"There are provisions with potentially serious consequences for managers, investors, service providers and advisers internationally", Andrew Baker, AIMA CEO, said. "The draft directive has created enormous confusion".
The Alternative Investment Management Association announced plans to mobilise the world’s hedge fund industry on the European Commission’s draft directive for Alternative Investment Fund Managers.
"There are provisions in this directive with potentially serious consequences for managers, investors, service providers and advisers internationally", Andrew Baker, AIMA CEO, said.
“The draft directive has created enormous confusion”, Baker complained. “Because of the lack of proper consultation the directive presumes a structure for the industry which bears little relationship to reality”, he said and went on to add "that the Implementation could prove to be unworkable and appears to be in conflict with existing EU financial services legislation".
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