As expected, both industry and regulators are vigorously debating the current text of the proposed Directive (covered in our April edition of The Front Page). The underlying goal of harmonising alternative investment products and providing a European passport for such products is useful and we hope that the Directive will present exciting opportunities for the Irish funds industry, when refined and amended appropriately. Further detailed work will be required to achieve clear and useful regulation and it seems likely that the current draft text ill be significantly revised