Politics & Regulation

AIMA highlights changes in AIFMD text from ESMA advice


The Alternative Investment Management Association has published detailed analysis of the European Commission’s draft implementing rules for the controversial Alternative Investment Fund Managers Directive (AIFMD), showing substantial policy differences between the Commission text and the advice provided by the European Securities and Markets Authority (ESMA).

According to AIMA, key areas of divergence between the Commission text and ESMA’s advice include third-country provisions, depositaries, delegation, leverage, own funds, professional indemnity insurance, the appointment of prime brokers, and calculation of assets under management.

“This is an exercise attempting to shed more light on the process,” said AIMA CEO Andrew Baker,