Blame for AIFMD circus lies with the regulator

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Blame for AIFMD circus lies with the regulator

Post by Rock Private Office on Thu Jul 04, 2013 8:06 am

Extract from Portfolio Adviser:

The Alternative Investment Fund Managers Directive (AIFMD) is to become law on 22 July, just over four years after the first draft was presented to the European Commission.

The Directive is designed to place more regulatory controls on managers of alternative investment funds to ensure investors are better protected and informed than previously.

It applies to all funds not subject to the Ucits Directive, including hedge funds, real estate funds and funds of funds, and its requirements are uniform across each fund type, despite their very different risk profiles.

It was initially met with derision from across the alternatives industry, with criticism it was a political knee-jerk reaction to the financial crisis and concerns no industry experts were involved in drawing up the proposals.

A survey of European alternative fund managers conducted at the end of 2010 found just 32% believed the legislation was necessary and just under a third, 31%, were supportive of it.

A little over four years later and we are just three weeks away from the directive becoming law, yet only 15% of AIFMs are ready for its implementation, according to a survey by KNEIP. Fund managers are clearly unhappy about the new rules, but why have they left their preparation to the last minute?

Experts have argued that even at this late stage in the process confusion as to exactly which funds or companies are included in the regulation remains.

Full article here: [You must be registered and logged in to see this link.]
Rock Private Office
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