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IMA Director of Authorised Funds and Tax, Julie Patterson, said: “There is much in the ESMA draft guidelines that is helpful and sensible. But, a less prescriptive approach is needed in some areas.
“ESMA appears to be restricting the ability of the manager to delegate investment management and risk management. This is common among many types of AIF and should not be constrained.
“Also, there is some ambiguity about whether MiFID-authorised firms can also be alternative investment fund managers or whether they must first relinquish their MiFID licence. This issue needs clarity.”