Tue, Aug 22, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

AIMA finds substantial differences between EC draft AIFMD and ESMA advice

Tuesday, April 17, 2012

Andrew Baker
Opalesque Industry Update - The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has published detailed analysis of the European Commission’s draft implementing rules for the Alternative Investment Fund Managers Directive (AIFMD) which shows substantial policy differences between the Commission text and the advice provided by the European Securities and Markets Authority (ESMA).

Key areas where the Commission text diverges substantially from the ESMA advice include third country provisions, depositaries, delegation, leverage, own funds, professional indemnity insurance, appointment of prime brokers and calculation of assets under management.

Andrew Baker, AIMA CEO, said: “This is an exercise attempting to shed more light on the process. We tried not to focus on mere drafting or technical detail here but highlight substantial changes of policy that, if implemented, will have a major impact on the EU and global asset management industry.

“We urge the Commission to follow ESMA’s advice, which was published after a very thorough and highly technical process involving representatives of the EU’s national regulatory authorities and which we assume is fully in line with the Directive.

“We also fully respect the Commission's right to diverge from ESMA advice but we believe that, to avoid any unintended consequences, changes should be properly assessed and consulted with the public before any final decisions are made."

The Commission is intending to implement AIFMD swiftly through the format of a “Regulation” which does not allow flexibility of implementation at a national level and is directly applicable. The Commission gave EU member states only two weeks to respond to its new text.

The AIMA paper - Analysis of divergences between the EU Commission’s draft regulation implementing the AIFMD and the ESMA advice - can be downloaded here: AIMA paper

Press release

BC

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. Opalesque Exclusive: Albright Capital puts a value lens on emerging markets[more]

    Bailey McCann, Opalesque New York: Over the past decade, investors have steadily increased investments in emerging markets private funds. Allocations to the cohort have increased from $93 billion in December 2006 to $564 billion in September 2016, according to data from research firm Preqin. Howe

  2. Jasper Capital International joins Hedge Fund Standards Board[more]

    Komfie Manalo, Opalesque Asia: Diversified and systematic investment firm Jasper Capital International has become the second China-based signatory to the Hedge Fund Standards Board (HFSB), an organization that brings hedge fund managers and investors together to set standards for the hedge fund i

  3. FinTech - Danger: Crowdfunding on the wrong platform could force you to go public[more]

    From LinkedIn.com: Some equity crowdfunding platforms are putting startups at serious risk. Working with a platform that doesn't structure your deal appropriately could jeopardize your ability to raise future capital or worse, force you to become a public reporting company. The emergence of eq

  4. David Tepper says we're 'nowhere near an overheated' stock market[more]

    From Marketwatch.com: Billionaire David Tepper thinks comparing this current stock-market environment with the overheated markets of 1999 is "ridiculous." The hedge-fund manager, who runs Appaloosa Management, told CNBC in a phone interview on Tuesday that the market's record run, notwithstanding la

  5. Opalesque Exclusive: Altegris and Artivest partner on distribution for alternative funds suite[more]

    Bailey McCann, Opalesque New York: California-based investment firm Altegris has partnered with New York-based alternative investments platform Artivest on distribution for $1 billion in alternative funds. The partnership also launches Artivest's capabilities to offer alternative solutions to acc