Benedicte Gravrand, Opalesque Europe:
Now that the European Council and the European Parliament and Council have approved the latest draft of the Alternative Investment Fund Managers Directive (AIFMD), it is expected to be voted in at the European Parliament Plenary session in Strasbourg on 10th November or later. When thatís done, each 27 European member state will have two years to integrate the Directive into their respective laws.
The latest draft includes updated passport regime rules, which will allow third country funds to be marketed in the EU, and a more reasonable rules on depositary liability.
The draft directive is aimed at establishing EU rules for monitoring and supervising the risks posed by alternative funds, whilst allowing fund managers to market their funds, subject to compliance with strict requirements. It was originally proposed by the European Commission in April 2009 as part of the EUís response to the financial crisis.
Belgium started its presidency term of the EU Council on 1st July 2010 and it was ......................
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