Directive 2013/14 / EU on the prevention of excessive recourse to ratings
 Directive 2013/14 / EU |
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|---|---|
| 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 legal and administrative rules regarding certain undertakings for collective investment in transferable securities (UCITS) and Directive 2011/61 / EU on alternative investment fund managers with regard to excessive reliance on ratings |
| Scope: | EEA |
| Legal matter: | Commercial law |
| Basis: | TFEU , in particular Article 53 (1) |
| Procedure overview: |
European Commission European Parliament IPEX Wiki |
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To be implemented in national law by: |
December 21, 2014 |
| Reference: | OJ L 145 of May 31, 2013, pp. 1-3 |
| Full text |
Consolidated version (not official) basic version |
| The regulation must have been implemented in national law. | |
| Please note the information on the current version of legal acts of the European Union ! | |
The Directive 2013/14 / EU to prevent excessive reliance on credit ratings of 21 May 2013 is an EU directive , by the Union Member States is to be implemented until not later than 21 December 2014.
Objective of the directive
The aim of Directive 2013/14 / EU is to reduce the excessive reliance on ratings of
- Company pension schemes (EBAV),
- Undertakings for Collective Investment in Transferable Securities (UCITS) and
- Alternative investment funds (AIF)
to contribute. The excessive reliance on ratings when investing in debt instruments, without necessarily subjecting the creditworthiness of the issuer of these instruments to their own credit check, is a consequence of the financial crisis. The changes introduced by Directive 2013/14 / EU are intended to improve the quality of the investments made by EBAV, UCITS and AIFs, which in turn is intended to increase the protection of investors in these funds. EBAV, UCITS management and investment companies and managers of AIFs are required not to rely solely and automatically on ratings or to use them as the sole parameter when assessing the risks associated with the investments made by EBAV, UCITS and AIFs use for investment decision. Risk management processes and systems of EBAV, UCITS management and investment companies as well as AIF must therefore be adapted and the ratings may in future only be used in a balanced way alongside other criteria.
In order to achieve this objective, the Commission is empowered to adopt legal acts under Article 290 of the Treaty on the Functioning of the European Union “ to ensure that management and investment companies are effectively prevented from engaging with EORPs and AIFMs relying too much on ratings when assessing the credit quality of the investments held ”.
Political reasons for this directive
Directive 2013/14 / EU supplements Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of September 16, 2009 on rating agencies. Both measures set the general goal of reducing the excessive reliance on ratings by investors. They are therefore the direct effects of the financial crisis from 2007 and should help prevent similar distortions in the financial markets in the future.
construction
Directive 2013/14 / EU consists of seven recitals and six articles.
- Article 1: Amendment of Directive 2003/41 / EC
- Article 2: Amendments to Directive 2009/65 / EC
- Article 3: Amendment of Directive 2011/61 / EU
- Article 4: Implementation
- Article 5: Entry into force
- Article 6: Addressees
Web links
Individual evidence
- ↑ Recital 5 of Directive 2013/14 / EU.
- ↑ Recital 2 of Directive 2013/14 / EU.
- ↑ See also Art 2 of Directive 2013/14 / EU.
- ↑ Recital 3 of Directive 2013/14 / EU. The Commission should " consult appropriately in advance and publish the results of these consultations ".
- ↑ Directive 2003/41 / EC of the European Parliament and of the Council regulates institutions for occupational retirement provision (EBAV) at Union level.
- ↑ Directive 2009/65 / EC of the European Parliament and of the Council regulates undertakings for collective investment in transferable securities (UCITS) at Union level.
- ↑ Directive 2011/61 / EU of the European Parliament and of the Council regulates the managers of alternative investment funds (AIFM) at Union level.
