Mon, May 21, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

AIMA reports uneven progress in implementing AIFMD

Wednesday, July 24, 2013
Opalesque Industry Update - Uneven progress is being made in implementing the Alternative Investment Fund Managers Directive (AIFMD) across the European Union, according to a joint study by the Alternative Investment Management Association (AIMA, the global hedge fund industry association, and EY, the multinational professional services firm.

The AIMA/EY study found that although a majority of EU Member States have either already transposed the AIFMD into law within the transposition deadline of 22 July 2013, or have drafted the final legislation and are awaiting parliamentary approval, only 12 Member States have completed full legislative transposition.

At least five Member States are known to have made little or no progress towards drafting or finalising the required legislation.

The AIMA/EY study also found that at least 15 Member States are allowing managers more time to comply with the Directive under transitional periods of up to one year from the transposition deadline, although two of those appear to be extending this relief only to their domestic managers.

The findings are part of a wider AIMA/EY survey on the implementation of the AIFMD. Other areas being looked at include the different approaches being taken across the EU to key areas such as private placement rules, reporting timeframes and remuneration requirements. The full results of the survey will be released in September.

Jiri Krol, AIMA’s Deputy CEO, Head of Government & Regulatory Affairs, said: “It rarely happens that all Member States transpose on time but we are encouraged by the progress that is being made by some of the key asset management and fund jurisdictions in implementing the Directive. That said, there are still significant areas of uncertainty even in those jurisdictions that have transposed the text.”

Julian Young, Partner, EMEIA Asset Management, EY, said: “The Directive is a complex piece of legislation, and we can't under-estimate the task facing Member States and national regulators in implementing it within the required timeframe. Even though the number of Member States that have already implemented the AIFMD may not look impressive, more progress has been made toward transposition than had been expected. However, it's clear from the survey results that the Directive has not yet achieved the single market for non-UCITS products it was aiming for, and so firms will have to operate across a patchwork quilt of regulatory standards for the next few years at least."

Press release

bc

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. News Briefs - Warren Buffett: Target date funds aren't the way to go, Cambridge Analytica could be reborn under a different name[more]

    Warren Buffett: Target date funds aren't the way to go Planning for retirement can be complicated and stressful. This is why target date funds - funds that are managed based on when you expect to retire - are so attractive. Over time, the balance of stocks, bonds and cash evolve automati

  2. Investing - Hedge funds hike Smurfit Kappa positions amid takeover deal hopes, Hedge fund IBV Capital digs deep to unlock long-term value in a competitive market, Eisman of 'The Big Short' fame recommends shorting Deutsche Bank[more]

    Hedge funds hike Smurfit Kappa positions amid takeover deal hopes From Irishtimes.com: Two US hedge funds, Davidson Kempner and York Capital, have accumulated a combined 4.74 per cent interest in cardboard box maker Smurfit Kappa using financial derivatives. It comes as many investors cl

  3. Foundations of hedge fund managers gave big to controversial donor-advised funds[more]

    In the world of philanthropy and tax-deductible charitable giving, the explosion of donor-advised funds has touched off intense debate. Now, there is evidence that the DAF boom is being further fuelled by hedge fund foundation money. Four of the top five foundations that gave the most to large do

  4. Study: For hedge funds, smaller is better[more]

    From Institutionalinvestor.com: The smaller the hedge fund is, the better its performance is likely to be, according to a new study. The study - "Size, Age, and the Performance Life Cycle of Hedge Funds," released April 26 - sought to determine whether a hedge fund's size and age had any effect on i

  5. Hedge fund returns rose in April for first gain since January[more]

    From Bloomberg.com: Bloomberg Hedge Fund Database shows returns flat this year - Currency strategies had the biggest monthly gain at 13% Hedge fund returns increased 0.78 percent in April, reversing two consecutive monthly declines. The swing of 134 basis points was driven by gains in all seven