Regulation & Standards

In the last few years there have been a large number of new and revised regulations, guidelines and recommendations governing the practice of financial firms and markets, much of which focuses on the approach to asset pricing and valuation risk.

Voltaire Blog - AIFMD

Fund Valuation Under AIFMD Workshop

The London AIFMD workshop was part of a series of events we run around the world on buy-side valuation issues. There were over 50 delegates from finance, operations and compliance functions at major hedge and private equity funds and those who advise, service and invest in them.

Workshop Commentary

The agenda represented a comprehensive overview of the issues surrounding fund valuation operations, governance and compliance under AIFMD. Expert comment and analysis was provided by industry leaders from KPMG, PwC, Duff & Phelps, Thomson Reuters, Dechert, Northern Trust, Laven Partners, IFI Global, Carne Group, Schulte Roth & Zabel and Simmons & Simmons.

More AIFMD Workshop Material
Past AIFMD Material

AIFMD is putting the liability on the manager, firms have had to ensure their valuation function – a concept introduced by the directive – is independent from the portfolio manager, including a valuation committee with representation from both middle and back office as well as portfolio management.

The next big thing for many buy-side firms, including hedge funds and private equity firms, is Annex IV reporting, the new reporting requirement is designed to help central banks spot a bubble and deflate it before it blows up. Firms who fall under the remit of Annex IV will have to fill in some very detailed spreadsheets, and it’s not just one spreadsheet per firm. Managers report on themselves, but also on each and every fund they have!.

AIFMD resources via AIMA

ESMA Website
Andrew Shrimpton

Global Head, Regulatory Compliance.

The role and liabilities of fund boards, managers and administrators in reporting.

Kinetic partners aifmd valuation and reporting issues - 26 nov 2014 from Voltaire Advisors
AIFMD & Valuation - AIM Breakfast Briefing from Voltaire Advisors


International Valuation Standards Council

Chris Thorne - Managing Director

IVSC Website

IVSC Setting Valuation Standards from Voltaire Advisors

Association for Financial Markets in Europe

Robert Fergusson - Managing Director

afme Website

AFME Capital Markets Union from Voltaire Advisors

1 week, 5 days ago: New fund valuation related enforcement from the SEC. This time it costs a hedge fund $5m!