Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS pod
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   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1