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The European Alternative Investment Fund Managers Directive (AIFMD)

Autor Thomas Bernhardt
en Limba Engleză Paperback – 29 oct 2013
The European Alternative Investment Fund Managers Directive (AIFMD) has been formulated as a response to the global financial crisis, which climaxed in the collapse of Lehman Brothers on 15 September 2008. The securitisation of real estate risks that came about by launching financial innovations such as asset-backed securities (ABS), mortgage-backed securities (MBS), collateralised debt obligations (CDO) or structured investment vehicles (SIV) contributed particularly to the fast worldwide circulation of 'poisoned' papers.Assuming that the financial crisis of 2008/2009 was the consequence of wrongfully set incentives that primarily concerned the fund managers' remuneration, the European Commission followed the ideas of Jacques de Larosière, Klaus-Heiner Lehne and Poul Nyrup Rasmussen and set the legal focus on the fund managers, as these entities launch and distribute financial products such as those mentioned above and also decide on the investment strategy that might bear systemic risks. Due to their financial market potential and in view of the design of financial products, these entities admittedly have a strong impact on the financial market development and may jointly be responsible for the realisation of systemic risks of transnational dimensions. In particular, in the view of a steady credit supply of the real economy, the enormous transnational mobility of capital and the global competition of financial market regulations, it seems doubtful whether one can identify the fund managers as those responsible for the financial market crisis of 2008/2009.This thesis highlights the history, symptoms and supposed core reasons of the financial crisis of 2008/2009 and critically assesses whether the AIFMD can reach its objective to effectively contain systemic risks in the context of a globalised financial system.
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Specificații

ISBN-13: 9783844102857
ISBN-10: 384410285X
Pagini: 228
Dimensiuni: 148 x 210 x 15 mm
Greutate: 0.34 kg
Editura: Josef Eul Verlag GmbH

Notă biografică

Thomas Bernhardt, born 1972 in Hohenems (Austria), studied Business Administration, Law and International Relations. Since 1996 he has held a series of General Management positions in industry in Europe, North America and Asia. In 2018 the author graduated from the Executive Master of Science programme in International Strategy and Diplomacy at London School of Economics and Political Science, London (UK).

Cuprins

IntroductionFirst Chapter: Origins of the Recent Financial Crisis1. History2. Symptoms3. Immediate governmental measuresSecond Chapter: Core Causes of the Recent Financial Crisis1. Core causes2. Provisional commentsThird Chapter: Requirements of an Appropriate Response to the Recent Financial Crisis1. Compulsory international standards on capital, supervision and transparency2. Capital requirements3. Monitoring of credit accumulation4. Well-functioning risk management5. Stronger economic convergence among the European Member StatesFourth Chapter: The Alternative Investment Fund Managers Directive (AIFMD) as an Response to the Recent Financial Crisis1. Introduction of the AIFMD2. Evaluation of the AIFMD: The AIFMD as an appropriate reaction to the recent financial crisis3. Interim resultFifth Chapter: Alternatives to the AIFMD/alternative approaches to the recent financial crisis1. Legal approaches2. Voluntary approachesSixth Chapter: Conclusions1. Outlook2. Closing comments