The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

Statement on report by AIFM Directive Rapporteur

26 November 2009

“We appreciate the work Jean-Paul Gauzès has put into this report on the AIFM Directive, and we are grateful for his recognition of the importance of alternative investment funds (AIFs) in financing the European economy. We agree with the Rapporteur that the right balance needs to be struck between the vitality and the creativity of this industry and proportionate regulation and supervision.

“There are clearly some helpful proposals in this report. We welcome the emphasis on aligning the Directive with the G20 principles on remuneration policies. We agree with the removal of the threshold for registration and authorisation of AIFMs and fully support moves towards greater transparency on systemic risk issues. We welcome the recognition that national private placement regimes should still apply. And it is right that the Rapporteur should seek the alignment of the AIFM Directive with existing EU financial laws and regulations.

“At the same time, we have some concerns that a number of the measures in this report would negatively impact the vitality of the industry without necessarily delivering a desirable regulatory outcome. We would argue that short-selling is a market-wide issue and measures relating to it do not belong in this Directive. The apparent restriction on funds of hedge funds investing more than 30% in third-country AIFs is concerning. It is very important that clear differentiation is made between products for institutional investors and retail investors; the Directive has hitherto focused on products for institutional investors with products for retail investors remaining under national supervision. The provisions relating to leverage and depositaries appear to lack clarity although we will need time to assess the possible implications.

“Finally, we would note that the substantial revisions proposed to the Directive - both by M. Gauzès but also the Swedish EU Presidency - underline that the original draft of the Directive was deeply flawed. We look forward to continuing our dialogue with policymakers on possible further revisions and enhancements to the Directive in order to achieve a sustainable and workable outcome.”

“We will respond further once we have had the opportunity to examine the report in detail.”

Andrew Baker, CEO, AIMA

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