Tue, Jan 23, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

UK industry bodies write to MEPs ahead of Monday’s vote on AIFM directive, appealing for ‘pragmatic and workable solution’

Friday, May 14, 2010
Opalesque Industry Update – Below is the letter dated 12th May 2010, sent by the National Association of Pension Funds (NAPF), the Investment Management Association (IMA) and the Alternative Investment Management Association (AIMA) to MEPs on the European Parliament’s Economic and Monetary Affairs Committee (ECON), ahead of next Monday’s vote.

“We are writing to you on behalf of the Investment Management Association (IMA), the National Association of Pension Funds (NAPF) and the Alternative Investment Management Association (AIMA) regarding the upcoming vote in the Economic and Monetary Affairs committee on the draft report on the AIFM proposal. We appeal to you to support a pragmatic and workable solution on non-EU alternative investment funds and fund managers (the so-called ‘third country’ issue.)

“Compromise amendment “N” (on Articles 35, 35a and 39) is, we fear, unworkable. In practice, it will not provide access for non-EU funds and fund managers, but will instead ban European investors from investing overseas. It will reduce choice and drive down returns for pension funds and other investors, as they will no longer be able to select their investments from among the best available products globally. This will undermine Europe’s competitiveness. There is a real risk that it would provoke retaliatory action in non-EU jurisdictions, which would damage the European financial services industry and the whole European economy.

“There is no contradiction between setting criteria for some funds and fund managers to avail themselves of a ‘passport’ for cross-border marketing and maintaining Member State discretion on which non-EU funds may be marketed to qualified investors. In fact, this approach has already been supported by the Legal Affairs committee in its Opinion on the proposal and is supported by the European Council. It is the only pragmatic and workable solution on the third country issue.

We encourage Members to vote against Compromise Amendment “N”, or at least abstain from the vote on this amendment. Instead, we recommend voting in favour of Amendments 1454 (submitted by Mr. Balz), 1455, 1509, 1514 and 1517 (submitted by Ms. Wortmann-Kool). These amendments would provide real protection to investors, while delivering the ‘passport’ for eligible funds and fund managers and maintaining national discretion on access to national markets for non-EU funds and non-EU fund managers.”

Richard Saunders, CEO, IMA
Nigel Peaple, Director of Policy, NAPF
Andrew Baker CEO, AIMA


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. Opalesque Exclusive: Statsure Financial launches captive insurer for hedge funds[more]

    Bailey McCann, Opalesque New York: Hedge fund managers have a new option for protecting their business. Launching this week at the annual MFA Conference, Statsure Financial is offering a captive insurance solution for hedge fund managers. Many large companies have captive insurers - insurance

  2. Legal - Former Och Ziff hedge fund executive indicted for fraud in Africa investment scheme, prosecutor says, Hedge fund blasts defense of Puerto Rico restructuring law[more]

    Former Och Ziff hedge fund executive indicted for fraud in Africa investment scheme, prosecutor says From CNBC.com: A former hedge fund executive faces federal charges for defrauding a UK-based charity over investments in Africa, according to a grand jury indictment made public Wednesday.

  3. U.S. economy, inflation and alternative investments to dominate 2018 markets, says family office Wilmington Trust[more]

    Komfie Manalo, Opalesque Asia: The emergence of a late-cycle economy in the U.S., the mystery of inflation and growth from a domestic and global perspective, and the potential for alternative investments to prosper against a backdrop of rich valuations, low yields, and higher volatility are the t

  4. Performance - Some hedge funds deliver double-digit gains for 2017, Brevan Howard's hedge fund suffers biggest annual loss in 2017, Crispin Odey's flagship hedge fund plummeted about 20% in 2017, Profits fall 90% at ex-Morgan Stanley banker's hedge fund, Fannie-Freddie overhaul might mint hedge fund riches, losses[more]

    Some hedge funds deliver double-digit gains for 2017 From Reuters/Investing.com: A handful of hedge funds ended 2017 with double digit returns, their investors said, at a time the $3 trillion industry took in fresh money and posted its best returns in years, industry data show. Act

  5. Investing - Hedge funds start 2018 with record $19 billion bet on the euro, Hedge fund Kora Management invests in Satin Creditcare[more]

    Hedge funds start 2018 with record $19 billion bet on the euro From Reuters.com: Hedge funds have kicked off 2018 with their biggest bet ever on the euro rising, a clear vote of confidence in the single currency but, with positioning so stretched, one which could backfire in the near ter