•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

From Precy Dumlao, Opalesque Asia:

The implementation of a passporting rule running parallel with private placements between 2015 and 2018 as part of the European Union's final terms of the Alternative Investment Fund Managers Directive (AIFMD) "will create confusion", says Professor J.V. Bannister, Chairman of the Malta Financial Services Authority (MFSA).

Speaking at the recent Opalesque Malta Roundtable Bannister noted, "It is still not clear under the new AFIM directive whether there is going to be harmonization of the rules, as each country has separate rules. For example, in the UK you can sell to professional investors, in France you cannot, and in Malta you can, provided you register."

According to Bannister, AIFMD allows new regulators to draw out new rules which will then be subjected for approval by the European Commission and the European Parliament. "My fear is that at the end of five years there will be no private placement and no passporting and we will end up in the same confusion we are in today," he told participants.

On November 11, the European Parliament approved the final terms of the AIFMD allowing the distribution of non-EU funds to professional investors in the EU through bot......................

To view our full article Click here