Dan Waters spoke on the prospects for European alternative fund managers under the AIFMD. He said FSA felt the last two presidencies of the EU made significant progress on many of the controversial points of the proposal. However, the Spanish presidency has reopened issues that had been resolved and closed and is also pushing for a quick end to discussions in Council about the proposal. The major stumbling block is the new attempt by the Commission to restrict marketing of third country funds, whether they are managed from within or outside the EU, and dictate to non-EU regulators what their information sharing arrangements with EU regulators should be. The Commission also appears to want to dictate the information Member States must require from funds. These recent changes contradict previous agreement and international consensus. He then spoke on the record number of amendments Parliament has so far proposed and the number of areas where there is still no agreement. He stressed the need to get the framework right and not to act too hastily.