD V Liability Regime for Depositaries -- 4.8.3 Rights of the AIFM/UCITS ManCo and Investors against the Depositary -- 4.8.3.1 AIFMD -- 4.8.3.2 UCITSD V -- 4.8.4 Conclusion -- 4.9 The Depositary under the 'AIFMD/UCITSD V Product Regulations' -- 4.9.1 The ELTIFR Depositary Regime -- 4.9.2 The MMFR Depositary Regime -- 4.9.3 The EuVECAR/EuSEFR 'Depositary Regime' -- 4.9.4 The AIFMD Product Regulation Depositary Regimes versus the AIFMD/UCITSD V -- 4.10 Conclusion -- 5 The IORPD II Depositary Regime -- 5.1 Introduction -- 5.2 The Appointment of Depositaries under IORPD II -- 5.2.1 The Appointment for Full DC and Other Types of IORPs -- 5.2.1.1 Full DC IORPs -- 5.2.1.2 Other Types of IORPs -- 5.2.2 Investment Risks - Full DC, Hybrid and/or Full DB IORPs? -- 5.2.3 The Definition of a 'Depositary' under IORPD II -- 5.2.4 The Appointment of a Single Depositary versus Multiple Depositaries -- 5.2.4.1 The Inconsistency of the 'Depositary' Terminology under IORPD II.5.2.4.2 The Unclear 'Depositary' definition under IORPD II.Masterreeks Consolidation and merger of corporationsLaw and legislationConsolidation and merger of corporationsLaw and legislationEuropean Union countriesInvestments, ForeignLaw and legislationEuropean Union countriesConsolidation and merger of corporationsLaw and legislation.Consolidation and merger of corporationsLaw and legislationInvestments, ForeignLaw and legislation349.497Hooghiemstra Sebastiaan Niels1987-1704059MiAaPQMiAaPQMiAaPQBOOK9910812904103321Depositaries in European Investment Law4089747UNINA