Thu, Jul 28, 2016
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: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. HFR: Hedge funds post strong gains in mid-July as markets recover from Brexit losses[more]

    Komfie Manalo, Opalesque Asia: Hedge funds posted strong gains through mid-July as the equity markets continued the recovery from Brexit losses. The HFRX Market Directional Index gained +2.17% (+4.22% YTD) and the HFRX Global Hedge Fund Index gained +1.03% through mid-month (+0.19%

  4. News Briefs - Carlyle goes on trial for a financial-crisis meltdown, Private equity and venture capital outperformed public markets in 2015, Pippa Middleton gets engaged to hedge fund manager James Matthews[more]

    Carlyle goes on trial for a financial-crisis meltdown Carlyle Group co-founder Bill Conway was in court on this small island last week recounting one of the most bruising episodes in his private-equity firm’s history: the 2008 collapse of mortgage-bond fund Carlyle Capital Corp. Carlyle

  5. …And Finally - Two men fall off cliff playing Pokemon Go[more]

    From BizarreNews.com: Two men who fell from a seaside cliff north of San Diego told authorities they became distracted while playing augmented reality game Pokemon Go. Encinitas fire Battalion Chief Robbie Ford said one of the men fell about 50 feet down the bluff in Encinitas while the other man fe