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IMA warns EU against adding to alternative fund directive

The Investment Management Association has warned that unnecessary detail in the EU’s Alternative Investment Fund Managers Directive could lead to investor detriment.

The IMA says the roughly 2,000 alternative funds in the UK that will come under the AIFMD could be hampered by further rules, responding to the European Securities and Markets Authority’s call for evidence on the directive.

IMA director of authorised fund and tax Julie Patterson says: “AIF investors are active market participants. Any further measures should not cut across their ability to access the investments and strategies they desire.

“The AIFMD is already a detailed piece of legislation.  We therefore urge ESMA to resist introducing further unnecessary detail into Level 2 and 3 measures, and to use directives rather than regulations at this stage.”

Level 2 of the AIFMD process is the rule-making phase.



OFT fines RBS £28.6m

The Office of Fair Trading has fined Royal Bank of Scotland £28.59m after it engaged in anti-competitive practices with Barclays. A statement from the OFT says the fine is in relation to the pricing of loan products to large professional services firms. It says Barclays blew the whistle on the practices, which is why it […]


FSCS bill exposes regulatory inefficiency

Two weeks ago, towards the end of my column, I referred to the legal challenge taking place against the Financial Services Compensation Scheme’s decision to classify Keydata Investment Services as an investment intermediary. I argued that despite the high risk of losing, Aifa should have backed the challenge on principle. As we saw last week, […]


FSA risk suitability paper shows the value of final notices

As a business, we use what is published by the FSA to check against our own practices. It is a really simple approach to making sure that what we do will stand up to any regulatory scrutiny. The publication of final notices is a good example. A regular session at our monthly best practice meetings […]


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