REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the exercise of delegation of powers to the Commission to adopt delegated acts pursuant to Article 56 of Directive 2011/61/EU of 8 June 2011
Date: 2015-08-03
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: delegated regulation, financial control, financial legislation, financial market, indebtedness, investment company, market supervision, regulation of investments, right of establishment, transfer of competence

EUROPEAN 
COMMISSION 

Brussels, 3.8.2015  
COM(2015) 383 final 

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND 
THE COUNCIL 

on the exercise of delegation of powers to the Commission to adopt delegated acts 
pursuant to Article 56 of Directive 2011/61/EU of 8 June 2011 

EN 

   EN 

 
 
 
 
  
 
REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND 
THE COUNCIL 

on the exercise of delegation of powers to the Commission to adopt delegated acts 
pursuant to Article 56 of Directive 2011/61/EU of 8 June 2011 

1. Introduction 

Directive  2011/61/EU  of  8  June  2011  on  Alternative  Investment  Fund  Managers  and 
amending  Directives  2003/41/EC  and  2009/65/EC  and  Regulations  (EC)  No  1060/2009  and 
(EU) No 1095/2010 [AIFMD] conferred powers on the Commission to adopt delegated acts 
as referred to in Articles 3, 4, 9, 12, 14 to 25, 34 to 37, 40, 42, 53, 67 and 68 of that Directive. 
These powers have been conferred on the Commission for a period of 4 years from 21 July 
2011, thus until 21 July 2015. 

2. Legal basis for the report 

Pursuant to Article 56 of AIFMD the Commission had to draw up a report in respect of these 
delegated  powers  at  latest  6  months  before  the  end  of  the  4-year  period,  thus  before  21 
January 2015. 

3. Exercise of the delegation 

The Commission has exercised all the empowerments, except for those referred to in Article 
67(6) and article 68(5) and (6) of AIFMD, through 2 delegated Regulations: 

•  Commission  Delegated  Regulation  (EU)  No  231/2013  of  19  December  2012 
supplementing Directive 2011/61/EU of the European Parliament and of the Council 
with  regard  to  exemptions,  general  operating  conditions,  depositaries,  leverage, 
transparency and supervision published in the Official Journal of the European Union 
on 22 March 2013. 

•  Commission  Delegated  Regulation  (EU)  No  514/2015  of  18  December  2014  on  the 
information  to  be  provided  by  competent  authorities  to  the  European  Securities  and 
Markets Authority pursuant to Article 67(3) of Directive 2011/61/EU of the European 
Parliament and of the Council published in the Official Journal of the European Union 
on 27 March 2015. 

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The  below  table  shows  which  acts  and  corresponding  articles  contain  the  specific  measures 
adopted under the relevant empowerments:  

Empowerments in Directive 2011/61/EU 

Delegated Act; Article 

Article 3 

Article 4 

Article 9 

Article 12 

Article 14 

Article 15 

Article 16 

Article 17 

Article 18 

Article 19 

Article 20 

Articles  2  to  5  of  Commission  Delegated 
(EU)  No  231/2013  of  19 
Regulation 
December 2012   

Articles  6  to  11  of  Commission  Delegated 
(EU)  No  231/2013  of  19 
Regulation 
December 2012 

Articles  12  to  15  of  Commission  Delegated 
(EU)  No  231/2013  of  19 
Regulation 
December 2012 

Articles  16  to  29  of  Commission  Delegated 
(EU)  No  231/2013  of  19 
Regulation 
December 2012 

Articles  30  to  37  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles  38  to  45  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles  46  to  49  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles  50  to  56  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles  57  to  66  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles  67  to  74  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles  75  to  82  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

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Article 21 

Articles 22 to 24 

Article 25 

Articles 34 to 37, 40 and 42 

Article 53 

Article 67(5) 

Articles 83 to 102 of Commission Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles 103 to 111 of Commission Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Article  112  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Articles 113 to 115 of Commission Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Article  116  of  Commission  Delegated 
Regulation 
(EU)  No  231/2013  of  19 
December 2012 

Commission  Delegated  Regulation  (EU)  No 
514/2015 of 18 December 2014  

The empowerments in Articles 67(6) and 68 have not yet been exercised as they refer to the 
application  of  the  harmonised  passport  regime  for  non-EU  AIFMs  performing  management 
and/or marketing activities within the Union and EU AIFMs managing non-EU AIFs, as well 
as  the  thereto  related  timetable.  Thus,  the  empowerment  in  Article  67(6)  is  expected  to  be 
exercised during 2015, following the delivery of an ESMA report and advice, due by 22 July 
2015.  The  empowerment  in  Article  68(5)  may  be  exercised  after  the  entry  into  force  of  the 
delegated act referred to in Article 67(6), whereas the empowerment in Article 68(6) may be 
exercised three years after the entry into force of the delegated act referred to in Article 67(6). 

4. Conclusion 

With  this  report  the  Commission  complies  with  the  reporting  obligation  in  Article  56  of 
Directive 2011/61/EU. 

The Commission invites the Council and the European Parliament to take note of this report. 

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