ASI's management authorisation depends, inter alia, on the value of assets included in alternative investment companies' investment portfolios.
The manager of an alternative investment company shall be the manager of that company, including at least the manager of the investment portfolio of that company and the risks associated with its activities. As per content Article 8b(2) Only:
- 1) ASI’s capital company under Article 8a(2)(1) Act – operating as an internal manager of ASI;
- 2) ASI’s subsidiary capital company under Article 8a(2)(2) Act – operating as an externally managing ASI.
Subject matter of the management of ASI, in accordance with Article 70e(1) Laws can only be the management of ASI, including the marketing of that company and the management of the Union AIF, including the marketing of those AIFs. An important issue in the external management of ASI is the ability to manage more than one an alternative investment company active in the abovementioned form or more than one EU AIF.
AIFM Directive
On 4 June 2016 entered into force Act dated 31 March 2016 amending the Investment Funds Act and certain other laws (Journal of Laws of 2016, item 615) „Amending Act’.
It was intended to implement Directive 2011/61 dated 8 June 2011 on Alternative Investment Fund Managers and Changes Directive 2003/41 and Directive 2009/65 and Regulation (EC) No Regulation (EU) 1060/2009 and (EU) No Regulation (EU) 1095/2010 (Official Journal of the European Union L, No.
174 to 1 July 2011) „The AIFM Directive’, and thus the fulfilment of the objectives set by the EU legislator under national law.
The performance of ASI Management activities, both externally and internally, is regulated by the Act and according to the value of assets forming part of the ASI investment portfolios that the ASI Manager intends to manage or manage requires or obtain permission from the Financial Supervision Authority, in accordance with Article 70a and next. Act, or entry in the ASI Management Registry, conducted by the Commission, in accordance with Article 70zb and next. The bill.
As a result of the introduction of the amending law, many changes have occurred In the Act dated 27 May 2004 on investment funds (Journal of Laws of 2016, item 1896, as amended) „Act’. Among other things, the Amending Act regulated a new group of entities i.e. alternative investment companies (ASI) and their managers, i.e. managing alternative investment companies (ASI managers).
Authorisation depends on the amount of assets
The performance of ASI’s management activities, both externally and internally, requires the authorisation of the Financial Supervisory Authority or an entry in the ASI’s management register, which is maintained by the Commission. The fact that the ASI manager will be required to obtain authorisation from the Commission depends on the value of the assets of the ASI investment portfolios that the ASI manager intends to manage or manage.
According to Article 70zb(1) Acts to obtain permission to carry out ASI management activities will be required if the total value of the assets included in the investment portfolios of alternative investment companies that ASI intends to manage or manage exceeds the amount expressed in PLN equivalent 100,000,000 EUR, and where the ASI manager manages only companies that do not use the AIF leverage and in which participation rights can be redeemed after at least 5 years after their acquisition — equivalent amount 500,000,000 EUR.
The equivalent in the gold amounts specified above shall be determined using the average rate announced by the National Bank of Poland on the last working day preceding:
- 1) the date of submission of the application, in the case of an applicant for entry in the ASI management register;
- 2) the date taken as the date of calculation of the total value of the assets included in the investment portfolios of alternative investment companies it manages, in the case of an ASI manager included in the ASI management register.
Photo katemangostar / Freepik
Author:
Maciej Tuszyński
Associate in the Legal Department.
Lawyer, member of the District Bar Council in Warsaw, graduate of the Faculty of Law and Administration of the University of Warsaw.
He specializes in commercial and civil law law. He has professional experience, which includes litigation and comprehensive legal advice on the day-to-day service of economic operators, in particular commercial law companies.
As part of his work at the law firm, his practice focuses on corporate, civil and economic matters.