The category of dirigenti includes, according to case-law, not only senior managers who exercise large, discretional decision-making power with regard to the undertaking including the management of staff, but also middle and junior managers who have a high level of professional knowledge but do not perform the role of alter ego of the employer and have no wide power to manage the means of production of the undertaking.

(27) The Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, in order to determine the procedures under which AIFM managing portfolios of AIF whose assets under management do not exceed the threshold set out in this Directive may exercise their right to be treated as AIFM covered by this Directive. These delegated acts may also specify the criteria to be used by competent authorities to assess whether AIFM comply with their obligations as regards their conduct of business, the type of conflicts of interests AIFM have to identify, as well as the reasonable steps AIFM are expected to take in terms ...[+++] of internal and organizational procedures in order to identify, prevent, manage and disclose conflicts of interest. They may specify the risk management requirements to be employed by AIFM as a function of the risks which the AIFM incurs on behalf of the AIF that it manages as well as any arrangements needed to enable AIFM to manage the particular risks associated with short selling transactions, including any relevant restrictions that might be needed to protect the AIF from undue risk exposures. They may specify the liquidity management requirements of this Directive and in particular the minimum liquidity requirements for AIF, they may specify the requirements that originators of securitisation instruments have to meet in order for an AIFM to be allowed to invest in such instruments issued after 1 January 2011. They may as well specify the requirements that AIFM have to comply with when investing in such securitisation instruments. They may specify the criteria under which a valuator can be considered independent in the meaning of this Directive. They may specify the conditions under which the delegation of AIFM functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the AIF in case of excessive delegation. They may s ...

In this respect, the Commission should be able to adopt measures determining the procedures under which AIFM managing portfolios of AIF whose assets under management do not exceed the threshold set out in this Directive may exercise their right to be treated as AIFM covered by this Directive. These measures are also designed to specify the criteria to be used by competent authorities to assess whether AIFM comply with their obligations as regards their conduct of business, the type of conflicts of interests AIFM have to identify, as well as the reasonable steps AIFM are expected to take in terms of internal and organizational procedures ...[+++]in order to identify, prevent, manage and disclose conflicts of interest. They are designed to specify the risk management requirements to be employed by AIFM as a function of the risks which the AIFM incurs on behalf of the AIF that it manages as well as any arrangements needed to enable AIFM to manage the particular risks associated with short selling transactions, including any relevant restrictions that might be needed to protect the AIF from undue risk exposures. They are designed to specify the liquidity management requirements of this Directive and in particular the minimum liquidity requirements for AIF. They are designed to specify the requirements that originators of securitisation instruments have to meet in order for an AIFM to be allowed to invest in such instruments issued after 1 January 2011. They are as well designed to specify the requirements that AIFM have to comply with when investing in such securitisation instruments. They are designed to specify the criteria under which a valuator can be considered independent in the meaning of this Directive. They are designed to specify the conditions under which the delegation of AIFM functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the AIF in case of excessive delegation. They are designed to specify ...

In that last case, the AIF should therefore comply with all requirements for AIFM under this Directive and be authorised as such. In addition, a self-managed AIF should not be authorised as the external manager of one or more other AIF In addition, a self-managed AIF should not be authorised as the external manager of one or more other AIF.

Particular consideration, however, will be given to operations that promote the following: (a) conservation of primary tropical forests and their biodiversity and renewal of tropical forests which have been damaged, supported by analysis of the underlying causes of deforestation and taking into account differences between countries and regions and measures to address them; (b) sustainable management of forests designated for the production of timber and other products, but excluding commercial logging operations in primary tropical forests, except those which are community-based, on a small scale, sustainable, environmentally sound and implementing sustainable forest management; (c) the definition and development of certification systems, ...[+++] combined with independent assessment systems, for timber produced from tropical forests according to sustainable forest management principles as part of internationally harmonized certification systems envisaged for all kinds of timber and timber products; (d) provision of prior information to forest peoples, followed by their support for the identification, planning and implementation of actions; (e) capacity-building to address the needs for training schemes for local populations, forest managers and researchers, for legislation, for increased political and social support and institutional strengthening and for organizations and associations active in forest conservation; (f) a strategic and adapted research policy aimed at supplying the knowledge required for the conservation and sustainable management of forests and also for the implementation of research monitoring activities in the framework of projects and programmes; (g) development of buffer zones to assist the conservation or regeneration of tropical forests, as part of a broader land utilization plan; (h) development and implementation of forest management plans aimed at conserving tropical forests and promoting sustainable exploitation of timber and other forest ...

INTEGRATED COASTAL-ZONE MANAGEMENT The Council approved the Resolution on a Community strategy for integrated coastal-zone management as set out below". THE COUNCIL OF THE EUROPEAN UNION RECALLS its Resolution of 25 February 1992 on the future Community policy concerning the European Coastal zone; UNDERLINES once more the need for a Community strategy for the integrated management and development of coastal zones, based on the principles of sustainability and sound ecological and environmental practice; RECALLS that such a strategy is also provided for under the fifth Community programme of policy and action in relation to the environm ...[+++]ent and sustainable development (1), which singles out coastal zone management and conservation as a priority matter, and EMPHASIZES in this connection that this task should be undertaken in a spirit of responsibility-sharing; WELCOMES the progress already made by several Member States at national level towards the implementation of an integrated coastal-zone management strategy; (1) OJ No C 138, 17.5.1993. RECOGNIZES also the contribution that a number of existing Community measures, including the implementation of the Directive on the conservation of natural habitats and of wild flora and fauna (2), the Directive on the conservation of wild birds (3) and the Directive on the assessment of the effects of certain public and private projects on the environment (4), together with the use of certain appropriate financial instruments, could make to such a strategy; RENEWS its invitation to the Commission to propose within six months at the latest, with a view to strengthening co-ordinated action in this area and in accordance with the principle of subsidiarity, a Community strategy for the integrated management of the whole of the Community coastline that, while taking account of the specific problems and potential of the different zones, will provide a framework for its conservation and sustainable use; UNDERTAKES to examine such a ...