The Managed Funds Association ("MFA") urged the European Commission to amend the Securitisation Regulation ("SECR") so that non-EU alternative investment funds managers ("AIFMs"), particularly U.S. AIFMs, do not have to comply with the due diligence obligations under the SECR where they market alternative investment funds ("AIFs") to EU investors. The comment letter was submitted in response to the European Commission's consultation on the functioning of the EU Securitisation Framework.
MFA explained that the application of the due diligence obligations to U.S. AIFMs which market AIFs in the EU acts as a deterrent to investment by EU investor in securitization transactions. MFA stated that such a deterrent would ultimately be a loss to EU investors in AIFs, who would lose investment opportunities.
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