Abacus co-hosts AIFMD briefing in Switzerland
Paul Kneen addressed the Geneva meeting. Since the initial drafting of the Alternative Investment Managers Directive (AIFMD) in 2009, many fund managers have expressed concern about its impact on the sustainability of funds and management companies...
[attach id="239390" size="medium"]Paul Kneen addressed the Geneva meeting.[/attach]
Since the initial drafting of the Alternative Investment Managers Directive (AIFMD) in 2009, many fund managers have expressed concern about its impact on the sustainability of funds and management companies within the EU and further afield.
Fund service provider Abacus recently co-hosted an event at Geneva’s Hotel de la Paix for asset managers, law firms and other members of the financial service advisory community.
The briefing discussed the impact of the directive on Swiss and other non-EU managers of collective investment schemes.
Abacus’ Funds Group managing director Paul Kneen said: “Recent changes by the EU to the regulation of how alternative investment fund managers distribute their funds and operate their businesses have been received throughout Europe with mixed reactions. Switzerland is under no obligation to implement the AIFMD.
“However, failure to do so would mean Switzerland would not be able to enter into the required co-operation agreements with EU regulators once the AIFMD comes into effect in June. This would prevent Swiss resident managers from continuing to sell their products in the EU.”
Mr Kneen added that in light of the directive, Swiss authorities have amended the Collective Investment Scheme Act to bring the regulation of managers of unregulated funds in Switzerland in line with international developments.
Non-EU countries will not be able to apply for the passport until 2015. As one of the 27 member countries, Malta is able to assist Swiss investment advisory and management firms to establish a cost-efficient presence in Malta while retaining access to EU markets, Mr Kneen explained.