aima: Analyse zu ESMA-Advices und AIFMD

Der Verband „Alternative Investment Management Association“  (aima) hat im April 2012 ein Dokument veröffentlicht, das die Unterschiede der aktuell veröffentlichten EU Directive „AIFMD“ zu den von der Esma vorgeschlagenen „technical advices“ beschreibt. Insbesondere die detaillierten Analysen zu den Regelungen bezgl. Verwahrhaftung der Depotbank (Seite 30 ff) sind ganz interessant. (Quelle:; Download: aima Analyse zu AIFMD – ESMA“The recently released EU Commission draft regulation implementing the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) diverges significantly from the technical advice provided to the Commission by ESMA. This note sets out to document and analyse important policy departures from the ESMA advice observed in the EU Commission’s draft, highlighting some of the unintended consequences of the proposed changes.

It appears that the changes highlighted in this document cannot be the result of “translation” of technical recommendations into legal language with the aim of providing greater clarity or legal certainty. This is because the changes often introduce new policies which have not been recommended by ESMA, leave out ESMA advice completely or reconfigure the parameters which ESMA put forward following technical discussions with experts.”