Tuesday, April 28, 2009

Update: AIMA Voices Concern Over the EU Directive on Regulation of Alternative Investment Fund Managers

The Alternative Investment Management Association ("AIMA") released an announcement on the draft EU Directive on Regulation of Alternative Investment Fund Managers which we discussed last week. AIMA states in the announcement that "[t]he drafting of the Alternative Investment Fund Managers Directive has been rushed through in a very tight timeframe without anything like the usual standards of consultation that [AIMA] expect[s] from the Commission." AIMA is "concerned that the process of drafting the directive has been subjected to undue political pressure" and that "there has been much rhetoric from various political organizations on the directive, most of which appears designed to satisfy domestic audiences ahead of the forthcoming European elections rather than to secure an effective and sensible solution to identified problems."