The New UCITS IV Directive: Risks and Opportunities
By Christian Parker, Karen Stretch and Benedict C. Price
The publication of the prospective Alternative Investment Fund Managers (AIFM) Directive has led a number of commentators to say that the European regulatory establishment is leading a lynch mob against the private fund industry. The argument goes that, as is often the case with lynch mobs, there may be an intention on the part of those leading the mob to divert attention away from their own inadequacies and failings. The advantages and shortcomings, as well as the details, of the prospective AIFM Directive have been well covered by commentators. This article, however, seeks to address a more happily received directive, namely the UCITS IV Directive (UCITS IV Directive), with a view to assessing how the private fund industry can best interact with this standard bearer for European public funds.