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
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.
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Industry Updates
EU Council agrees on AIFM draft directive, to conclude negotiations with EU Parliament later
Tuesday, October 19, 2010
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