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27 September 2011

AIFMD(オルタナティブ投資ファンドマネージャー指令)の「第三国規則」は投資家のリスクの集中を回避すべきだというEVCA(欧州ベンチャーキャピタル協会)


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EVCA has warned against the implementation of such rules relating to non-EU managers and funds going beyond the intention of the AIFM Directive, which could unduly jeopardise investor choice and their ability to diversify risk.


On behalf of the European private equity and venture capital industry, EVCA has submitted a response to a consultation by the European Securities and Markets Authority (ESMA) on the implementation of third country rules in the AIFM Directive.

Dörte Höppner, secretary general of EVCA, said: "ESMA has proposed imposing an ‘equivalence’ test for the use of non-EU delegates and depositaries that is not supported in the Directive. The concept of equivalence was considered and dismissed in the AIFM Directive. It is unworkable and would ultimately work against a key goal of this legislation – to protect investors. By unreasonably restricting investor choice and access, the clear consequence would be a concentration of risk within investment portfolios. As the AIFM Directive text envisages, a level playing field between EU and non-EU managers can be effectively achieved through other means, such as cooperation agreements between regulators that assess outcomes, rather than through a line-by-line assessment of equivalence of their respective regulation."

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© EVCA - The European Private Equity & Venture Capital Association


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