TAILIEUCHUNG - Call for evidence - Implementing measures on the alternative investment fund managers directive

The Central Bank today publishes statistics for Q1 2012 on investment funds (IFs) resident in Ireland. Irish resident IFs expanded strongly in Q1 2012, driven by performing global equity markets and apparent expanding investor confidence evident in new subscriptions. When reclassifications are excluded, IFs, measured by total shares/units in issue, increased in value to € billion at end Q1 2012, up from € billion at end Q4 2011. This increase is accounted for by revaluations of € billion and positive net transactions of € billion. . | ASSOGESTIONI associazione del risparmio gestito Rome January 17 2011 ESMA 11-13 avenue de Friedland 75008 Paris France Prot. n. 33 11 Ref. CESR 10-1459 Call for evidence - Implementing measures on the Alternative Investment Fund Managers Directive Assogestioni appreciates CESR s initiative to consult all relevant stakeholders on the implementing measures on the Alternative Investment Fund Managers Directive hereinafter AIFMD . In particular we deem appropriate that all interested parties have the opportunity to express their opinion on such a significant topic given that with the AIFMD for the first time at European level an harmonised discipline concerning the authorisation ongoing operation and transparency of the managers of alternative investment funds hereinafter AIFM will be adopted. The abovementioned discipline together with its implementing measures will have a strong impact on the industry s business models which will involve even subjects different from AIFM directly linked to the latter such as the depositary and the independent valuator. At the same time the AIFMD will facilitate the creation of a European competitive internal market through a scheduled timetable which provides - although in different moments - the possibility for both EU and non-EU AIFM to benefit from a European passport. Please find below our specific comments on CESR s Call for evidence on the AIFMD level 2 measures and our general considerations on the questions included in the European Commission Provisional request for a technical advice on the Directive for Alternative Investment Fund Managers AIFM level 2 measures . QUESTIONS FOR THE CALL FOR EVIDENCE 1. Which categories of investment manager and investment fund will fall within the scope of the Alternative Investment Fund Managers in your jurisdiction Please provide a brief description of the main characteristics of these entities investment strategies pursued underlying assets use of leverage redemption policy etc . 00186 .

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