Latest ESMA proposals create 'fortress' Europe

The IMA says that the proposals “go beyond the carefully negotiated framework of AIFMD and the advice requested by the Commission.” Issues that lie at the heart of the IMA’s concerns include the re-introduction of an ‘equivalency’ requirement when delegating investment or risk management to non-EU entities, or in relation to depositories in non-EU jurisdictions. The IMA insists these proposed equivalency requirements will create a fortress around Europe working against the interests of EU investors and the political consensus at Level 1.   IMA Director Julie Patterson made the point th...