AIC welcomes proposed changes to the AIFM directive
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The Association of Investment Companies has backed possible amendments made by the Swedish Presidency to the Alternative Investment Fund Managers Directive.
The new proposals include possible changes to specific obligations implied by the Directive on the likes of liquidity management and requirement for independent valuations. It also looks at who it applies to in greater detail as well as how any marketing passport would operate.
AIC acting director general Ian Sayers believes will allow more informed discussion on the next stage of the directive.
He says: ““The proposed amendments demonstrate that policymakers are seeking to get to grips with critical issues, including those which are fundamental to the future of the investment company sector.
“Notably they raise the possibility of the company itself taking responsibility for compliance with the Directive. We would welcome this approach as it would maintain the legal status of the board, remove the possibility of regulatory conflict between it and the manager and preserve its ability to ensure the company is run in the best interest of shareholders.”
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