Sat, Jul 30, 2016
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. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. HFR: Hedge funds post strong gains in mid-July as markets recover from Brexit losses[more]

    Komfie Manalo, Opalesque Asia: Hedge funds posted strong gains through mid-July as the equity markets continued the recovery from Brexit losses. The HFRX Market Directional Index gained +2.17% (+4.22% YTD) and the HFRX Global Hedge Fund Index gained +1.03% through mid-month (+0.19%

  4. News Briefs - Carlyle goes on trial for a financial-crisis meltdown, Private equity and venture capital outperformed public markets in 2015, Pippa Middleton gets engaged to hedge fund manager James Matthews[more]

    Carlyle goes on trial for a financial-crisis meltdown Carlyle Group co-founder Bill Conway was in court on this small island last week recounting one of the most bruising episodes in his private-equity firm’s history: the 2008 collapse of mortgage-bond fund Carlyle Capital Corp. Carlyle

  5. …And Finally - Two men fall off cliff playing Pokemon Go[more]

    From BizarreNews.com: Two men who fell from a seaside cliff north of San Diego told authorities they became distracted while playing augmented reality game Pokemon Go. Encinitas fire Battalion Chief Robbie Ford said one of the men fell about 50 feet down the bluff in Encinitas while the other man fe