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Patrice Bergé-Vincent By Beverly Chandler, Opalesque London:

Patrice Bergé-Vincent, head of the Asset Management Regulation Division at French securities regulator AMF outlined the likely impact of new regulation on the French asset management industry while speaking at the Opalesque 2012 France Roundtable.

Taking a historical perspective, Bergé-Vincent recapped that at the beginning of 2009, in the aftermath of the financial turmoil, the G20 leaders decided that all products and entities on financial markets should be regulated. The G20 recommendations included hedge funds or their managers should be registered and supervised, because they were perceived as being, previously, unregulated. This recommendation was implemented in Europe from May 2009, with the European Commission proposal for the alternative investment fund manager’s directive (AIFMD).

Bergé-Vincent explained that AIFMD was never intended to regulate the investment strategies a hedge fund can deploy. He said: "Hedge funds need flexibility regarding their investment strategy, that is negotiated and documented in private agreements between investors and the fund manager. What AIFMD is focusing on is an obligation to register the manager/AIFM with a national regulator; provide more transparency, and more reporting to the regulator and investors; along with some supervision from the regulator".

Bergé-Vincent believes that once AIF......................

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