SPOTLIGHT SPOTLIGHT
IÕ M ON A MISSION FROM GOD
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE
Revealed recently by the European Commission, the directive has received harsh criticism from a large number of sources.
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MODEL CAR
The AIFM Directive calls for greater regulation of alernative investment fund managers; it’s been on the cards for a while. Concerns had been raised about perceived immoderate financial risk-taking by hedge fund managers and since private equity funds have also been a target. The directive is much broader in sweep - applying to all commodity, real estate and infrastructure funds as well as private equity and hedge funds that are not now regulated by the Collective Investment in Transferable Securities Directive. The directive does, however, only apply to alternative investment funds with an asset value over
risks associated with investment. The Directive states that only alternative investment fund managers in Europe can work within the community. As well as this, only funds that reside in Europe can be marketed by European Union authorised managers in the EU. There are rules affecting funds outside Europe but these will take up to three years to come into play. General discussions have been fixated on private equity and hedge funds; the Commission believes though that it would be short-sighted and naive to limit any legislation solely to these areas. Criticism has been strong
THE DRAFT WAS Ò RUSHED THROUGH IN A VERY TIGHT TIMEFRAME WITHOUT ANYTHING LIKE THE USUAL STANDARDS OF CONSULTATIONÓ
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FORWARD THINKING
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£90m - smaller funds will not be affected.
Fund managers who fall within the new directive will have increased regualtion. They will have to report to the regulator on the markets in which they trade; indicate to investors details on the return, liquidity, risk, fees and charges that relate to the investment; require government authorisation and register, although the fund itself will not require registration; have systems in place to manage liquidity, risk and conflicts of interest and, lastly, they must comply with a minimum capital requirement which at present stands at around £110,000. The costs of complying with all these stands to be high but the aim is to limit marketing to investors who the government deem able to comprehend all the
THE -ELEVATOR.COM THE -ELEVATOR.COM
- Florence Lombard, executive director of the Alternative Investment Management Association stated that, “[the draft was] rushed through in a very tight timeframe without anything like the usual standards of consultation that we expect from the Commission”. Upset was caused by the fact that political pressure was being levied even though independent reviews had concluded overall that hedge funds had little to do with the financial crisis. The European Venture Capital Association said of the proposal, “[it is] disproportionate, inappropriate and anti-
competitive”. In November 2009, the draft was revised but made no changes to the fundamental areas it covered. The debate continues with the next significant date set as May 2010.
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