Talk:Alternative Investment Fund Managers Directive 2011/Archive 3

Page contents not supported in other languages.
From Wikipedia, the free encyclopedia
Archive 1 Archive 2 Archive 3

Suggestions for introduction

Hi everybody! This article is already looking so much improved and a better resource for readers. As my final request here, I'd like to propose a cleaner, more concise introduction to replace the current one or perhaps be used to update it. I've included a proposed draft of this section below, with markup:

AIFMD Introduction v1

The Alternative Investment Fund Managers Directive (AIFMD) is a European financial regulation which was published in the Official Journal of the European Union on July 1, 2011 and came into force on July 21, 2011.

The AIFMD applies to hedge, private equity, real estate and other alternative investment fund managers operating within, or marketing to investors in, the European Union (EU).[1][2] It was designed by EU policy makers as a comprehensive plan for the oversight of alternative investment fund managers (AIFMs) operating in the EU. The plan requires all covered AIFMs to obtain authorisation from the EU and submit to government regulation.[3]

By May 2014, only one-third of EU nations had successfully implemented the directive into law.[4] As of 2014, the countries that had transposed AIFMD into law include the United Kingdom, Luxembourg,[5] Germany,[6] France,[7] Switzerland[8] and Ireland[9]. In December 2014, the European Commission issued a formal warning to countries including Spain, Latvia and Poland for not complying with AIFMD implementation.[10]
  1. ^ "Alternative Investment Fund Managers Directive (AIFMD)". Financial Conduct Authority. 12 November 2014. Retrieved 13 January 2015.
  2. ^ Dave Waller. "The long and winding road". BusinessLife.co. Retrieved 15 December 2014.
  3. ^ "UCITS V — an update". The Lawyer. 9 December 2014. Retrieved 16 December 2014.
  4. ^ Bill Prew (23 May 2014). "AIFMD update: only a third of EU states have implemented rules". Investment Europe. Retrieved 21 July 2015.
  5. ^ Sophie Baker (28 January 2013). "Countries lag on AIFMD implementation". Financial News. Retrieved 21 July 2015.
  6. ^ Becky Pritchard (3 March 2014). "AIFMD rules put Germany on the sidelines". Financial News. Retrieved 21 July 2015.
  7. ^ "Germany, France 'gold-plating' AIFMD rules, says survey". FTSE Global Markets. 11 October 2013. Retrieved 21 July 2015.
  8. ^ James Williams (17 April 2014). "Regulation and fund distribution challenges in Switzerland". HedgeWeek. Retrieved 21 July 2015.
  9. ^ Donnacha O'Connor (27 June 2014). "Ireland – Status of the AIFMD implemention". Hedgeweek. Retrieved 21 July 2015.
  10. ^ Neil Robson (8 December 2014). "AIFM Directive – Latvia, Poland and Spain Warned by European Commission for Failing to Fully Implement New Investment Fund Rules". The National Law Review. Retrieved 21 July 2015.
Introduction Markup v1

The Alternative Investment Fund Managers Directive (AIFMD) is a [[European]] financial regulation which was published in the Official Journal of the European Union on July 1, 2011 and came into force on July 21, 2011. The AIFMD applies to [[Hedge fund|hedge]], [[Private equity|private equity]], real estate and other alternative investment fund managers operating within, or marketing to investors in, the [[European Union]] (EU).<ref name="FCA14">{{cite web |url=http://www.fca.org.uk/firms/markets/international-markets/aifmd |title=Alternative Investment Fund Managers Directive (AIFMD) |author= |date=12 November 2014 |work=Financial Conduct Authority |publisher= |accessdate=13 January 2015}}</ref><ref name=Waller14>{{cite web |url=http://www.businesslife.co/Features.aspx?id=the-long-and-winding-road |title=The long and winding road |author=Dave Waller |date= |work=BusinessLife.co |publisher= |accessdate=15 December 2014}}</ref> It was designed by EU policy makers as a comprehensive plan for the oversight of alternative investment fund managers (AIFMs) operating in the EU. The plan requires all covered AIFMs to obtain authorisation from the EU and submit to government regulation.<ref name=Lawyer14>{{cite news |title=UCITS V — an update |author= |url=http://www.thelawyer.com/briefings/ucits-v-an-update/3029418.article |work=The Lawyer |date=9 December 2014 |accessdate=16 December 2014}}</ref>

As of 2014, only one-third of EU nations had successfully implemented the directive into law.<ref name=Prew14>{{cite news |title=AIFMD update: only a third of EU states have implemented rules |author=Bill Prew |url=http://www.investmenteurope.net/other/aifmd-update-only-a-third-of-eu-states-have-implemented-rules/2/ |work=Investment Europe |date=23 May 2014 |accessdate=21 July 2015}}</ref> As of 2014, the countries that had transposed AIFMD into law include the [[United Kingdom]], [[Luxembourg]],<ref name=Baker13>{{cite news |title=Countries lag on AIFMD implementation |author=Sophie Baker |url=http://www.efinancialnews.com/story/2013-01-28/countries-lag-on-aifmd-implementation |work=Financial News |date=28 January 2013 |accessdate=21 July 2015}}</ref> [[Germany]],<ref name=Pritchard14>{{cite news |title=AIFMD rules put Germany on the sidelines |author=Becky Pritchard |url=http://www.efinancialnews.com/story/2014-03-03/aifmd-rules-put-germany-on-sidelines |work=Financial News |date=3 March 2014 |accessdate=21 July 2015}}</ref> [[France]],<ref name=FTSE13>{{cite news |title=Germany, France ‘gold-plating’ AIFMD rules, says survey |author= |url=http://www.ftseglobalmarkets.com/news/germany-france-gold-plating-aifmd-rules-claims-survey.html |work=FTSE Global Markets |date=11 October 2013 |accessdate=21 July 2015}}</ref> [[Switzerland]]<ref name=Williams14>{{cite news |title=Regulation and fund distribution challenges in Switzerland |author=James Williams |url=http://www.hedgeweek.com/2014/04/17/200918/regulation-and-fund-distribution-challenges-switzerland |work=HedgeWeek |date=17 April 2014 |accessdate=21 July 2015}}</ref> and [[Ireland]]<ref name=OConnor14>{{cite news |title=Ireland – Status of the AIFMD implemention |author=Donnacha O'Connor |url=http://www.hedgeweek.com/2014/06/27/205846/ireland-%E2%80%93-status-aifmd-implemention |work=Hedgeweek |date=27 June 2014 |accessdate=21 July 2015}}</ref>. In December 2014, the European Commission issued a formal warning to countries including [[Spain]], [[Latvia]] and [[Poland]] for not complying with AIFMD implementation.<ref name=Robson14>{{cite news |title=AIFM Directive – Latvia, Poland and Spain Warned by European Commission for Failing to Fully Implement New Investment Fund Rules |author=Neil Robson |url=http://www.natlawreview.com/article/aifm-directive-latvia-poland-and-spain-warned-european-commission-failing-to-fully-i |work=The National Law Review |date=8 December 2014 |accessdate=21 July 2015}}</ref>

Again, I do have a financial WP:COI as I am proposing this update as a paid consultant to the Managed Funds Association, and won't be making edits to any section of this article myself. I'm just proposing this section for feedback, and possible placement. Let me know how this suits the article! 16912 Rhiannon (Talk · COI) 15:57, 4 August 2015 (UTC)

I see no problems with respect to COI but would make the following minor comments/suggestions:
  • The word "European" should not link to European, which is a disambiguation page. Linking to European Union would be better, though since the directive has EEA relevance, linking to European Economic Area might be even better.
  • The word "regulation" should be replaced by "directive". "Regulation" is misleading in an EU context. If the intention is to use a word that is better understood in a non-EU content, I think slightly different wording would be needed. The background is that EU legislation has things called "regulations", which are in fact (mostly) laws, and are immediately applicable in all member states; if the EU Constitution had been ratified, they would, I believe, have actually been called laws. On the other hand, "directives" (which would have been called something like "framework laws") direct national governments to bring national law into compliance, which generally involves enacting national laws.
  • The string of attributive nouns before "fund managers" is slightly confusing.
  • "By May 2014" is slightly misleading because the date by which member states had to transpose the directive into national law (July 22, 2013) has not yet been mentioned, which might make the reader think that the member states were late by two more years.
  • "Nations" should be replaced by "member states". Nations can be an issue in the EU.
--Boson (talk) 21:20, 4 August 2015 (UTC)
note - there is content in the lead critical of the financial industry that this replacement would remove from the article. Jytdog (talk) 21:44, 4 August 2015 (UTC)
Thanks Boson, all good points as usual, I really do appreciate your thorough reviews! To respond to each of your points, I've put together an updated version, in which I've:
  • Changed the wikilink on European to direct the user to European Economic Area
  • Changed all the instances of "regulation" to "directive"
  • Altered the confusing sentence to read: "applies to hedge fund managers; private equity fund managers, real estate fund managers, and managers of other alternative investments"
  • Clarified the date on the article being cited, as opposed to the details described in the article
  • Replaced the mention of "nations" with "member states"
In regards to your comment, Jytdog, I see your point about removing this information and I'm open to thoughts on what best to include here. On the one hand, I don't want to whitewash any criticism of the industry nor remove helpful background to the introduction of the AIFMD, but on the other, those details don't currently have any support in the lead and sources aren't so clear cut this. I've made a suggestion in this draft for a potential addition, which of course can be added to or amended as you think best.
Here is a second version of the Introduction, including the edits I've described above:
AIFMD Introduction v2

The Alternative Investment Fund Managers Directive (AIFMD) is a European financial directive which was published in the Official Journal of the European Union on July 1, 2011 and came into force on July 21, 2011.

The AIFMD applies to applies to hedge fund managers, private equity fund managers, real estate fund managers, and managers of other alternative investments operating within, or marketing to investors in, the European Union (EU).[1][2] It was designed by EU policy makers as a comprehensive plan for the oversight of alternative investment fund managers (AIFMs) operating in the EU. The plan requires all covered AIFMs to obtain authorisation from the EU and submit to government regulation.[3]

The directive was introduced following the global financial crisis, seeking to address regulatory gaps and reduce systemic risk in the alternative investment industry as well as helping the EU to meet G-20 established commitments. Prior to the directive, the alternative investment industry had not been regulated at the EU level.[4][5]

It was reported in May 2014 that only one-third of EU member states had successfully implemented the directive into law.[6] As of 2014, the countries that had transposed AIFMD into law include the United Kingdom, Luxembourg,[7] Germany,[8] France,[9] Switzerland[10] and Ireland[11]. In December 2014, the European Commission issued a formal warning to countries including Spain, Latvia and Poland for not complying with AIFMD implementation.[12]
  1. ^ "Alternative Investment Fund Managers Directive (AIFMD)". Financial Conduct Authority. 12 November 2014. Retrieved 13 January 2015.
  2. ^ Dave Waller. "The long and winding road". BusinessLife.co. Retrieved 15 December 2014.
  3. ^ "UCITS V — an update". The Lawyer. 9 December 2014. Retrieved 16 December 2014.
  4. ^ Astrid B. Boening (2012). The EU as a Global Player. Fundación Univ. San Pablo. p. 36. Retrieved 20 April 2015.
  5. ^ Monica Gagna (15 December 2014). "Industry grapples with regulatory changes". Financial Times Advisor. Retrieved 20 April 2015.
  6. ^ Bill Prew (23 May 2014). "AIFMD update: only a third of EU states have implemented rules". Investment Europe. Retrieved 21 July 2015.
  7. ^ Sophie Baker (28 January 2013). "Countries lag on AIFMD implementation". Financial News. Retrieved 21 July 2015.
  8. ^ Becky Pritchard (3 March 2014). "AIFMD rules put Germany on the sidelines". Financial News. Retrieved 21 July 2015.
  9. ^ "Germany, France 'gold-plating' AIFMD rules, says survey". FTSE Global Markets. 11 October 2013. Retrieved 21 July 2015.
  10. ^ James Williams (17 April 2014). "Regulation and fund distribution challenges in Switzerland". HedgeWeek. Retrieved 21 July 2015.
  11. ^ Donnacha O'Connor (27 June 2014). "Ireland – Status of the AIFMD implemention". Hedgeweek. Retrieved 21 July 2015.
  12. ^ Neil Robson (8 December 2014). "AIFM Directive – Latvia, Poland and Spain Warned by European Commission for Failing to Fully Implement New Investment Fund Rules". The National Law Review. Retrieved 21 July 2015.
Introduction Markup v2

The Alternative Investment Fund Managers Directive (AIFMD) is a [[European Economic Area|European]] financial directive which was published in the Official Journal of the European Union on July 1, 2011 and came into force on July 21, 2011.

The AIFMD applies to applies to [[hedge fund]] managers, [[Private equity|private equity]] fund managers, real estate fund managers, and managers of other alternative investments operating within, or marketing to investors in, the [[European Union]] (EU).<ref name="FCA14">{{cite web |url=http://www.fca.org.uk/firms/markets/international-markets/aifmd |title=Alternative Investment Fund Managers Directive (AIFMD) |author= |date=12 November 2014 |work=Financial Conduct Authority |publisher= |accessdate=13 January 2015}}</ref><ref name=Waller14>{{cite web |url=http://www.businesslife.co/Features.aspx?id=the-long-and-winding-road |title=The long and winding road |author=Dave Waller |date= |work=BusinessLife.co |publisher= |accessdate=15 December 2014}}</ref> It was designed by EU policy makers as a comprehensive plan for the oversight of alternative investment fund managers (AIFMs) operating in the EU. The plan requires all covered AIFMs to obtain authorisation from the EU and submit to government regulation.

The directive was introduced following the [[Financial crisis of 2007–08|global financial crisis]], seeking to address regulatory gaps and reduce systemic risk in the alternative investment industry as well as helping the EU to meet [[G-20_major_economies|G-20]] established commitments. Prior to the directive, the alternative investment industry had not been regulated at the EU level.<ref name=Boening12>{{cite book |title=The EU as a Global Player |author=Astrid B. Boening |authorlink= |year=2012 |publisher=Fundación Univ. San Pablo |location= |isbn= |page=36 |pages= |url=https://books.google.com/books?id=hukhvbaxAKIC&lpg=PA1&ots=OuZvOGGMQc&dq=astrid%20eu%20as%20a%20global%20player&pg=PA1#v=onepage&q=astrid%20eu%20as%20a%20global%20player&f=false |accessdate=20 April 2015}}</ref><ref name=Gogna14>{{cite news |title=Industry grapples with regulatory changes |author=Monica Gagna |url=http://www.ftadviser.com/2014/12/15/investments/uk/industry-grapples-with-regulatory-changes-2vsLhqkuU99mxFub3ICQ6N/article.html |work=Financial Times Advisor |date=15 December 2014 |accessdate=20 April 2015}}</ref>

It was reported in May 2014 that only one-third of EU member states had successfully implemented the directive into law.<ref name=Prew14>{{cite news |title=AIFMD update: only a third of EU states have implemented rules |author=Bill Prew |url=http://www.investmenteurope.net/other/aifmd-update-only-a-third-of-eu-states-have-implemented-rules/2/ |work=Investment Europe |date=23 May 2014 |accessdate=21 July 2015}}</ref> As of 2014, the countries that had transposed AIFMD into law include the [[United Kingdom]], [[Luxembourg]],<ref name=Baker13>{{cite news |title=Countries lag on AIFMD implementation |author=Sophie Baker |url=http://www.efinancialnews.com/story/2013-01-28/countries-lag-on-aifmd-implementation |work=Financial News |date=28 January 2013 |accessdate=21 July 2015}}</ref> [[Germany]],<ref name=Pritchard14>{{cite news |title=AIFMD rules put Germany on the sidelines |author=Becky Pritchard |url=http://www.efinancialnews.com/story/2014-03-03/aifmd-rules-put-germany-on-sidelines |work=Financial News |date=3 March 2014 |accessdate=21 July 2015}}</ref> [[France]],<ref name=FTSE13>{{cite news |title=Germany, France ‘gold-plating’ AIFMD rules, says survey |author= |url=http://www.ftseglobalmarkets.com/news/germany-france-gold-plating-aifmd-rules-claims-survey.html |work=FTSE Global Markets |date=11 October 2013 |accessdate=21 July 2015}}</ref> [[Switzerland]]<ref name=Williams14>{{cite news |title=Regulation and fund distribution challenges in Switzerland |author=James Williams |url=http://www.hedgeweek.com/2014/04/17/200918/regulation-and-fund-distribution-challenges-switzerland |work=HedgeWeek |date=17 April 2014 |accessdate=21 July 2015}}</ref> and [[Ireland]]<ref name=OConnor14>{{cite news |title=Ireland – Status of the AIFMD implemention |author=Donnacha O'Connor |url=http://www.hedgeweek.com/2014/06/27/205846/ireland-%E2%80%93-status-aifmd-implemention |work=Hedgeweek |date=27 June 2014 |accessdate=21 July 2015}}</ref>. In December 2014, the European Commission issued a formal warning to countries including [[Spain]], [[Latvia]] and [[Poland]] for not complying with AIFMD implementation.<ref name=Robson14>{{cite news |title=AIFM Directive – Latvia, Poland and Spain Warned by European Commission for Failing to Fully Implement New Investment Fund Rules |author=Neil Robson |url=http://www.natlawreview.com/article/aifm-directive-latvia-poland-and-spain-warned-european-commission-failing-to-fully-i |work=The National Law Review |date=8 December 2014 |accessdate=21 July 2015}}</ref>
Thank you again for your comments on this! If you have more concerns, make sure to shoot them my way, and I'll take another look. Thanks, 16912 Rhiannon (Talk · COI) 16:05, 12 August 2015 (UTC)
Pinging here to see if Boson or Jytdog have had a chance to look at this again? Let me know if you have any more questions. Thanks, 16912 Rhiannon (Talk · COI) 14:16, 24 August 2015 (UTC)
I have taken the proposed text live, but also added a bit to the background section to address concerns raised and add attribution (previous text in lede was tagged). --Boson (talk) 19:33, 16 September 2015 (UTC)
Thanks so much, Boson! You've been so fantastic on this topic, I'm really appreciative of all your efforts and I hope you agree this article is in MUCH better shape now. Thanks again, 16912 Rhiannon (Talk · COI) 20:41, 16 September 2015 (UTC)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Talk:Alternative_Investment_Fund_Managers_Directive_2011/Archive_3&oldid=1164977949"