AIC - News and events - Political and regulatory news - Issue 4 - 20 October 09

Political and regulatory news

Issue 4 - 20 October 09

 

This edition of "Political and Regulatory News" focuses on the Alternative Investment Fund Managers (AIFM) Directive.  The AIFM Directive is draft legislation, currently being agreed in Europe, which will regulate ‘alternative investment funds’.  The scope of the proposals potentially captures all investment companies regardless of their asset allocation, domicile, size or venue for trading their shares.

The desire for regulatory reform in response to recent market turbulence is high on the political agenda but the proposals fail to reflect the unique characteristics of investment companies.  As a result, they threaten to damage the commercial flexibility of, and prospects for, the sector.  Tackling this agenda is the AIC’s highest priority.

AlC’s approach to the AIFM Directive

The AIC has responded to the negative consequences of the AIFM Directive by proposing alternative routes to regulation.

Presidency identifies issues in relation to AIFM Directive

The European Presidency has published a paper setting out a number of issues for consideration in relation to the draft AIFM Directive.

Overhaul of depositary arrangements proposed

The European Commission proposes changes to the regulatory framework for depositary services for UCITS funds as a consequence of the AIFM Directive.

Lords Select Committee calls for evidence on AIFM Directive

The AIC has submitted evidence to the Lords Select Committee highlighting the negative consequences of the AIFM Directive on the investment company sector.

Other trade bodies highly critical of AIFM Directive

AIMA, BVCA and IMA call for significant changes to proposals to regulate alternative investment managers.

AIFM Directive subject to complex legislative process

The final shape of the AIFM Directive will be determined by a process of negotiation between the European Commission, the European Parliament and the Council of Ministers, making the timetable and outcome uncertain.

Further information

Contact us

Guy Rainbird
Public Affairs Director
Tel: 020 7282 5553
guy.rainbird@theaic.co.uk

Alison Andrews
Project Manager
Tel: 020 7282 5613
alison.andrews@theaic.co.uk