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Jiří Król The Alternative Investment Management Association ( AIMA)

Nothing herein should be construed as legal advice or as a legal opinion for any particular situation. Information is provided for general guidance and should not be substituted for formal legal advice from an experienced securities attorney. Jiří Król

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Jiří Król The Alternative Investment Management Association ( AIMA)

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  1. Nothing herein should be construed as legal advice or as a legal opinion for any particular situation. Information is provided for general guidance and should not be substituted for formal legal advice from an experienced securities attorney. Jiří Król The Alternative Investment Management Association (AIMA) Developments in the Alternative Fund Management Space 13th October 2011

  2. What do hedge fund managers need to be able to carry out their strategies? • Ability to short sell • Ability to buy/enter into complex instruments/contracts • Ability to use leverage • Ability to operate globally

  3. Short selling regulation Public disclosure regime of individual short positions in shares above 0.5% of issued capital ‘Hard locate or reserve’ rule for uncovered short sales of shares Expanded powers for ESMA to ban short selling of all kinds Ban on naked sovereign CDS

  4. MiFID/MiFIR • ESMA will have powers to prohibit or restrict • the sale of financial instruments or financial instruments with certain features • a type of activity or practice • limit the ability of a person to enter into a commodity derivative contract

  5. AIFMD and leverage • Competent authorities could have powers to restrict leverage when the use of leverage: • could constitute an important source of risk to a financial institution • may contribute to the downward spiral in the prices of financial instruments or other assets

  6. Third country issues • AIFMD – investor access reduced? • EMIR – ability to clear outside EU uncertain? • MiFID/MiFIR – ability to trade with non EU counterparties/clients impossible?

  7. Conclusion • Key market features necessary for successful operation under serious threat in the EU • Uncertainty large as ESMA has no track record • Interventions risk to be politically motivated

  8. Any Questions? Nothing herein should be construed as legal advice or as a legal opinion for any particular situation. Information is provided for general guidance and should not be substituted for formal legal advice from an experienced securities attorney. Jiří Król The Alternative Investment Management Association (AIMA)

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