Recital 12

(12)When submitting information on possible market disruptions and distortions of competition, competent authorities should take into account all collective investment undertakings and their managers. It is important to determine whether, and the extent to which, both EU AIFs and undertakings for collective investment in transferable securities established under Directive 2009/65/EC of the European Parliament and of the Council ² , as well as their managers are potentially affected by the introduction of the third country passport. This is particularly important given that the definition of non-EU AIFMs in Directive 2011/61/EU covers all collective investment undertakings established in third countries, including those which would have been subject to Directive 2009/65/EC if they had been established in a Member State. Furthermore, in order to be able to gauge the overall impact on the market, it is necessary to identify the potential impact on other intermediaries operating in the asset management sector, such as depositaries or service providers,