Translation of "gestionnaire de fonds de placement spéculatifs " (French → English) :

In order to clarify the relationship between this Regulation and other rules on collective investment undertakings and their managers, it is necessary to establish that this Regulation only apply to managers of collective investment undertakings other than UCITS falling within the scope of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations, and administrative provisions, relating to undertakings for collective investment in transferable securities (UCITS) (4), which are established in the Union and are registered with the competent authority in their home Member State in accordance with Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 o ...[+++]n Alternative Investment Fund Managers (5), provided that those managers manage portfolios of qualifying social entrepreneurship funds.

In order to clarify the relationship between this Regulation and other rules on collective investment undertakings and their managers, it is necessary to establish that this Regulation only apply to managers of collective investment undertakings, other than UCITS falling within the scope of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (4), which are established in the Union and are registered with the competent authority in their home Member State in accordance with Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on ...[+++] Alternative Investment Fund Managers (5), provided that those managers manage portfolios of qualifying venture capital funds.

The fund manager’s 2 per cent investment increases its exposure to variability of returns from the activities of the fund without creating exposure that is of such significance that it indicates that the fund manager is a principal.

Although operating within the parameters set out in the investment mandate and in accordance with the regulatory requirements, the fund manager has decision-making rights that give it the current ability to direct the relevant activities of the fund—the investors do not hold substantive rights that could affect the fund manager’s decision-making authority.

In addition, there is no requirement in the case of investment funds sponsored by the investment fund manager for the sponsored investment funds to have independent boards.

II) Services -------- A) Restrictions on access to the legal profession * counting of years of experience for qualification as a foreign lawyer; * use of parent firm's name; * arbitration. B) Financial services inter alia * openness and transparency of financial markets; * conditions on the insurance market; - 8 - * rules relating to the management of pension funds by investment managers; * procedure for the award of investment trust management licences. III) Foodstuff --------- A) Tariffs * level: high tariffs specially on chees ...[+++]e, processed pork, beef, confectionery, bottled wine, brandy and whisky, corn starch and potato starch; * calculation of duties: discriminatory calculation of custom value for coffee filters.