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ESMA’s just released survey on the European alternative funds shows concentration around a few large participants. The industry isn’t very alternative either. This is exactly what AIFMD opponents forecast would happen when the Directive was introduced.

At its New York conference on April 17 IFI Global is presenting the results of a survey it has conducted with US alternative managers on EU market access. Luxembourg and Dublin do well but Europeans have their work cut out to get US managers to cross the Atlantic.

The FCA has confirmed radical reforms to the governance of the UK’s Authorised Fund Managers. AFMs have 18 months to make the changes including at least two independents on boards and measures to stimulate price competition.

Regulators have been told to go easy on MiFID II implementation for the time being. That’s why there’s been little coverage of the impact from this measure since its introduction. Analogies have drawn with the Phoney War period from September 1939 to May 1940.

The Tracker is developing a Risk Capability Assessment on ManCo platforms. This is to help managers in their selection of these platforms. In this issue The Tracker publishes a preliminary draft DDQ for comment which will be developed further shortly.