|
Just before Christmas (19 December 2012), at the very end of a long lobbying year, the EU Commission finally published the draft delegated regulation for the AIFM. This document, which is largely a copy paste from the ESMA advise that reached the commission at the end of 2011, has not taken on board the major concerns from the depositary industry. Indeed, at the very end of the discussions, two issues remained: One concerning the delegation and the concept of the letterbox entity and the other the cash monitoring at the depositary level.
On both concepts, the industry was defeated on “political grounds”. The issue on delegation is to define at which stage an entity becomes empty of legal substance. As one can imagine, the approaches of the EU Commission and the...
|