Traduction de «des investissements autorisant » (Français → Anglais) :

For AIFs that have no redemption rights exercisable during the period of 5 years from the date of the initial investments and that, in accordance with their core investment policy, generally do not invest in assets that must be held in custody in accordance with this Directive or generally invest in issuers or non-listed companies in order potentially to acquire control over such companies in accordance with this Directive, such as private equity, venture capital funds and real estate funds, Member States should be able to allow a notary, a lawyer, a registrar or another entity to be appointed to carry out depositary functions.

Further, where the law of a third country requires that certain financial instruments be held in custody by a local entity and there are no local entities that satisfy all depositary delegation requirements, the depositary should be able to discharge itself of liability provided that: the rules or instruments of incorporation of the AIF concerned expressly allow for such a discharge; the investors have been duly informed of that discharge and the circumstances justifying the discharge prior to their investment; the AIF or the AIFM on behalf of the AIF instructed the depositary to delegate the custody of such financial instruments to a ...[+++]local entity; there is a written contract between the depositary and the AIF or the AIFM acting on behalf of the AIF, which expressly allows such a discharge; and there is a written contract between the depositary and the third party which expressly transfers the liability of the depositary to that third party and makes it possible for the AIF, or the AIFM acting on behalf of the AIF, to make a claim against the third party in respect of the loss of financial instruments or for the depositary to make such a claim on their behalf.

‘planned investment projects’ mean investment projects before construction starts and capital costs are incurred or before decommissioning is effective, including investment projects for which an initial request for authorisation has been received by the relevant authorities, but for which the major features (location, contractor, undertaking, certain basic technical and operational features, etc.) may, in whole or in part, be subject to further review or to final authorisation;

The use (or potential use) by a collective investment undertaking of derivative instruments to hedge permitted investments shall not prevent units in that undertaking from being eligible.

3. Member States may establish a procedure which allows a service provider who intends to make or irrevocably contract for significant investments in immovable assets during the last 10 years before the end of the existing authorisation and can demonstrate that these investments will lead to an improvement in the overall efficiency of the service concerned, to request the competent authority to launch a selection procedure in accordance with Article 8 for a new authorisation before the authorisation in question expires or to extend th ...[+++]e existing authorisation for a period of 10 years once during the last 10 years of validity of the authorisation.

The management of post-ECSC assets would follow roughly the same pattern as that applied by the ECSC Treasury: the reserves of the ECSC are placed in a conservative group of authorised investments, including bonds issued by or guaranteed by EU institutions or Member States, and in a group of banks, subject to credit criteria and a quality control procedure.