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The Alternative Investment Management Association Limited. The AIFM Directive and the Cayman Islands. Friend or foe? . Matthew Jones Associate Director, AIMA . A Global Organisation for a Global Industry. Where did it come from?. Hedge funds are such lovable creatures….

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The Alternative Investment Management Association Limited

The AIFM Directive and the Cayman Islands. Friend or foe?

Matthew Jones

Associate Director, AIMA

A Global Organisation for a Global Industry

where did it come from
Where did it come from?
  • Hedge funds are such lovable creatures…
where did it come from3
Where did it come from?
  • German Presidency of the EU and G8
  • Rasmussen and Lehne Reports
  • Financial crisis
  • José Manuel Barroso’s re-election
  • 30 April 2009 – the draft AIFM Directive is born!
not everybody liked it
Not everybody liked it…
  • "This is a very dodgy directive that's been poorly constructed. It was produced in a hurry. It's a process that makes those who support the European Union embarrassed."

Treasury Minister Lord Myners (9 November 2009)

  • “Almost all” of the Directive’s original provisions need to be redrafted to make them appropriate, proportionate and adequate.

Patrice Bergé-Vincent of French financial regulator AMF (9 October 2009)

  • "I hope they will come forward with something more balanced. It really doesn't work."

Eddy Wymeersch, chairman of the Committee of European Securities Regulators (8 October 2009)

  • “The problem in amending this draft is to decide where to start."

Lindsay Tomlinson, incoming Chairman of the UK’s National Association of Pension Funds (12 July 2009)

  • “I have some doubts on the wisdom of some aspects of this proposal.”

Jacques de Larosière, Chairman, High Level Group on Financial Supervision in the EU (24 June 2009).

where are we now
Where are we now?

Consultation Period

European Commission

Draft

European Council

European Parliament

Council Working Groups

JURI

COREPER

ECON

ECOFIN

PLENARY

Trilogues

where are we now6
Where are we now?

AIFMD – draft timeline for 2010:European Parliament and European Council

European Parliament

Council of the European Union

International bodies

3 & 25 Mar: Informal trilogue mtgs between Council, Parliament and Commission

18 May: ECOFIN Council mtg (anticipated AIFMD debate)

8-9 Feb: Council WG mtgs (attaches only)

1 Jan: Spanish Presidency commences

22-23 Apr: G20 Finance Ministers’ mtg

1 Jul: Belgian Presidency commences

18-19 Feb: Council WG mtgs (attaches only)

11 Jan: Presidency produces Issues Note

15 Apr: Informal trilogue mtg

4 & 10 Mar: COREPER II mtgs

26 Apr: Council WG mtg (attaches)

14-15 Jan: Council WG mtgs

8 June: ECOFIN Council mtg

25-26 Feb: Council WG mtgs (attaches only)

Jan

Feb

Mar

Apr

May

Jun

Jul

28 Apr: Vote in JURI on draft Opinion

21 Jan: Deadline to present amendments to Gauzès report in ECON

22-23 Feb: First discussion of amendments in ECON Committee

17 Mar: Second discussion of amendments in ECON Committee

10 May: Vote in ECON on final report

23 Feb: Deadline to submit amendments to JURI draft Opinion

27-28 Jan: Presentation of draft Opinion in JURI Committee

6 July: Vote on final AIFMD text in Plenary

where it s going
Where it’s going?
  • Depositaries
  • Third country issues
    • Commission
    • Council
    • Gauzès and other groupings
  • Level 2 (and Level 3)
  • Implementation
what lies ahead
What lies ahead?

What does it mean for Cayman?

what does it mean for europe
What does it mean for Europe?

Paradise?

or…

Fortress Europe?

contact
Contact

Alternative Investment Management Association

Enhancing understanding, sound practices and industry growth

Tel: +44 (0)20 7822 8380

Fax: +44 (0)20 7822 8381

Email: info@aima.org

Web: www.aima.org

A Global Organisation for a Global Industry