Sun, Dec 17, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

EU Council agrees on AIFM draft directive, to conclude negotiations with EU Parliament later

Tuesday, October 19, 2010
Opalesque Industry Update - The Council reached agreement on a draft directive on the management of hedge funds and other alternative investment funds, with a view to concluding negotiations with the European Parliament so as to allow the text to be adopted at first reading.

The draft directive is aimed at establishing EU rules for monitoring and supervising the risks posed by such funds, whilst allowing fund managers to market their funds, subject to compliance with strict requirements.

The Council decided to authorise Germany, Italy, Austria and the UK to apply a reversal of tax liability for the payment of VAT on mobile telephones and integrated circuit devices as a means of better tackling VAT fraud.

In preparation for the October European Council, it also approved a report on levies and taxes on financial institutions.

(press release)

Full description of the main results of today's Council of the European Union's meeting (19 pages): Source


Extract (page 6):
ALTERNATIVE INVESTMENT FUNDS - HEDGE FUNDS

The Council reached agreement on a draft directive on the management of hedge funds and other alternative investment funds, with a view to concluding negotiations with the European Parliament so as to enable the text to be adopted at first reading.

The draft directive is aimed at:

– establishing a harmonised framework for monitoring and supervising the risks that alternative investment fund managers (AIFM) pose to their investors, to counterparties, to other market participants and to the stability of the financial system;

– allowing AIFM to provide services and to market funds throughout the EU single market, subject to compliance with strict requirements. It is intended to fulfil commitments made by the EU at the G-20, as well as the European Council's pledge to regulate all market operators whose activities might pose a risk to financial stability.

There is already a large degree of consensus on the text, and the Council highlighted its intention to conclude the negotiations in the near future, on the basis of its agreement.


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Mediobanca acquires majority stakes in Swiss hedge fund[more]

    Komfie Manalo, Opalesque Asia: Listed diversified banking group Mediobanca SpA said it has acquired a majority stake in Geneva-based hedge fund firm RAM Active Investments SA (RAM AI), an active and alternative asset manager offering a range of act

  2. North America - Miami could attract hedge funds if SALT deductions axed[more]

    From Law360.com: For years, inertia has been Nitin Motwani's greatest foe in his attempts to lure hedge fund owners in the northeast to Miami, which he has pitched as a tropical low-tax paradise. But with the Republican tax bill proposing to eliminate deductions for state and local taxes, he's sensi

  3. Northleaf Capital Partners closes debut private credit fund on $670M[more]

    Bailey McCann, Opalesque New York: Northleaf Capital Partners has closed its debut private credit fund - Northleaf Private Credit I - on $670 million. The vehicle will invest in private credit transactions in Europe and North America, with a primary focus on lending to private equity-backed compa

  4. ...And Finally - The ongoing gun saga in the U.S.[more]

    From Newsoftheweird.com: As elder members of the First United Methodist Church in Tellico Plains, Tennessee, gathered on Nov. 16 to discuss the recent church shooting in Sutherland Springs, Texas, one of those present asked if anyone had brought a gun to church. One man spoke up and said he c

  5. Opalesque Exclusive: Credit Suisse Asset Management's NEXT Investors leads $6M Series A round for LUX Technology and Services[more]

    Bailey McCann, Opalesque New York: Credit Suisse Asset Management's NEXT Investors has led a $6 million Series A funding round for LUX Technology and Services, a business and technology solutions provider for the alternative assets industry. The investment will be used to fuel growth of Trans