It is almost two years since the transitional period for AIFMD expired in Europe and the majority of AIF managers now consider themselves to have addressed the Directive’s requirements. However, as evidenced by regulator-imposed penalties in France, a number of managers have failed to implement adequate valuation controls. Over the past 24 months the French regulator, the AMF, has sanctioned a number of investment managers for significant failings in valuation practices. Penalties were particularly severe for those firms whose failings led to subscriptions in redemptions on false NAVs, and ensuing financial losses for investors. Interview with Oliver Fochler was covered on 3rd May 2016 in PriceABS Insights, Structured Credit Investor (SCI) under 'Compromised Compliance - Buyside Valuation Controls Scrutinised' (website requires registration).
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