TAILIEUCHUNG - Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/…/EC

The ideal experiment to evaluate the impact of socially responsible investing on performance and fees would be to observe the same funds both with and without the SRI constraint. Most previous studies (Gregory et al., 1997; Statman, 2000; Kreander et al., 2005; Bauer et al., 2005) approximate the ideal experiment by comparing the performance of SRI funds to that of a control group of comparable conventional funds, a methodology that is known as matched-pair analysis. More precisely, each SRI fund is matched to one or several conventional funds with similar values of one or more matching variables. The difference between. | EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels COM 2009 207 final 2009 0064 COD Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Alternative Investment Fund Managers and amending Directives 2004 39 EC and 20O9 . EC SEC 2009 576 sEc 2009 577 EN EN EXPLANATORY MEMORANDUM 1. Context of the Proposal . Context grounds for and objectives of the proposal The financial crisis has exposed a series of vulnerabilities in the global financial system. It has highlighted how risks crystallising in one sector can be transmitted rapidly around the financial system with serious repercussions for all financial market participants and for the stability of the underlying markets. The present proposal forms part of an ambitious Commission programme to extend appropriate regulation and oversight to all actors and activities that embed significant risks1. The proposed legislation will introduce harmonised requirements for entities engaged in the management and administration of alternative investment funds AIFM . The need for closer regulatory engagement with this sector has been highlighted by the European Parliament2 and by the High-Level Group on Financial Supervision chaired by Jacques de Larosière3. It is also the subject of ongoing discussion at international level for example through the work of the G20 IOSCO and the Financial Stability Forum. The funds in question are defined as all funds that are not regulated under the UCITS Directive4. Around 2 trillion in assets are currently managed by AIFM employing a variety of investment techniques investing in different asset markets and catering to different investor populations. The sector includes hedge funds and private equity as well as real estate funds commodity funds infrastructure funds and other types of institutional fund. The financial crisis has underlined the extent to which AIFM are vulnerable to a wide range of risks. These risks are of direct concern to the investors in .

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