The Parliament Legal Affairs Committee has presented to ECON an opinion on the AIFMD, with suggested amendments to the original Commission proposal. However, the Committee says the draft has several significant shortcomings:

  • in regulating managers, not funds, it says the proposal leaves a number of loopholes. Also it is concerned that non-EU managers would be able to invest, unregulated, in EU funds;
  • it is impossible to know in advance which firms are systemically important, and therefore rules that distinguish between firms on this basis cannot work;
  • the draft could improve on transparency requirements, including forcing AIFMs to disclose remuneration strategies; and
  • because of the risks private equity funds present, there should be no exemptions for SMEs.

The proposed changes also define "closed-ended AIF", and try to exempt some listed funds from some requirements of the Directive. ECON now has to vote on this opinion before the next stage of debate. The AIFMD is on the ECON agenda for 10 May. (Source: 2009/0064(COD) and ECON(2010)0510_2)