Andrew Baker Benedicte Gravrand, Opalesque Geneva
The implementation of the Alternative Investment Fund Managers (AIFM) Directive is moving forward, with the recent adoption of the level 1 text by the European Council. Meanwhile, there are ongoing debates about the control of naked short-selling, especially of CDS for government securities. And the European Commission recently consulted on possible financial taxations, and legislation should be proposed later this year – although we are expecting the usual delays.
Opalesque asked a few distinguished experts their views on those recent developments.
Council’s adoption of AIFM Directive a step towards final implementation
The Council of the European Union adopted the AIFM Directive on Friday 27th May, following an agreement already reached with the European Parliament (see last week’s article here). Political agreement about the Directive was reached at the end of last year but the lengthy process of translating it into all official EU languages has meant that the final approval of the text was delayed, AIMA told Opalesque. The directive will enter into force on the 20th day following its publication in the Official Journal; member states will have two years to transpose its provisions into national law.
So what does that mean for hedge funds?
The hedge fund industry body AIMA has been ......................
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