Wednesday, 27 August 2014
Last updated 4 hours ago
Oct 22 2012 | 9:55am ET
Institutions licensed to act as UCITS depositaries in one European Union country should be able to carry out that function throughout the EU, argues a hedge fund lobby group.
In a position paper on the proposal for a UCITS V Directive (the latest iteration of the regulated European funds), the Alternative Investment Management Association calls for a so-called 'passport' regime for depositaries, as opposed to the existing regime that limits the provision of depositary services to funds located in the same member state as the depositary institution.
AIMA argues a passport would standardize depositary regulations which currently differ from state to state within the EU.
The paper also calls on the European institutions to align UCITS depositary regimes and remuneration requirements with those of the Alternative Investment Fund Managers Directive, which takes effect in July 2013, among other recommendations.
The European Commission published its proposal for a UCITS V Directive in July. The final text may be adopted during 2013 although there is no formal timetable at present.
Andrew Baker, AIMA CEO, said: “We welcome much that is contained in the Commission’s proposal to amend the UCITS Directive, but as our position paper makes clear, we believe that the time has come for a proper discussion about introducing a depositary passport. Such a passport would bring more competition and more choice for managers and investors and would remove a significant barrier to the single market. Without it, there is a risk of a lack of competition in the depositary space and increased systemic risk as a result.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...