Database on German and European Economic Law

 Directive 2013/14/EU

I. Description

An effect of the financial crisis has been that there is over-reliance by investors, including IORPs, UCITS, and AIFs, on credit ratings to carry out their investments in debt instruments, without necessarily conducting their own assessments of the creditworthiness of issuers of such debt instruments. In order to improve the quality of the investments  made by IORPs, UCITS and AIFs and, therefore, to protect investors in those funds, it is appropriate to require IORPs, management and investment companies with regard to UCITS, and AIFMs to avoid relying solely or mechanistically on credit ratings or using them as the only parameter when assessing the risk involved in the investments  made by IORPs, UCITS and AIFs.

The general principle against over-reliance on credit ratings should therefore be integrated into the risk-management processes and systems of IORPs, management and investment companies with regard to UCITS, and AIFMs, and adapted to their specificities.

II. General Information

Title

Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013 amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision,  Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive   2011/61/EU on Alternative Investment Funds Managers in respect of over-reliance on credit ratings

Status
Existing
Directive
2013/14/EU
Source
O.J. EU No L (Legislation), Edition 145, Year 2013, p.1
Adoption
05/21/2013
Promulgation
05/31/2013
Character
Regular Act
Legal Basis
Art. 51 Abs. 1 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013 amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision,  Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive   2011/61/EU on Alternative Investment Funds Managers in respect of over-reliance on credit ratings

  2013/14/EU

Beschluss:
05/21/2013 (A)
Verkuendung:
05/31/2013 (P)
(A) Adoption | (P) Promulgation

2. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2011/61/EU
Amendment
  Directive 2009/65/EC
Amendment
  Directive 2003/41/EC

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

12/10/2014 (A)

12/18/2014 (P)

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legal Impact
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany