AIFMD and EMIR Sample Clauses

AIFMD and EMIR. The Issuer could be affected by European regulations and the transposition into Belgian law of European directives, amongst which (if the Issuer would fall within its scope) the Alternative Investment Fund Managers Directive (AIFMD) and the European Regulation on OTC derivatives, central counterparties and trade repositories (the European Market Infrastructure Regulation or EMIR). The Issuer, in view of its status as a vastgoedbevak/sicafi, is currently classified under Belgian law as a self-managed "collective investment undertaking". It will therefore be considered as a manager of an "alternative investment fund" (AIF) under the AIFMD, which will be implemented in Belgium by the Wet betreffende de alternatieve instellingen voor collectieve belegging en hun beheerders / Loi relative aux organismes de placement collectif alternatifs et à leurs gestionnaires (AIFM Law). In the meantime, the Belgian parliament will create the new regulatory status of a Openbare GVV / SIRP as provided for by the Bill of Parliament DOC 53 n° 3497/001 voted into law on 22 April 2014 Wet op de gereglementeerde vastgoedvennootschappen / Loi relative aux sociétés immobilières réglementées (GVV/SIR Law). The GVV/SIR Law will enter into force on the date determined by the Royal Decree on the GVV/SIR. On the date of this Securities Note, this date is not known by the Issuer. The Issuer proposes to apply for a license as a Openbare Gereglementeerde Vastgoedvennootschap / Société Immobilière Réglementée Publique as provided for by the GVV/SIR Law. As a result of such modification of regulatory status, the Issuer will not qualify as an AIF and will, while remaining under the current regulatory supervision of the FSMA, not be subject to the AIFMD regulatory framework. The license application procedure requires a.o. an authorization by the FSMA as a Openbare GVV / SIRP and the approval by the extraordinary shareholders’ meeting of the Issuer. In accordance with article 509 of the AIFM Law, the Issuer, in case of timely filing of an application, remains subject to the provisions of the Law of 3 August 2012 and the Royal Decree of 7 december 2010 on vastgoedbevaks/sicafi, until it is awarded the status as Openbare Gereglementeerde Vastgoedvennootschap / Société Immobilière Réglementée Publique. Upon the timely filing of the application for a license, the FSMA has three months from the date of receipt of a complete file to make a decision. Once the license has been awarded in accordance with...
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