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By Beverly Chandler, Opalesque London:
The European Securities and Markets Association (ESMA), the independent European authority which contributes to safeguarding the stability of the European Union's financial system, has published draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive (AIFMD) in relation to supervision and third countries.
ESMA has replaced and carries on the work of the Committee of European Securities Regulator (CESR). It is charged with ensuring the integrity, transparency, efficiency and orderly functioning of securities markets, as well as enhancing investor protection. In particular, ESMA aims to foster supervisory convergence both amongst securities regulators, and across financial sectors by working closely with the other European Supervisory Authorities competent in the field of banking (EBA), and insurance and occupational pensions (EIOPA).
The background to this publication is that on 2 December 2010 the European Commission sent a request for assistance to CESR (now ESMA) on the content of the implementing measures for the Alternative Investment Fund Managers Directive (AIFMD).
On 13 July 2011, ESMA published a consultation paper seeking feedback from external stakeholders on the draft advice to the European Commission on possible implementing measures for the AIFMD and this consultation paper covered the first three parts of the Commission’s ...................... To view our full article Click here
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