Industry calls for AIFMD structured exclusion

15 Feb 2013

The European Securities and Markets Authority (ESMA) should clarify that the Alternative Investment Fund Managers Directive is not intended to apply to structured issues, according to the Joint Associations Committee on Retail Structured Products. Structured issues are capital markets issuances and not funds, and are already regulated within other EU directives, said the JAC.

The committee argued that the lack of clarity in the directive (AIFMD) could have a negative impact on the market for structured issues, such as the €174.2bn retail structured investment product market, as of 2010, and the sukuk and loan participation notes market.

Structured issues are contractual capital ...

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