Opalesque – The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has published detailed analysis of the European Commission’s draft implementing rules for the Alternative Investment Fund Managers Directive (AIFMD) which shows substantial policy differences between the Commission text and the advice provided by the European Securities and Markets Authority (ESMA).
Key areas where the Commission text diverges substantially from the ESMA advice include third country provisions, depositaries, delegation, leverage, own funds, professional indemnity insurance, appointment of prime brokers and calculation of assets under management.
