Unpublished AIFM Amendments by Swedish EU Presidency

by Karl Hindle - London UK

The Alternative Investment Fund Manager Draft Directive has been subjected to a series of amendments as a compromise effort by the EU's Swedish Presidency.

ComplianceAsia has obtained a copy of the unpublished amendments, distributed a few days ago to EU delegates, and a copy is exclusively available here

In depth analysis will be available shortly, but a cursory examination of the compromise proposal indicates that concerns exist primarily with:

1. remuneration issues;
2. strengthening exchange of information beyond mere cooperation of Member State regulators;
3. short-selling information as it impacts home market and exchange of said information with other Member States;
4. strengthening stress testing to include exceptional circumstances; and
5. clarification of AIFM management tasks and roles.

It appears that no material compromise has been required in connection to capital adequacy, though there are some apparently minor amendments to valuation principles.

A detailed analysis will follow as soon as is practical.