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AIFMD Seen as Most Unclear Regulatory Development in the Alternatives Industry

Thursday, January 26, 2012

Lord Paul Myners
Opalesque Industry Update - Over a third of delegates at a recent IMS Group (IMS) regulatory forum expressed the view that the Alternative Investment Fund Managers Directive, remains the most uncertain aspect of financial regulation in terms of its final substance and resultant effect on the industry.

The conference which was held at Bloomberg in London yesterday, played host to over two hundred delegates from the UK asset management and securities industry, including hedge fund managers, private equity firms, fund of funds, prime brokers and lawyers.

According to a survey conducted by IMS, the leading regulation and compliance consultancy, 31% of delegates found that AIFMD raises the most questions when considering the direct impact it will have on fund managers.

Additionally, nearly a quarter of delegates (23%) said that AIFMD will have the most impact in terms of direct cost and necessary change to operating and compliance procedures.

Delegates were also concerned about the impact of UK regulatory change (33%), FATCA (8%), SEC Registration (8%) and MiFID II (7%) on costs to businesses and on implementation of necessary changes to compliance and operating procedures.

Key note speaker Lord Paul Myners said: “The tide of regulation is only going to get stronger and the regulatory landscape will become even more difficult to negotiate. The process of AIFMD is a moveable feast with the ability to throw up constant surprises. The uncertainty surrounding financial regulation is enormous and it is impossible to fully comprehend the impact it will have on businesses. The buyside needs to get better at lobbying on regulation from the outset and actively engage with the regulators.”

Peter Moore, head of regulation at the IMS Group, said: “The results of the survey highlight the need for greater understanding of AIFMD and other regulatory regimes affecting the market. The cost/benefit reports of EU regulation are conspicuous by their absence.”

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