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The proposed AIFM Directive

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Farrer & Co LLP
European Union, United Kingdom
October 31 2009

On 5th October 2009, the Alternative Investment Management Association (the "AIMA") published an updated version of the timetable it has put together to show the legislative processes which will be followed by the European Commission and European Parliament in relation to the draft Alternative Investment Fund Managers Directive ("the AIFMD")    

The updated version of the timetable issued by the AIMA assumes that:

  • the Parliament's Rapporteur on the draft AIFMD Directive, Jean-Paul Gauzes, will submit his report in November 2009; and
  • the first reading vote in both the Parliament's Committee on Economic and Monetary Affairs and Plenary will not take place until 2010.

On 15th October 2009, the FSA published an independent impact assessment into the AIFM Directive which it had commissioned earlier in 2009. The assessment considers the impact of the proposed AIFM Directive on investors, financial markets and enterprise across the EU. It considers how the proposed AIFM Directive will potentially affect hedge funds, private equity and venture capital funds, real estate funds and investment trusts.

On 20th October 2009, the European Central Bank published an opinion on the draft AIFM Directive at the request of the Council of the EU. It contains a number of general observations and some specific drafting proposals to amend certain provisions of the draft Directive.

On 22nd October 2009, the British Private Equity and Venture Capital Association ("the BVCA") published an update relating to the proposed AIFM Directive. As is well known, the BVCA has serious concerns about the AIFM Directive and as a result, it is working to convince the EU authorities that the Directive must be radically amended if serious damage is not to be done to the European economy. The update sets out:

  • the key issues the BVCA has identified with the AIFM Directive, and its arguments for revision;
  • actions the BVCA has taken so far;
  • current priorities, and the next steps the BVCA will be taking;
  • the timelines for the EU institutions and for the industry.

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