Progress report
An assessment of hedge fund YTD performance in the face of renewed fears for a potential eurozone crash Read More
Against the backdrop of difficult market conditions and growing investor…
16/11/2011
A broken Europe maybe the topic du jour for the world’s press, but no one appears to have reminded its agencies of this. From the Commission, to the European Parliament itself, there is a genuinely worrying impression of institutions going about their normal business, as they ignore the gathering storm.
On Wednesday, another European institution, Esma, the EU’s financial regulator, could be about to unleash a minor squall of its own, when it reports back on its AIFMD level 2 consultations. Early signs are that very little has changed, with the biggest bones of contention remaining depositary issues and third-country rules; although the latter will not become a burden until post-2015.
“We have spoken,” said one source involved in the consultation, “but we think the text remains broadly similar.” This isn’t necessarily a terrible thing, but now level 2 is complete, the Directive will leave the hands of Esma’s impartial technocrats and become a political football again, as it is kicked between the Commission and Parliament.
AIFMD has come a long way since its widely leaked arrival in April 2009, but it remains the sector’s largest regulatory thorn – more problematic than Dodd-Frank et al – and could create real problems if the politicos dispense with Esma’s advice and start to demand amendments.
Whatever happens, and it is likely the level 3 process will be drawn-out, despite the current tight timetable, the industry needs to remain watchful and as engaged as ever.
07/06/2012
Join us and our panel of experts for HFMWeek's Subscribers' Club June's UK breakfast briefing, 'Impact…
31/05/2012
The next US HFMWeek Subscribers' Club breakfast, will take place on Thursday May 31. Join us and…
02/02/2011
HFMWeek's European Hedge Fund Services Awards are designed to recognise companies that have outperformed...
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