Translation of "Fonds ne recourant pas au levier " (French → English) :

This section shall apply only to AIFM which manage one or more AIF employing leverage .

4a. AIFM managing one or more AIF employing leverage on a systemically significant basis shall make available to the competent authorities of its home Member State information about the overall level of leverage employed by each AIF it manages, a breakdown between leverage arising from borrowing of cash or securities and leverage embedded in financial derivatives and, where known, the extent to which their assets have been reused under leveraging arrangements.

(a) a description of the investment strategy and objectives of the AIF, the type of assets which the AIF can invest in and of the techniques it may employ and of all associated risks, of any asset re-use and transfer arrangements and of custody arrangements if appropriate, any applicable investment restrictions, the circumstances in which the AIF may use leverage, the types and sources of leverage permitted, the maximum level of leverage and the associated risks and of any restrictions to the use of leverage as well as the total amount of leverage, on a periodic basis;

(og) ‘non-systemically relevant AIFM’ means AIFM which either directly or indirectly through a company with which the AIFM are linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIF that are not leveraged and whose individual assets under management do not exceed EUR 100 million and in total do not exceed a threshold of EUR 250 million and with no redemption rights exercisable during a period of five years following the date of constitution of each AIF;

1. Following the examination as to the allowability of the appeal, the Board of Appeal shall decide on the appeal.

1. Following the examination as to the merits of the appeal, the Board of Appeal shall decide on the appeal.