Thu, May 5, 2016
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. 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