Fri, Oct 28, 2016
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


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. David Einhorn speaks on passive investing, Mylan, his cheapest stock, the Fed[more]

    From Greenlight Capital hedge fund manager David Einhorn (Trades, Portfolio) joined nine other famed investors on Tuesday to talk about stocks at the annual Great Investors’ Best Ideas Investment Symposium in Dallas. Presenters at the annual conference typically pitch one or severa

  2. Investing - Fund set up to buy illiquid hedge fund stakes finds plenty of opportunities, Lansdowne's Roden says likes animal genetics company Genus[more]

    Fund set up to buy illiquid hedge fund stakes finds plenty of opportunities From As ValueWalk reported back in February, earlier this year Andrew Lawrence set out to raise $250 million to $500 million for a fund that will buy stakes in hedge funds that have suspended redem

  3. Other Voices: Don’t mistake style for skill — The impact of style factors on trend follower performance[more]

    By John Dolfin, CFA Chief Investment Officer and Christopher Maxey, CAIA, Senior Portfolio Manager of Steben & Company: Managed futures have become an alternative asset class that is widely used by investors seeking overall portfolio diversification and absolute returns independent of the

  4. Opalesque Roundtable: Style drift, poor communications and credibility fatigue are biggest red flags for hedge funds investors[more]

    Komfie Manalo, Opalesque Asia: Style drift, poor communications and credibility fatigue are the biggest red flags for hedge funds investors, said participants of the latest 2016 Opalesque Investor Roundtable, sponso

  5. Barclay CTA Index down 0.40% in September (+0.10% YTD)[more]

    Managed futures traders lost 0.40% in September according to the Barclay CTA Index compiled by BarclayHedge. The Index is up 0.10% year to date. “The US Fed, in spite of its hawkish tone, opted to hold rates steady which roiled financial markets,” says Sol Waksman, founder and president of BarclayHe