Friday, 27 November 2015
Last updated 1 day ago
Dec 20 2012 | 9:43am ET
The hedge fund industry is greeting the final text of the European Union's new alternative investments regulations with guarded relief, mixed with a heavy dose of criticism.
The European Commission this week accepted the implementing rules for the Alternative Investment Fund Managers Directive, giving national regulators six months to put it in place.
"We are pleased that the implementing measures of the AIFMD has been published," AIMA chief Andrew Baker said. "This will enable the industry to make its final preparations for implementing the Directive by July 2013."
"While we may not agree with all of the final provisions—notably on areas like depositaries and delegation—it is now important to look forward," Baker said.
Julie Patterson, the Investment Management Association's director of authorized funds and tax, isn't so sure, calling the final text "a disappointing outcome that arises out of a flawed process."
"Some of the detailed provisions in this regulation are out of sync or even conflict with other regulations that managers are required to follow and will impose additional costs for investors without conferring clear benefits," she said. "They make require the setting-up of additional companies within groups, reduce investor choice in non-EU markets, bring non-EU funds into quarterly reporting to EU regulators and could render 'multi-manager' type strategies impossible."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…