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ICMA AMIC responds to IOSCO consultation on leverage in investment funds
1 February 2019 AMIC has today responsed to a consultation report by the International Organization of Securities Commissions (IOSCO) on leverage in investment funds. In its response, AMIC welcomes the focus by IOSCO on each fund level on the potentially risky activities of asset managers as compared to an approach at management company level. Furthermore, AMIC agrees with IOSCO’s proposed two-step approach to measuring risk associated with leverage. With regard to the first step, AMIC recommends that the gross notional exposure (GNE) figure is combined with the net notional exposure (NNE) figure to filter potentially risky funds. AMIC views the second step as a framework for a more detailed risk-based analysis of risk in each jurisdiction, recognising that leverage as a concept is not synonymous with risk.

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ICMA AGM 2019

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