Fri, Jul 28, 2017
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. Launches - Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle, Jersey players institutionalize first regulated crypto-currency hedge fund[more]

    Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle From Coindesk.com: The operators of a regulated, Jersey-based bitcoin hedge fund have officially closed a new $5 million fund aimed at investing in cryptocurrency tokens and initial coin offerings (ICOs). Backed by fun

  2. SWFs - China Wealth fund backs TPG lender as part of U.S. property push[more]

    From Bloomberg.com: China Investment Corp., the sovereign wealth fund that controls $814 billion in assets, is betting on U.S. real estate by investing in a commercial real estate lender formed by the money management firm TPG. In conjunction with last week's initial public offering of TPG RE Financ

  3. Months to minutes: Enigma launch aims to boost crypto hedge fund creation[more]

    From Coindesk.com: What if starting a hedge fund was as easy as downloading an API? A startup incubated at MIT Media Lab is today revealing a product designed with this ease-of-use in mind. Called Catalyst, the first product offering by blockchain startup Enigma aims to trigger nothing short of an e

  4. North America - Hedge funds disclose their Puerto Rico debt holdings, US dominates new money portion of Greece's debt sale[more]

    Hedge funds disclose their Puerto Rico debt holdings From Reuters.com: A group of hedge funds that hold about $3 billion of Puerto Rico sales-tax-backed debt released a court filing late on Tuesday that revealed how much of the total amount each fund manages. Decagon Holdings LLC,

  5. $25 million cryptocurrency fund launches to capitalize on the "internet of the future"[more]

    From Coindesk.com: General Crypto, a $25 million cryptocurrency hedge fund, has launched to provide high net worth investors with liquid exposure to the cryptocurrency market and digital assets that they believe could run the technological infrastructure of the future. Since the start of 2017, the t