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From the Opalesque team:
Still reeling from its twin defeats before the MEP and the European Union’s finance ministers, the United Kingdom criticized the Alternative Investment Fund Managers (AIFM) Directive and described it as going against the EU’s single market rules.
MEP approved AIFM Directive on Monday, EU’s finance ministers on Tuesday
The flying phrase by Michel Barnier, the EU Commissioner for Internal Markets and Services, that “2010 is the year of decisions and convergence” failed to echo the general mood of the alternative industry, as the European Parliament’s Committee for Economic and Monetary Affairs' (Econ) vote on the AIFM Directive was postponed for the third consecutive time at the end of April to Monday 17th May, wrote Laven Partners, a global consultant on the alternative investment industry, in a recent update.
And the Economic Financial Affairs Council's (Ecofin) vote on its version of the Directive, which was also postponed in March, took place yesterday.
The reasons given for the delays varied from the absence of shadow rapporteurs, to ash clouds, to demand for more consulting from the Legal Affairs Committee, the EU body responsible for the interpretation and application of European law, Laven Partners added.
The EU finance ministers on Tuesday agreed to introduce tougher regulations for alternative investment fund managers in the EU – despite the UK...................... To view our full article Click here
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