Consider the following:
- 52 percent of AIFMs say they have conducted an impact analysis that takes into account the advice from the European Securities and Markets Authority (ESMA), which was published in November 2011.
- 63 percent of those same AIFMs have not appointed a depositary, which is a key requirement of the legislation.
- Nearly half (45 percent) say they have not yet considered how the Directive’s remuneration requirements will affect their businesses.
- Almost two-thirds (66 percent) are waiting to see what is involved in and EU passport before deciding whether or not to use it.
Many firms indicated they are awaiting the publication of the final implementing measures before embarking upon their AIFMD-related activities. As one AIFM responded, “We’re all lined up and champing at the bit once we actually get the final rules.” Given the short period to implementation (July 2013) this leaves little room for any slippage in terms of their implementation projects.
There is also speculation among some AIFMs that because of the significant delays (already eight months) in finalizing the implementing measures, that the July 22, 2013 compliance deadline may be moved to later in the year. While there have certainly been instances in the past several years where other regulatory regimes have been delayed, indications remain strong – primarily for political reasons – that the European Commission will do its outmost to maintain the current deadline.
KPMG finds the fund managers’ ‘wait and see’ approach surprising, particularly considering the broad impact the Directive will have on AIFMs’ overall business.
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