The EU's proposed Alternative Investment Fund Managers Directive
By: Vanessa C. Edwards and Philip J. Morgan
In separate votes on 17 and 18 May, the European Parliament and the Council of Ministers (the two arms of the EU legislature) adopted their respective positions on the infamous Alternative Investment Fund Managers Directive (“the Directive”). The versions approved, however, differ significantly from each other, and the discussions will now move on to the so-called “Trialogue” procedure, involving the Parliament, the Council, and the European Commission, in an attempt to arrive at a final, definitive text acceptable to all three institutions. Although the Commission is not strictly part of the legislature, the new Internal Market Commissioner, Michel Barnier, is likely to have a significant influence in negotiating the final text given the differences between the two versions. It is hoped to have the Directive agreed in July, but this is widely regarded as over-ambitious.
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