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The process of the 'Trilogue', which consists of discussions between the European Parliament's Committee for Economic and Monetary Affairs (Econ), the Economic Financial Affairs Council (Ecofin) and the European Commission, has officially began and will eventually aim to combine the two versions by Econ and Ecofin proposed on 17 and 18 May respectively.

Laven Partners, a global consulting group focused on the alternative investment industry, recently met with Conservative MEP Syed Kamall to discuss the ongoing developments in the negotiations between Ecofin and the European Parliament. Laven Partners' latest newsletter reported that Mr. Kamall, who has shown a strong understanding of the issues and has the interest of London and its service industry at heart, stressed that Ecofin is well equipped to carry out technical discussions based on facts and practicalities as some members are seconded from the national regulators. The consulting firm remains hopeful that a final AIFM Directive text is published soon.

Separately, at the recent Hedge Fund Operations Conference attended by Laven Partners, a number of speakers suggested the industry might end up in the "Fortress Europe" and "Prison Europe" situation, where the non-EU based alternative managers will not be able to market their funds in the EU, and EU residents will not be able to buy offshore funds. The majority view remains that the Directive would serve as a vehicle to force hedge funds to sign up to UCITS II......................

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