TAILIEUCHUNG - COMMISSION DELEGATED REGULATION (EU) No …/..

This reluctance on the part of mainstream lenders creates an opportunity for microfinance but also underlines the paramount importance of credit risk management in an industry that, in Western Europe at least, continues to be driven by socially motivated investors and entities supporting microfinance as part of their social responsibility initiatives. This realisation has a significant impact on the pricing of financing instruments to such types of entities and has arguably served to undermine the development of viable microfinance models in terms of self-sustainability. Self- sustainability of microfinance models is critical for the industry to ensure long term availability of microfinance. | EUROPEAN COMMISSION Brussels C 2012 8370 final COMMISSION DELEGATED REGULATION EU No . . of 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 Text with EEA relevance EN EN EXPLANATORY MEMORANDUM 1. CONTEXT OF THE DELEGATED ACT The Directive on Alternative Investment Fund Managers1 AIFMD introduces harmonised requirements for entities involved in the management of alternative investment funds AIFs marketed to professional investors in the Minimum standards are being set for the managers of AIFs that are marketed to retail investors under national rules. The Directive covers a wide variety of AIFs and their managers AIFM ranging from equity funds to funds investing in illiquid assets real estate private equity infrastructure commodities or goods such as wine or art . It covers all possible investment strategies and legal forms of AIFMs and AIFs. To obtain authorisation the AIFM has to comply with the requirements of the Directive which range from among other things capital requirements risk and liquidity management and the appointment of a single depositary to rules regarding disclosure to investors and reporting to competent authorities. With the AIFMD all investment funds in the EU fall into one of the following two categories they are either UCITS undertakings for collective investment in transferable securities or AIFs. UCITS funds are governed by the UCITS Directive 2009 65 EC and are authorised for sale to the retail market. They are not the subject of this Delegated Regulation. With almost 6trillion of assets under management in the EU the UCITS sector is almost three times as big as the AIF sector . In 2010 the overall assets under management AuM by all categories of AIFs amounted to 18 of EU GDP. More than two thirds 68 of the assets of AIFs are held by institutional investors 70 of .

• Quỹ đầu tư
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• mortality
• drug resistance
• findings suggestive
• digital clubbing
• neurological tuberculosis
• Pulmonary tuberculosis
• Mycobacterium tuberculosis complex
• Mycobacterium growth indicator tube
• Lowenstein Jensen
• Drug susceptibility testing
• Candida infection
• Different species of candida
• Sputum of pulmonary tuberculosis
• Cases of pulmonary tuberculosis
• Incorporating Carbon
• Objectives for Plantation
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• Multifunctional
• Forest Management
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• BMC Pulmonary Medicine
• Latent tuberculosis
• Risk factor
• Retrospective quasi experimental
• Mycobacterium tuberculosis
• Clinical samples
• Different real time PCR system
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• BMC Musculoskeletal Disorders
• Spinal tuberculosis
• Single segment
• Neurological deficits
• Posterior only approach
• Minimally invasive surgery
• Paravertebral abscess
• Psoas abscess