Depuis hier des fonds alternatifs, de private equity ou immobilier peuvent opter, dans la majeur partie des pays européen, pour le statut de FIA. De nombreux sites ont abordé hier cette fameuse journée du 22 juillet 2013, d-day de la mise en œuvre de la directive AIFM.

Alors que la directive AIFM est entrée en vigueur hier, la journée a été riche d’articles internationaux revenants sur ce changement profond de l’industrie de l’Asset Management. J’ai sélectionné 8 articles qui reflètent l’avis de la profession sur AIFM, ses principaux impacts et la perception de l’évolution du métier. 3 études de référence (BNY Mellon, Kneip et Prequin) sont régulièrement citées en sources de ces articles.

« AIFMD will reduce choice and increase costs for fund managers and investors, says survey » Hedge Week (http://ow.ly/ne83f) (1)
Hedge Week privilégie pour son article les recherches de BNY Mellon et les incertitudes sur les coûts liés à l’implémentation de la directive AIFM. 67% des intervenants interrogés pensent dans cette étude que la Directive va entraîner la baisse du nombre de fonds alternatifs et 39% la fermeture ou leur transfert hors Europe.
« Despite today being the deadline to apply for authorisation under AIFMD, much work remains for the industry to achieve full compliance, with our research suggesting that the burden of regulation could even lead to a lower number of funds available to investors,” says Hani Kablawi, EMEA head of asset servicing at BNY Mellon. “Despite attempts to improve investor access and information, the industry is challenged by the complexity of implementing AIFMD and the need to comply with it in the future. This is a demanding time for the industry as it grapples with the slew of further regulation under implementation or discussion across Europe. »

« AIFMD implementation deadline draws mixed responses» Investment Europe (http://ow.ly/ne8Zk) (2)
Investment Europe revient également sur l’étude de BNY Mellon et sur l’opportunité d’attendre 2014 pour 74% des répondants. Il aborde l’impact des budgets mis en œuvre via une étude menée par Kneip et l’impact sur les prestataires de services. Il pointe les difficultés liées aux retards des guidelines de l’Esma et des transcriptions en droit national très tardives.
« One of the reasons that businesses have found it difficult to implement responses to AIFMD is the lack of final implementation rules delivered by national regulatory authories. For example, the Swedish Financial Supervisory Authority did not announce final rules for the local market until 2 July.
As Jake Green, financial regulation lawyer at Ashurst, said: « The European ‘harmonised’ Directive could not be less harmonised if it tried. Attaining compliance from day one will therefore be considerably difficult, if not nigh on impossible. Current European guidance does as much to confuse as it does to guide, and several material issues remain unresolved, such as the applicability of the AIFMD to certain structures. »

« First AIFMD deadline finds industry uncertainty» Global Investor Magazine (http://ow.ly/nea39) (3)
Global Investor Magazine aborde plus spécifiquement l’étude de Kneip sous l’angle de l’impact au niveau des back office et des besoins en personnels.
Mario Mantrisi, chief strategy and research officer at Kneip, said: « The new regulatory requirements mean that AIFMs need to ensure they have the right people in place to help them become compliant. For some managers this has involved expanding their team, whereas others are taking a different approach by outsourcing their entire back-office function to a third party»
Sur l’étude de BNY Mellon, GIM précise que seuls 18% des gestionnaires pensent qu’AIFM sera un avantage pour leur entrepris et qu’il est vraisemblable que la majeur partie des acteurs attendent la limite de 2014 avant de se mettre en conformité.

« Special Report: AIFMD» Unquote (http://ow.ly/ne9Hf) (4)
Unquote aborde lui les aspects liés au Capital Risque et à l’avantage que pourront tirer les gestionnaires d’un marché commun européen sur ce segment de marché.
« The first draft of the AIFMD, designed to regulate hedge funds, could have proved highly destructive to the private equity business model had it become law, » EVCA secretary general Dörte Höppner said in a statement. « From that point five years ago, we now have a final regulation which, while still not perfect, provides some tangible benefit, most obviously through the establishment of the single market. »

«AIFMD may work if AIFMs and investors act responsibly, says BDO’s Michelle Carroll» Investment Europe (http://ow.ly/neard) (5)
Cet article de Michelle Caroll pour Investment Europe traite plus spécifiquement des aspects de responsabilités liés à AIFM et de l’importance de continuer une mesure du risque qui aille au-delà de la seule réglementation AIFM. En particulier les gestionnaire de fonds ne pourront s’exonérer des Due Dilligence sous le seul prétexte que le fonds est un FIA.
« The wrong way is to assume that it takes away any responsibility from the investor with regards to making a sound investment decision. In no way should investors consider that an AIFMD compliant fund manager means that they have a reduced responsibility to perform thorough due diligence. AIFs are still aimed at professional investors. AIFs can still have limited liquidity and can take on a high risk strategy or positions. It is important that AIFs are still encouraged to provide opportunities for investors to take on higher risk and rewards. »

«Jersey – prepared for AIFMD» Hedge Week (http://ow.ly/neaWN) (6)
Ashley Le Fleuve dans Hedge Week aborde la façon dont des pays tiers comme Jersey traitent les impacts de la directive AIFM et la commercialisation de leurs fonds en Europe au moins jusqu’à 2018 sous le régime du placement privé. Il détaille, de façon très complète, les changements réglementaires opérés par l’île pour s’adapter.
« In April of this year, Jersey introduced specific regulations mirroring AIFMD, to ensure Jersey will comply where relevant with all criteria set out in AIFMD. The regulations also pave the way for Jersey structures to benefit from the proposed “passporting” regime for alternative investment funds expected in July 2015, at which time European-wide marketing passports will potentially become available to non-EU based AIFMs. »

«Hedge fund managers hesitate over forthcoming AIFMD regulations» Automated Trader (http://ow.ly/nebN0) (7)
Automated Trader s’intéresse à une étude de Prequin sur les Hedge Funds et la façon dont cette industrie s’est mise dans une position attentiste vis-à-vis de la directive AIFMD.
Amy Bensted, Head of Hedge Fund Products said: « With the imminent launch of the AIFMD, the majority of hedge fund managers still have work to do in ensuring their funds are fully compliant with the regulations. Based on Preqin’s survey of hedge fund managers based around the world, Europe-based managers seem better prepared than their North American counterparts at this stage. The phased compliance period for non-EU managers means that a number of North American funds are choosing to wait and see the initial impact of the regulations in Europe before altering their processes.
Many institutional investors have yet to be convinced about the benefits of regulation in the hedge fund industry and they will be watching closely to see the effect that the AIFMD has on the fund management industry. However, with over a third of investors believing that regulation is positive for the industry, the potential is the AIFMD « brand » could lead to greater inflows into hedge funds as investors seek out the regulator’s seal of approval. With uncertainty still surrounding the impact of the directive, it may not be possible to assess the full impact of the AIFMD on the hedge fund universe before 2014. »

«Hedge fund managers hesitate over forthcoming AIFMD regulations» FT (http://ow.ly/necBM) (8)
Chris Flood pour le FT parle de la confusion qui règne à ce stade autour de la directive AIFM et des coûts prohibitifs pour certaines adaptations et les risques sur les rémunérations des gérants.
“There are still crucial details that need to be clarified, such as which firms will have to comply with the onerous rules on pay,” said Mr Everett.
The rules on pay, said Mr Everett, were “a real sticking point”.

Presque tous ces articles relèvent le côté attentiste qui prévaut autour de la Directive AIFM et d’une attente pour en évaluer globalement les impacts. Entre craintes et opportunités l’industrie hésite encore sur le sentiment qui prévaudra. Il ressort que nombre de gestionnaires vont certainement attendre 2014 avant d’opter pour le statut d’AIFMD et que pour les fonds off-shore le régime du placement privé prévaudra.
Côté français, assez peu de nouvelles hier, certainement dans l’attente de la transcription en droit national qui n’interviendra pas avant la fin de la semaine. Pour retrouver la majeure partie des dossiers les plus complets sur AIFM, il faut revenir quelques semaines en arrière (9)

(1) http://www.hedgeweek.com/2013/07/23/187709/aifmd-will-reduce-choice-and-increase-costs-fund-managers-and-investors-says-surve
(2) http://www.investmenteurope.net/investment-europe/news/2283887/aifmd-implementation-deadline-draws-mixed-responses
(3) http://www.globalinvestormagazine.com/Article/3233967/First-AIFMD-deadline-finds-industry-uncertainty.html
(4) http://www.unquote.com/unquote/analysis/2194267/special-report-aifmd
(5) http://www.investmenteurope.net/investment-europe/opinion/2283907/aifmd-may-work-if-aifms-and-investors-act-responsibly-says-bdos-michelle-carroll
(6) http://www.hedgeweek.com/2013/07/22/187644/jersey-%E2%80%93-prepared-aifmd
(7) http://www.automatedtrader.net/news/at/143968/hedge-fund-managers-hesitate-over-forthcoming-aifmd-regulations
(8) http://www.ft.com/intl/cms/s/0/5440645e-f074-11e2-929c-00144feabdc0.html#axzz2ZlHaFOBf
(9) https://albanjarry.wordpress.com/2013/06/25/aifm-et-solvency-2-un-dossier-complet-dans-les-echos/
https://albanjarry.wordpress.com/2013/07/01/aifm-opter-ou-non-fiscalite-un-nouveau-dossier-des-echos/