Esma board fails to agree AIFMD prime broker segregation position

Commentators say the industry remains on tenterhooks until September when the issue will be discussed again at the European regulator's board

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The board of the European Securities and Markets Authority (Esma) has failed to agree whether segregation provisions applying to hedge fund client assets held at prime brokers under the alternative investment fund managers directive (AIFMD) should be watered down.

National regulators from Esma's 28 member states met on July 9 to hammer out a common position to be applied across the European Union ahead of AIFMD's implementation deadline of July 22.

There was an expectation on the part of some

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