Friday, June 25, 2010

Update: AIFM Directive Negotiations Stall

According to Reuters, discussions over the proposed EU Directive on Alternative Investment Fund Managers (the "AIFM Directive") have reached a standstill.

As previously reported here, the ECON Committee of the European Parliament and the Council of European Ministers endorsed diverging versions of the AIFM Directive on May 17 and May 18, 2010, respectively. The Council of Ministers and the European Parliament have since been discussing a compromise version of the AIFM Directive with a view to it being adopted by the European Parliament at a plenary session at first reading in July 2010.

However, on June 24, 2010, Jean-Paul Gauzes, the European Parliament Rapporteur on the AIFM Directive, brought negotiations to a halt after "[t]he Spanish presidency (of the European Union) informed [him] it would not be possible to reach a deal before the end of June." Gauzes indicated his intention to "delay the vote until the second parliamentary session in September".

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