EVCA comments on ESMA's advice on the Alternative Investment Fund Managers Directive

17 November 2011

Karsten Langer, chairman of EVCA, said there remain areas of concern, in particular around the role of depositaries, whose interference in the investment decision would be of concern to fund managers and investors alike, by upsetting the tight alignment of interests which exists in the industry.

Following the release of ESMA's advice to the European Commission on the Alternative Investment Fund Managers Directive, Karsten Langer, chairman of EVCA, said: "In contrast to the rushed birth of this Directive, we have been encouraged by ESMA's diligent and professional approach to this file, both by giving occasion for industry input, as well as providing due respect to the role of national regulators. We are also encouraged by ESMA's acknowledgement of the need to tailor the rules of this broad-reaching Directive, to ensure it achieves policy goals without saddling the economy with red tape and unnecessary burden, in particular at a time when the positive influence of private equity and venture capital on economic growth is needed more than ever.“

Press release

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