FSA conduct business unit director of policy Sheila Nicoll has warned the European Commission that regulators are working to an “extraordinarily short” schedule to implement the “complex” alternative investment fund managers directive.
The directive regulates the managers of private funds, not the funds themselves, and aims to improve investor protection. EU member states are expected to implement the directive by July 2013 but the second and third levels have not been finalised.
At the FSA’s Asset Management Conference in London this week, Nicoll said: “Regulators are having to work over an extraordinarily short time for level two measures which cover very complex areas. I hope the commission will take this seriously and consider this issue very carefully.”
Nicoll also reiterated the regulator’s intention to ban rebates between providers and platforms, saying the move would make charges clearer, reduce the potential for product bias and follow the overall spirit of the RDR.