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Directive 2013/14/EU

 

I. 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
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.

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
 

II. Versions and Legislative History

 

1. Versions

  2013/14/EU
    05/21/2013 (A)
    05/31/2013 (P)

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

Deutsch
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Englisch
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Französisch
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(A) Adoption | (P) Promulgation
 

2. Legal Impact

Amendment  Directive 2003/41/EC
Deutsch Englisch Französisch
Amendment  Directive 2009/65/EC
Deutsch Englisch Französisch
Amendment  Directive 2011/61/EU
Deutsch Englisch Französisch
 

III. Umsetzung in den Mitgliedstaaten

 

1. Implementation in Germany

12/10/2014 (A)
12/18/2014 (P)

 Gesetz zur Verringerung der Abhängigkeit von Ratings

Deutsch
(A) Adoption | (P) Promulgation
Language:
Deutsch Deutsch
English Englisch
Francais Französisch
Chinese Chinesisch

Legende

Hyperlink int./ext. Verlinkung
Externer Link Externer Hyperlink
Status des Rechtsaktes
Aufgehoben Aufgehoben
Vorhaben Vorhaben
Inkraft Inkraft
Unbekannt Unbekannt
Dokumente
Deutsch Deutsche Fassung
Englisch Englische Fassung
Französisch Franz. Fassung
PDF-Datei Sonstige PDF-Datei
Dokument Sonstiges Dokument
Externer Link Externes Dokument

Overview

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

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