!css

AIFMD in Context

With the impending application of the Directive, companies that will be affected will need to make changes to comply. To start with, it is important to understand the current situation and anticipate the next steps. Eric de Nexon, Head of Strategy for Market Infrastructures at SGSS, and Virginie Amoyel-Arpino Senior Advisor, Strategy for Market Infrastructures, help clarify where we are and what to expect in the coming months.


Momentum: How would you summarise where we are in the revision of the European regulatory landscape?

It is an overused cliché, but we have been faced with a regulatory tsunami. We continue to work extremely hard to ensure that we are best positioned to help clients cope with the demands of regulators. The detail is often extraordinary, and time-consuming for all concerned in drafting, revising, publication and implementation. A number of major issues are still pending and not clear enough despite the publication of the delegated regulations: cash monitoring, TA registration and monitoring, look-through…etc .

“The detail is often extraordinary and time-consuming for all concerned in drafting, revising, publication and implementation.”


This lack of clarity could lead to divergence of interpretation between countries; this would need to be discussed at ESMA or EU Commission level. Detailed measures will be adopted outside the scope of the legislative proposal but probably after the implementation deadline.

Momentum: How would you summarise the next steps in the process?

The implementation deadline is still scheduled on 22 July 2013 with a one year compliance period for existing AIFM. ESMA has just published on 24 May a consultation paper on guidelines on reporting requirements and responses are awaited for the 1st July 2013.

The process at national level is moving slowly but some countries - France, Luxembourg, Germany, the UK, Ireland - are ahead and intend to be ready on time.

virginie.amoyel-arpino@socgen.com



Keyfacts

  • AIFMD part of the regulatory tsunami faced by Europe
  • A number of major issues remain outstanding
  • But implementation remains scheduled for July 22


AIFMD Milestones

Q1 2011 – Directive enters into force (no real effect).
2011/2012 – ESMA negotiations/implementation/consultation (Level 2 Rules). Most rules are expected to be drafted by Q3 2011.
Q1 2013 – Directive implemented into Member States’ local regulation/law.
Q1 2013 – Once authorised, EU passport available for EU managers of EU Funds (Private Placement continues for non-EU fund structures).
Q1 2014 – Firms under the scope of AIFMD must submit an application for authorisation.
Q1 2015 (Depends on ESMA) – EU passport for 3rd country funds/managers.
2016 – Wholesale review of Directive

mai
2017
QNB Suisse SA nomme SGSS en Irlande pour lancer son fonds UCITS à compartiments multiples
QNB Suisse SA, filiale de Qatar National Bank, a sélectionné SGSS en Irlande pour lancer et accompagner la...
Agent de transfert
QNB Suisse SA, filiale de Qatar National Bank, a sélectionné SGSS en Irlande pour lancer et accompagner la commercialisation de QNB Global Funds ICAV, son fonds européen à compartiments conforme à la directive UCITS V.
fr/newsroom/news/communiques-presse/news/qnb-suisse-appoints-sgss-ireland-for-its-pioneer-ucits-compliant-umbrella-fund/
mai
2017
CNAVPL mandate Société Générale Securities Services pour des services de conservation
La Caisse Nationale d’Assurance Vieillesse des Professions Libérales (CNAVPL), qui fédère les dix caisses de retraite...
avril
2017
SGSS innove avec Euronext dans une nouvelle solution d’investissement sur les fonds
SGSS contribue au modèle innovant de « Euronext Fund Service » pour faciliter l’accès aux fonds pour les investisseurs...
Fund Administration and Asset Servicing
SGSS contribue au modèle innovant de « Euronext Fund Service » pour faciliter l’accès aux fonds pour les investisseurs domestiques et internationaux.
fr/newsroom/news/communiques-presse/news/sgss-innovates-with-euronext-provide-new-fund-investment-solution/
avril
2017
Lutter contre la pauvreté et favoriser l'émancipation des femmes
mars
2017
SGSS renforce son équipe commerciale en Europe du Sud
SGSS nomme Lucrezia Brucoli en tant que Directeur commercial pour renforcer son développement en Europe du sud.
Appointments
SGSS nomme Lucrezia Brucoli en tant que Directeur commercial pour renforcer son développement en Europe du sud.
fr/newsroom/news/communiques-presse/news/sgss-strengthens-its-coverage-team-across-southern-europe/
févr.
2017
Information Financière Trimestrielle
2016 : BONNE PROGRESSION DU RESULTAT NET PART DU GROUPE
Résultats
2016 : BONNE PROGRESSION DU RESULTAT NET PART DU GROUPE
fr/newsroom/news/communiques-presse/news/quarterly-financial-information-2/
janv.
2017
SGSS in Italy launches Synapse, a new service to support fund distribution
Societe Generale Securities Services in Italy (SGSS S.p.A.) launches SYNAPSE, a new service to support fund distribution...
janv.
2017
SGSS renforce son équipe Commerciale, Marketing et Solutions
SGSS a nommé Matthew Davey en tant que Directeur de Solutions afin de renforcer l’offre globale des services auprès de...
Appointments
SGSS a nommé Matthew Davey en tant que Directeur de Solutions afin de renforcer l’offre globale des services auprès de sa clientèle d’investisseurs institutionnels, gestionnaires d’actifs, intermédiaires financiers et corporates.
fr/newsroom/news/communiques-presse/news/sgss-strengthens-its-coverage-marketing-and-solutions-team/
déc.
2016
Altana Wealth Limited retient SGSS en Irlande pour son fonds UCITS à compartiments multiples
Altana Wealth Limited au Royaume-Uni a retenu Société Générale Securities Services (SGSS) pour fournir des services...