Sun, May 28, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

AIMA calls for depositary passport in UCITS V position paper

Monday, October 22, 2012
Opalesque Industry Update - The Alternative Investment Management Association (AIMA), the global hedge fund association, has called for the establishment of a UCITS (Undertakings for Collective Investment in Transferable Securities) depositary “passport” regime in its Position Paper on the proposal for a UCITS V Directive.

AIMA said that institutions authorised by one European Union country to act as a UCITS depositary should be granted automatic rights to provide the same services throughout the EU. Currently, the Directive limits the provision of depositary services to funds located in the same Member State as the depositary institution.

Such a UCITS depositary “passport” would allow for cross border provision of depositary services, based on harmonisation of depositary obligations which at present often differ from EU member state to member state, AIMA said.

The AIMA paper makes a number of recommendations, including several relating to the obligations and liabilities of UCITS depositary institutions.

In the paper, AIMA also called on the European institutions to align UCITS depositary regimes and remuneration requirements with those of the Alternative Investment Fund Managers Directive (AIFMD), which will be implemented in July 2013. AIMA also said the UCITS V Directive should allow depositaries to discharge their liabilities in certain circumstances. Another of AIMA’s recommendations was that the list of eligible assets in which a UCITS fund can invest should be expanded to include commodity derivatives.

The European Commission published its proposal for a UCITS V Directive in July. The final text may be adopted during 2013 although there is no formal timetable at present.

Andrew Baker, AIMA’s CEO, said: “We welcome much that is contained in the Commission’s proposal to amend the UCITS Directive, but as our position paper makes clear, we believe that the time has come for a proper discussion about introducing a depositary passport. Such a passport would bring more competition and more choice for managers and investors and would remove a significant barrier to the single market. Without it, there is a risk of a lack of competition in the depositary space and increased systemic risk as a result.”

Press release.

To download the AIMA Position Paper – UCITS V, click here: www.aima.org/objects_store/ucits_v_-_position_paper.pdf

As the global hedge fund association, the Alternative Investment Management Association (AIMA) has over 1,300 corporate members (with over 6,000 individual contacts) worldwide, based in over 50 countries: 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. Soon hedge fund investors won't bet on a man, they will bet on a machine[more]

    From Forexlive.com: The Wall Street Journal is in the midst of a 17-part series that looks at the rise of quant funds. The AUM and money invested in quant funds still trails traditional asset managers but the gap is closing. What's truly amazing is volume. Quant funds make up 27% of trading vo

  2. Investing - China's HNA wants to invest in Value Partners, Risk parity investors reap rewards from rebalancing act, SoftBank's $100 billion tech fund rankles VCs as valuations soar[more]

    China's HNA wants to invest in Value Partners From Reuters.com: HNA Group has alighted on a logical, if pricey, target in Hong Kong. The deal-hungry Chinese travel conglomerate known for overpaying wants to invest in Value Partners, one of Asia's few sizeable independent asset managers,

  3. Opalesque Exclusive: Investors warm to ESG, but seek standardization[more]

    Bailey McCann, Opalesque New York: Asset managers and asset owners plan to double their investment in Environmental, Social and Governance (ESG) driven strategies over the next two years, according to a survey from BNP Paribas Securities Services. The report, "Great Expectations: ESG - what's nex

  4. Opalesque Roundtable: France's hidden strengths in AI and machine learning[more]

    Komfie Manalo, Opalesque Asia: All nations offer their strengths and weaknesses, but one that is undisputed is the quality of the French scientists, claimed Guillaume Vidal, co-founder of French technology startup Walnut Algorithms at the

  5. AI-based hedge fund brings machine learning investing to masses[more]

    Komfie Manalo, Opalesque Asia: Machine learning-based hedge fund firm Greyfeather Capital is trying to bring artificial intelligence investing to the masses with its plan to expand beyond the limited reach of the alternative investments space. "We're excited to bring AI technology to traditio