I. General Information
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
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.
|Source||O.J. EU No L (Legislation), Edition 145, Year 2013, p.1|
|Legal Basis||Art. 51 Abs. 1 AEUV|
|Legislative Procedure||Codecision procedure|
II. Versions and Legislative History
Original Text :
2. Legal Impact
|Amendment|| Directive 2003/41/EC|
|Amendment|| Directive 2009/65/EC|
|Amendment|| Directive 2011/61/EU|
III. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany