Industry should engage with EU to improve directives - IMA

Richard Saunders, chief executive of the IMA, slams the "one-size-fits-all" approach to the Alternative Investment Fund Managers Directive. Published in April, it has been characterised as introducing regulation of hedge funds and private equity. However, Saunders says it has a wider remit and covers all non-Ucits funds in the EU, including UK unit trusts not covered by the Ucits Directive, closed end funds and potentially some pooled pension vehicles. He believes there are risks from such a standardised approach. "All funds will have to appoint depositaries and so-called "valuator...