The Alternative Investment Management Association (AIMA), the global trade association for hedge funds, has welcomed the broad thrust of industry proposals to reform the European investment regulatory framework, presented recently to the European Commission.
The Expert Group, made up of industry practitioners, was convened by the European Commission as part of its review and consultation on the European investment funds landscape. They have been considering ways to enhance the European framework for hedge funds and other investment funds.
The report highlights the current barriers to development and suggests several solutions, especially freeing up access for investors across Member States. Others include the removal of unnecessary and contradictory restrictions on institutional investors and recommending the passporting of expert services such as prime brokerage and fund administration.
“This is a detailed and thought-provoking report that sets out how hedge funds operate in Europe among a very mixed regulatory environment, why the leadership and innovations provided by hedge funds are important to the European investment sector and how excessive regulation could damage it," observed Florence Lombard, Executive Director of AIMA.
AIMA also stated that it was "pleased" to see the Expert Group urging the EU to approach the United States Securities and Exchange Commission about the issue of dual registration.
"AIMA has always felt it inappropriate that European hedge fund managers, already regulated by Member States, should have to register with the SEC. Recent events may, of course, mean that this is no longer required," the Association said.
The SEC's hedge fund registration, pushed through by former chairman William Donaldson, was struck down by a US appeals court last month. However, Democrats in the House of Representatives have introduced a bill that would enshrine the registration rules into new new legislation.
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