Future rules for alternative investment fund managers16 November 2011
ESMA publishes today its final advice on the detailed rules underlying the Alternative Investment Fund Managers Directive (AIFMD) (also referred to as Level 2 implementation). The rules proposed by ESMA will establish a comprehensive framework for alternative investment funds, their managers and depositaries. See the press release for further information. The complete text is available here.
We are currently working on the update of our Elearning modules to implement the Level 2 requirements. See for further information, www.solutional-academy.nl.
Solutional assists large asset manager22 September 2011
A large Dutch asset manager has engaged Solutional to assist with the preparation of the financial statements 2011 reporting process for their investment funds. Using our experience with financial reporting for investment funds and accompanied by best practices (as published in our annual research report Onderzoek verslaggeving beleggingsinstellingen 2010) Solutional assists the asset manager in setting up a comprehensive template which meets the requirements of law and regulations and advises on improving the financial reporting process.
Research report investment funds in the Netherlands15 September 2011
As of today our annual research report (in Dutch) on the annual reporting by public investment funds with an AFM licence is available on the website of Solutional. You can find it by using the link below or in the section surveys and articles. The objective of our annual research is to analyze whether the annual financial reporting of public investment funds with an AFM licence comply to the applicable law and regulation and to identify best practice which can be helpful for Investment managers when they prepare the annual reports of their investment funds. Key point is that we are concerned about the way risks related to financial instruments are disclosed in the annual report. We conclude that both quantitative and qualitative aspects of financial instruments are not adequately addressed and investment funds need to improve the disclosures about the use of financial instruments, their exposures and positions. Compared to last year we have not detected major improvements. Considering the general focus on risks next to performance nowadays, we expected to see this focus in the disclosures as well. Finally, we conclude that financial reporting of hedge funds is more transparent compared to traditional investment funds. See Onderzoek verslaggeving beleggingsinstellingen 2010 for the complete research report.