AIMA is very concerned the draft Directive on alternative investment fund managers has not involved relevant institutions. It says the draft undermines conclusions of many reports, including the Turner and de Larosiere ones, that said hedge funds did not cause or play a significant part in the crisis. The draft does not fit in with FSB and IOSCO work, nor with G20's aims. It thinks the Directive has been rushed because of political pressure, the Commission has not consulted with industry as it normally does and, as a result, many measures are inappropriate for parts of the industry. It also believes the draft favours non-European managers and may ultimately cause many in the European sector to lose their jobs and so slow down economic recovery. BVCA added its disapproval, saying the proposal is "irrational".