Tue, Feb 21, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

AIMA: version of Directive that has been agreed by EU finance ministers is considerable improvement but there are still concerns

Tuesday, October 19, 2010
Opalesque Industry Update - “AIMA, as the global hedge fund association, has engaged intensively and constructively with European and international policymakers on the Alternative Investment Fund Managers’ Directive since the original draft was published by the European Commission in spring 2009.

“At the time of the publication of that original draft, we stressed that we supported much of the Directive, particularly those provisions relating to transparency and involving the registration of managers and their reporting of systemic data to supervisors in the interests of financial stability assessment in line with the G20 consensus.

“However we also expressed grave reservations about some of its content. There were many provisions that would have negatively impacted both the alternative asset management industry globally and also European investors.

“Since then there has been considerable progress and a significant amount of ground has been covered. The text of the Directive that has now been agreed by European finance ministers is a considerable improvement not only for our members but in terms of its impact on European investors. We hope that the European Parliament will now take a constructive approach to the Council proposal.

“We do remain very concerned about the potential abolition of private placement regimes at a later date. Private placement works well and it would be a pity if because of the introduction of the passport, private placement had to go. It is regrettable that this Council agreement does not contain the indefinite continuation of private placement that was agreed in May.

“There is still much in the Directive that will be difficult to implement for the industry and there will be a heavy compliance burden that the industry will have to bear. But the impact will be far less severe than if something close to the original proposal had been passed.

“We recognise that this process is not yet complete. We will continue to provide input from the industry in the interests of a constructive and proportionate final outcome.”

Andrew Baker, CEO, AIMA


(press release)


As the global hedge fund association, AIMA, the Alternative Investment Management Association, has more than 1,200 corporate members (with over 4,800 individual contacts) worldwide, based in over 40 countries.

AIMA is a dynamic organisation that reflects its members’ interests and provides them with a vibrant global network. AIMA is committed to developing industry skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst (CAIA) designation – the industry’s first and only specialised educational standard for alternative investment specialists. For further information, please visit AIMA’s website, www.aima.org.


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. With $54bn in assets, Philippines is ready for hedge funds, alternative investment products[more]

    Komfie Manalo, Opalesque Asia: With the country's outstanding fund management industry at $54bn and growing, the Philippine market and its investors are ready to invest in "more sophisticated" asset management products, like hedge funds and alternative investments, said Deanno J. Basas, presi

  2. SoftBank to buy Fortress Investment for $3.3bn[more]

    From Reuters.com: Japan's SoftBank Group Corp on Wednesday said it has agreed to buy Fortress Investment Group LLC for about $3.3 billion, looking to add investment expertise as it prepares to launch the world's largest private equity fund. The all-cash deal is SoftBank's first major investmen

  3. ...And Finally - Truth in advertising[more]

    From Newsoftheweird.com: Girl Scout Charlotte McCourt, 11, of South Orange, New Jersey, saw her sales zoom recently when she posted "brutally honest" reviews of the Scouts' cookies she was selling -- giving none of them a "10" and labeling some with dour descriptions. She was hoping to sell

  4. Europe - Brexit - Updated legal guide, Euro exchange rates set to tumble as hedge fund's super computer predicts Marine Le Pen will be next French president, Swiss fund market hits all-time high[more]

    Brexit - Updated legal guide From Herbertsmithfreehills.com: When we began analysing in depth the possibility of Britain exiting the EU (Brexit), 18 months prior to the June 2016 referendum, the business consensus was very much that Brexit was a remote prospect that either would never hap

  5. People - Gramercy appoints Bradshaw McKee as managing director of Capital Solutions, Trump taps Cerberus's Feinberg to lead intelligence review[more]

    Gramercy appoints Bradshaw McKee as managing director of Capital Solutions Gramercy Funds Management LLC, a $5.8 billion dedicated emerging markets investment manager, today announced the appointment of Bradshaw McKee to the position of Managing Director, Capital Solutions and Distressed