AMF Regulation and Asset Management Newsletter 2/2009
23 June 2009
The Commission proposal on alternative investment fund Managers raises some misgivings, AMF General Secretary Thierry Francq said. Also, portfolio valuation for alternative funds is insufficiently supervised.
The Commission proposal on alternative investment fund Managers raises some misgivings, AMF General Secretary Thierry Francq said in the introductory statement. “It is possible that the scope of the directive will not extend to some funds that pose potential systemic risk while covering others that do not”, he explained.
Also, the proposal lacks a clear definition on the role and liability of alternative fund depositaries. “Portfolio valuation for alternative funds is insufficiently supervised and the independent nature of this function is ill-defined”, Franq said.
In addition the AMF considers that the passport for non-European alternative funds managed by a European manager poses a major threat in terms of investor protection and regulation shopping, he added, a threat which would adversely affect European asset management industry.
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