The Spanish Presidency of the European Council has published a new compromise proposal for the draft Alternative Investment Fund Managers Directive.

The Alternative Investment Management Association (AIMA) has issued a press release expressing concern that the compromise text of the draft Directive produced by the Spanish Presidency reinstates a provision from the original draft (Article 35) that may result in EU investors such as pension funds being prevented from accessing non-EU funds and managers.

Under Article 35, non-EU based managers would only be able to market funds within the EU if there were co-operation arrangements in place between the regulator of the manager’s jurisdiction and that of the EU Member State in which the investors are located.

View AIFM Directive - Spanish Presidency compromise proposal, 16 February 2010

View AIMA warns of protectionist provision in AIFM Directive, 16 February 2010