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Alternative Investment Fund Managers Directive: EFAMA Position

Press Conference London, 3 September 2009. Alternative Investment Fund Managers Directive: EFAMA Position. Peter De Proft, Director General of EFAMA. EFAMA Policy towards Directive. Fundamental analysis and constructive approach towards the principle of the AIFM Directive

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Alternative Investment Fund Managers Directive: EFAMA Position

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  1. Press Conference London, 3 September 2009 • Alternative InvestmentFund Managers Directive: • EFAMA Position Peter De Proft, Director General of EFAMA

  2. EFAMA Policy towards Directive • Fundamental analysis and constructive approach towards the principle of the AIFM Directive • Systemic risk and investor protection: political context • Need for dialogue and consultation with Commission, Council and Parliament • Prepare EFAMA position paper by mid-August • Common ground with European trade organisations Leadership and mission Strength Clear benefits for the industry

  3. Political context • Lack of consultation and hasty drafting • Political attempt to deal with the crisis, but misunderstanding/disregard of the real causes • EFAMA is not against regulation of Alternative • Investment Fund Managers, but regulation must • be coherent with UCITS and MiFID, and it must be • appropriate to the type of manager Leadership and mission Strength Clear benefits for the industry

  4. State of discussion at EFAMA • On April 21: Mandate to the Working Group by the Board • Working Group meetings • Questionnaire + Draft Position Paper • EFAMA preliminary position paper by beginning of August: • Working document for Council and Commission • Constructive European Compromise Strength Clear benefits for the industry 4

  5. EFAMA welcomes in general the AIFMD provisions on Conduct of business & conflicts of interest Risk management Liquidity management Transparency requirements

  6. Differences between AIFM and UCITS Directive Scope Marketing rules Capital requirements Valuation Depositary Delegation Passporting rights

  7. Five key requests Managers and funds subject to national regulation and exclusively distributed at national level should be exempted from the AIFMD National private placement regimes should continue to exist Consistency between AIFMD, UCITS Directive and MiFID Automatic authorization to manage AIFs for UCITS Management Companies Depositary regulation should be finalized after the results of the Commission consultation on UCITS depositaries

  8. Conclusion • AIFMD does not cover only Hedge Funds and Private Equity • Adjustments must be made to take into account fund specificities • Technical requirements (delegation, valuation, depositary) must take industry reality into account, or some funds will no longer exist • NOW is the time for cooperation between legislators, the asset management industry and European trade organisations

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