Overordnet set mener ECB , at der foreligger en mulig risiko for tilsynsmæssig arbitrage mellem FAIF' ere , forsikringsselskaber og kreditinstitutter , som direktivforslaget ikke skaber lige vilkår for .
More generally , the ECB sees a potential risk of regulatory arbitrage between AIFMs , insurance companies and credit institutions , among which the proposed directive does not create a level playing field .