The Alternative Investment Management Association has welcomed the appointments of the rapporteur and shadow rapporteurs for the European Commission’s Alternative Investment Fund Manage
The Alternative Investment Management Association has welcomed the appointments of the rapporteur and shadow rapporteurs for the European Commission’s Alternative Investment Fund Managers directive.
Jean-Paul Gauzès (pictured), the European People’s Party’s representative for North Western France, has been appointed as the AIFM directive’s rapporteur and will guide the directive through the European Parliament.
Wolf Klinz (ALDE), Syed Kamall (ECR) and Pascal Canfin (Greens) have been appointed as shadow rapporteurs. The final shadow rapporteur for the S&D will be appointed next week.
Aima is campaigning for the draft directive in its current form to be substantially revised. The association welcomes the parts of the directive which relate to the G20 process, such as the reporting of systemically relevant data by managers to their national supervisors and the registration and authorisation of managers. But Aima has argued that there are other elements of the directive – such as those relating to leverage, depositaries and marketing – which have been poorly drafted and which will have many unintended and potentially damaging consequences.
Florence Lombard, Aima’s executive director, says: ‘We look forward to working with Europe’s parliamentarians on the directive. We hope that it will be possible to secure appropriate EU-level regulation of the alternative investment management industry in Europe and effective structures for the reporting of systemically relevant data in the broader interests of financial stability, while at the same time ensuring that Europe’s competitiveness in financial services and as a destination for international investment is not compromised. Nor should this lead to negative consequences in terms of pensions, savings, commercial real estate and jobs for the economies of the Union’s member states.’
