Traduction de «qui fait la faute la boit » (Français → Anglais) :

Before you communicate, you have to do something and when you do something, you need to explain it in such a way that citizens grasp what has been done.

In this debate it is important, firstly, to ascertain the facts, secondly, to explain the causes of those facts, and, thirdly, to draw conclusions.

The provision of investment services by those entities in respect of AIFs should never amount to a de facto circumvention of this Directive by means of turning the AIFM into a letter-box entity, irrespective of whether the AIFM is established in the Union or in a third country.

Delegated acts should also be adopted to specify the conditions subject to which the delegation of AIFM functions should be approved and the conditions subject to which the AIFM has delegated its functions to the extent that it becomes a letter-box entity and can no longer be considered to be the manager of the AIF; as regards depositaries, to specify the criteria for assessing that the prudential regulation and supervision of third countries where the depositaries are established have the same effect as Union law and are effectively enforced, the particulars that need to be included in the standard agreement, the conditions for performing the depositary functions, including the type of financial instruments that should be included in the ...[+++]scope of the depositary’s custody duties, the conditions subject to which the depositary may exercise its custody duties over financial instruments registered with a central depositary and the conditions subject to which the depositary should safekeep the financial instruments issued in a nominative form and registered with an issuer or a registrar, the due diligence duties of depositaries, the segregation obligation, the conditions subject to and circumstances in which financial instruments held in custody should be considered as lost, what is to be understood by external events beyond reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary, and the conditions subject to and circumstances in which there is an objective reason to contract a discharge of liability.

Certain natural circumstances are beyond the control of the Member States and it is therefore necessary to provide for the possibility of derogating from this Directive in certain cases.

– (DE) Madam President, judging from the correspondence which I have seen so far, and according to the letters which you had delivered to Members' post boxes today, it is quite apparent that you, or the head of your private office, I am not yet entirely sure which – had doubts as to whether the application for the removal of the immunity of Mr Berlusconi and Mr Dell'Utri, transmitted to this House via the Spanish Supreme Court, was submitted in a proper and correct legal form.