TFL Vsebine / Revija Pravnik

5

S sprejetjem Direktive AIFM v letu 2011 je evropski zakonodajalec želel v regulatorni okvir zajeti upravljavce vseh vrst kolektivnih naložbenih podjemov, ki zbirajo sredstva vlagateljev in jih v skladu z vnaprej določeno naložbeno strategijo upravljajo za račun teh vlagateljev. S pojavom novih načinov zbiranja in upravljanja premoženja, predvsem v obliki tako imenovanih kripto skladov, so se razkrile nekatere pomembne pomanjkljivosti pravnega režima, vzpostavljenega z Direktivo AIFM, in sicer predvsem pomanjkljivosti, ki se nanašajo na neukrepanje pristojnih nadzornih organov v primeru pojava novih vrst alternativnih investicijskih skladov in njihovih upravljavcev, ki se zgolj po obliki (ne pa po vsebini in namenih) razlikujejo od klasičnih oblik takih skladov. Te pomanjkljivosti tako vzbujajo dvom v ustreznost trenutnega sistema nadzora nad delovanjem upravljavcev alternativnih investicijskih skladov.

With the adoption of the AIFM Directive, the EU legislator aimed to include under the regulatory framework the managers of all kinds of collective investment undertakings that raise funds from the investors and manage these funds in accordance with a predefined investment strategy for the benefit of the investors. The emergence of the new forms of collecting and management of assets, especially in the form of crypto funds, revealed some important weaknesses of the current regulatory regime established with the AIFM Directive, in particular the weaknesses related to the (in)activity of the competent supervisory authorities in the event of the emergence of new types of alternative investment funds and their managers that are only in the form (not in terms of substance and purposes) different from the classic types of such funds. These weaknesses thus raise some doubts about the adequacy of the current supervisory system over the managers of the alternative investment funds.

(In)Efficiency of the Regulatory Supervision over the Managers of the Alternative Investment Funds – A Case of “Crypto” Funds