Opalesque – The hedge fund industry is loudly attacking a new draft of “supplementing rules,” to the Alternative Investment Fund Managers Directive (AIFMD) being circulated by the European Commission. The 110-page draft takes a much hard stance on alternative investments, and fails to include many recommendations from the European Securities and Markets Authority (ESMA).
Hedge fund industry association leaders and some countries including the UK are calling the new rules a naked power grab by the European Commission. An account in the Daily Telegraph quotes a source as saying that “much of the text it proposes is now extremely dogmatic and unworkable.”
