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Edouard Vieillefond Precy Dumlao, Opalesque Asia:
The implementation of AIFMD (and later UCITS V) should not distract asset managers from other pieces of European legislation like EMIR and MiFID 2, which will have a huge impact on asset management, said Edouard Vieillefond, Managing Director at the French market regulator AMF and in charge of the Regulatory Policy and International Affairs division.
Vieillefond made the statement during the latest Opalesque France Roundtable, was sponsored by Lyxor and Eurex and took place on June 6th, 2013 in Paris.
He continued, "Questions of consistent articulation between these texts may raise some important issues, because, to be frank, they seem to have been thought 'in silos’ to some extent, without cross-examining their consistency with one another. For instance, EMIR concentrates counterparty risks in OTC derivative transactions at the level of central clearing houses, whereas UCITS sets rules for spreading that counterparty risk. The status of securitization vehicles across AIMFD and EMIR is another interesting issue."
According to Vieillefond, in the end, there is still a lot of progress to be made, both at international and European levels, to ensure that those regulations are consis...................... To view our full article Click here
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