AIMA on ECON and ECOFIN's AIFM votes: many of the proposals are impractical and unworkable
"AIMA, as the global hedge fund association, fully supports the regulatory goals of the EU's Alternative Investment Fund Managers Directive. It is desirable both to increase transparency and to improve systemic risk assessment in the interests of financial stability.
"However, we are concerned that many of the proposals in the texts of the Directive discussed by the European Parliament's Economic and Monetary Affairs Committee (ECON) and European finance ministers at the ECOFIN meeting are impractical and unworkable.
"In particular, it seems that the process of negotiation in ECON was so highly-politicised that it took little note of the legal and practical feasibility of the compromise amendments put forward... Full press release: Source
Comment: EU hedge fund compromise looks possible
From WSJ.com: The European Union's proposed directive on alternative-investment fund managers is "unworkable...impractical...discriminatory...and biased," according to the main hedge-fund lobby group. That isn't entirely hyperbole. But at least the draft directive, approved by the European Parliament and EU finance ministers with a final version expected in July, is an improvement on earlier versions. And on the key issue, there is scope for compromise.
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