12/05/2010
The controversial third-country provisions in the Alternative Investment Fund Managers (AIFM) Directive still look set to be backed in the EU parliament, despite the chamber this week postponing a vote on the legislation for the third time.
Members of the Economics and Monetary Affairs (Econ) committee, the parliamentary body overseeing AIFM negotiations, were scheduled to vote on Parliament’s version of the draft on Monday, but this was pushed back to 17 May at the last minute.
According to a Brussels source, however, the latest set-back was a result of incongruence between Econ and Juri, the
19/11/2009
The manager pay restrictions added to EU Council president Sweden’s redrafting of the Alternative Investment Fund Managers (AIFM) Directive have been greeted with alarm by hedge fund managers.
“Yet again there’s been no consultation,” says David Stewart, CEO of Odey Asset Management. “We’ve spent six months consulting on the last bit, where they have actually come up with more sensible stuff – why throw in an annex without any warning?”
According to a member of Sweden’s council AIFM team, however, most of the council’s member states wanted the annex included. “The thought here is that
12/11/2009
An impassioned speech on behalf of Europe’s largest pension fund led calls for an extensive redrafting of the Alternative Investment Fund Managers (AIFM) Directive at a public hearing in Brussels yesterday arranged by the European Parliament.
The two-hour event saw eight panellists – including Deutsche Bank’s head of prime brokerage, Anthony Byrne, there to represent the sell-side – invited to address the 48 member’s of Parliament’s Economic and Monetary Affairs (Econ) Committee, as the group prepares to draft its own version of the controversial legislation.
Though the wide scope of the Directive meant a
12/11/2009
An impact assessment study commissioned by the EU’s Economic and Monetary Affairs (Econ) Committee has delivered a damning appraisal of the European Commission’s draft Directive for Alternative Investment Fund Managers (AIFM), calling it “poorly constructed, ill-focused, and premature.”
Produced by London-based economics and regulation consultants Europe Economics, the report pulls no punches with its opening stanza: “We find the Commission impact assessment analysis of the policy problem to be vague, sweeping, and inadequate as a basis for justifying regulation,” it reads.
Though the Europe Economics team admitted that there was a “strong case for additional
15/10/2009
Hedge fund representation at the upcoming public hearing on Europe’s controversial plans for alternatives regulation looks set to be severely limited, with a single prime broker receiving an invitation to speak on behalf of the sell-side, HFMWeek can exclusively reveal.
