Thu, Jun 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. Comment: For emerging market debt, a sustainable recovery[more]

    Matthias Knab, Opalesque: Standish Mellon Asset Management Company writes on Harvest Exchange: After several difficult years, the outlook for emerging market debt (EMD) denomin

  2. J.P. Morgan Global Alternatives raises distressed shipping fund[more]

    From Institutionalinvestor.com: J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies. The firm, which has been investing in maritime for more than a decade, initially targeted $400

  3. FinTech - Rise of robots: Inside the world's fastest growing hedge funds[more]

    From Bloomberg.com: Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc. In some ways, their meteoric rise is due to the same technolog

  4. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  5. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is