Tue, May 30, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

AIMA to Gauzes: short-selling is a market-wide issue and measures relating to it do not belong in the EU Directive

Thursday, November 26, 2009
Opalesque Industry Updates - “We appreciate the work Jean-Paul Gauzès has put into this report on the AIFM Directive, and we are grateful for his recognition of the importance of alternative investment funds (AIFs) in financing the European economy. We agree with the Rapporteur that the right balance needs to be struck between the vitality and the creativity of this industry and proportionate regulation and supervision.

“There are clearly some helpful proposals in this report. We welcome the emphasis on aligning the Directive with the G20 principles on remuneration policies. We agree with the removal of the threshold for registration and authorisation of AIFMs and fully support moves towards greater transparency on systemic risk issues. We welcome the recognition that national private placement regimes should still apply. And it is right that the Rapporteur should seek the alignment of the AIFM Directive with existing EU financial laws and regulations.

“At the same time, we have some concerns that a number of the measures in this report would negatively impact the vitality of the industry without necessarily delivering a desirable regulatory outcome. We would argue that short-selling is a market-wide issue and measures relating to it do not belong in this Directive. The apparent restriction on funds of hedge funds investing more than 30% in third-country AIFs is concerning. It is very important that clear differentiation is made between products for institutional investors and retail investors; the Directive has hitherto focused on products for institutional investors with products for retail investors remaining under national supervision. The provisions relating to leverage and depositaries appear to lack clarity although we will need time to assess the possible implications.

“Finally, we would note that the substantial revisions proposed to the Directive - both by M. Gauzès but also the Swedish EU Presidency - underline that the original draft of the Directive was deeply flawed. We look forward to continuing our dialogue with policymakers on possible further revisions and enhancements to the Directive in order to achieve a sustainable and workable outcome.”

“We will respond further once we have had the opportunity to examine the report in detail.”

Andrew Baker, Chief Executive Officer, Alternative Investment Management Association (AIMA)

As the only truly representative global hedge fund association, AIMA, the Alternative Investment Management Association, has more than 1,100 corporate members worldwide, based in over 40 countries. www.aima.org.


Be

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. 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,

  2. 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

  3. 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

  4. 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

  5. Outlook - Iconic hedge fund manager Seth Klarman says investors are missing huge risks, Paul Singer warns of a world at risk[more]

    Iconic hedge fund manager Seth Klarman says investors are missing huge risks From Businessinsider.com: An iconic hedge fund manager says investors are misperceiving risks in the markets - at a time when markets are hitting historic highs. Baupost Group's Seth Klarman laid out his concern