The AIFMD is no longer the 'nightmare' it could have been upon inception but difficulties remain, according to a panel of leading alternatives experts.
Charles Muller of legal firm KPMG Luxembourg said: "There was a real horror movie scenario, where the G20 decided, for reasons that are not entirely clear, that the hedge funds were the major cause of the financial crisis. This led to AIFMD which has gone through many different changes, difficulties and amendments since it was first published. This directive was, you can say, not born under a shining star."
In response, Jeff Rupp, director at INREV, a Brussels-based lobbying body for the non-listed real estate industry, said the regulation was difficult to begin with but showing signs of improvement. "It has not been as bad as expected", he said. "When we started working with ESMA at the roundtable stage, and looking at what the difficulties could be, we found a lot of the provisions were found to be quite difficult to take on board. But, to our satisfaction, ESMA was very responsive. We have seen changes across it and the directive is now much more manageable for investors and fund managers than it initially appeared it would be."
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