MFA has published a White Paper on the draft AIFMD. It identifies several major problems, including:
- the Directive would effectively stop any non-EU AIFM from providing services to anyone in the EU because it does not allow them to seek authorisation under it. It will even preclude them from marketing to European investors;
- it excludes non-EU AIFMs from being delegates for portfolio management or risk management services;
- the disclosure rules should not require non-material disclosures;
- AIFMs should not have to separate risk management from portfolio management;
- the capital adequacy amounts are too high; and
- the strict requirements on who AIFs may use as valuers and depositaries may reduce the number of available service providers.