Opalesque Industry Update - The Alternative Investment Management Association (AIMA), the global hedge fund association, has expressed concerns over how the Alternative Investment Fund Managers Directive (AIFMD) would apply to non-EU managers and funds under proposals by a task force of the European Securities and Markets Authority (ESMA). ESMA is responsible for giving advice on specific rules and regulations that will enable the AIFMD to be implemented under an on-going process known as ‘level 2’. AIMA said the latest proposals went further than what was required - or even permitted - by the ‘level 1’ legislation agreed last year by the European Council, the European Commission and Members of the European Parliament. The Directive is scheduled to take effect in July 2013. In its response to an ESMA consultation exercise on the third country issues, AIMA said the proposed measures, if enacted, could have the practical effect of preventing EU investors from investing in non-EU hedge funds such as those managed from the US, Canada, Hong Kong, Singapore, Australia and Switzerland. Press release bc |
Industry Updates
AIMA expresses concerns over ESMA's AIFMD 'third country' proposals
Monday, September 26, 2011
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