Letter Responding to ESMA Paper on Implementing Measures Under Article 3 of the AIFMD

MFA submitted a comment letter in response to ESMAs discussion paper on scope issues in Article 3 of the Alternative Investment Fund Manager Directive. In our letter, we encouraged ESMA to: (1) calculate assets under management on a net basis, not gross, and to include assets in EU funds, from EU investors or managed out of the EU as a way to achieve regulatory oversight of hedge fund managers without creating inconsistent or unnecessary overlapping regulation for global managers; (2) to allow managers flexibility in calculating their exposure for purposes of determining the amount of leverage they are using, similar to the European UCITS directive; and (3) ensure that systemic risk reporting by EU regulators be done in a way that is coordinated with other regulators, provides confidentiality for sensitive information and allows managers a sufficiently reasonable period of time to complete their reporting obligations.

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