AIMA Welcomes FSA's European AIFM Directive Impact Assessment

24 August 2009

AIMA is campaigning for the draft directive in its current form to be revised.

AIMA has welcomed the impact assessment of the European Commission's draft directive on Alternative Investment Fund Managers commissioned by the UK's Financial Services Authority.

AIMA is campaigning for the draft directive in its current form to be revised. Although the association welcomes the parts of the directive which relate to the G20 process, such as the reporting of systemically relevant data by managers to their national supervisors and the registration and authorisation of managers, AIMA has argued that there are other elements of the directive (such as the sections relating to leverage, depositaries and marketing) which have been poorly drafted and which will have unintended consequences.

AIMA has sought an impact assessment of the directive by the European Commission, suggesting that it could impose major costs on a large part of Europe's financial services industry, reduce Europe's competitiveness in financial services and as a destination for international investment, and impact Europe's citizens through its effect on pensions, savings, jobs and real estate.

© AIMA - Alternative Investment Management Association