Thu, May 5, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

AIMA reports uneven progress in implementing AIFMD

Wednesday, July 24, 2013
Opalesque Industry Update - Uneven progress is being made in implementing the Alternative Investment Fund Managers Directive (AIFMD) across the European Union, according to a joint study by the Alternative Investment Management Association (AIMA, the global hedge fund industry association, and EY, the multinational professional services firm.

The AIMA/EY study found that although a majority of EU Member States have either already transposed the AIFMD into law within the transposition deadline of 22 July 2013, or have drafted the final legislation and are awaiting parliamentary approval, only 12 Member States have completed full legislative transposition.

At least five Member States are known to have made little or no progress towards drafting or finalising the required legislation.

The AIMA/EY study also found that at least 15 Member States are allowing managers more time to comply with the Directive under transitional periods of up to one year from the transposition deadline, although two of those appear to be extending this relief only to their domestic managers.

The findings are part of a wider AIMA/EY survey on the implementation of the AIFMD. Other areas being looked at include the different approaches being taken across the EU to key areas such as private placement rules, reporting timeframes and remuneration requirements. The full results of the survey will be released in September.

Jiri Krol, AIMA’s Deputy CEO, Head of Government & Regulatory Affairs, said: “It rarely happens that all Member States transpose on time but we are encouraged by the progress that is being made by some of the key asset management and fund jurisdictions in implementing the Directive. That said, there are still significant areas of uncertainty even in those jurisdictions that have transposed the text.”

Julian Young, Partner, EMEIA Asset Management, EY, said: “The Directive is a complex piece of legislation, and we can't under-estimate the task facing Member States and national regulators in implementing it within the required timeframe. Even though the number of Member States that have already implemented the AIFMD may not look impressive, more progress has been made toward transposition than had been expected. However, it's clear from the survey results that the Directive has not yet achieved the single market for non-UCITS products it was aiming for, and so firms will have to operate across a patchwork quilt of regulatory standards for the next few years at least."

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. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

  2. Third Point calls Q1 "catastrophic" for hedge funds[more]

    Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

  3. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in India’s infrastructure[more]

    Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether China’s recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to

  4. …And Finally - After all, judges are human too[more]

    From Newsoftheweird.com: In March, one District of Columbia government administrative law judge was charged with misdemeanor assault on another. Judge Sharon Goodie said she wanted to give Judge Joan Davenport some files, but Davenport, in her office, would not answer the door. Goodie said once the

  5. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n