AIFM provision threatens to change the risk profile of depository banks
Article 17 of AIFM seeks to impose strict liability on depository banks that could have far-reaching ramifications for the industry
A little-known provision in the Alternative Investment Fund Managers Directive (AIFM) has the potential to significantly change the risk profile of depository banks to such an extent that it could cause them to leave the industry altogether, industry sources predict.
The directive, currently under discussion by the European Commission, forms part of the Commission's post-financial crisis programme to extend regulation and oversight to all activities that embed risk. The initial aim is to
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