On March 16, the Spanish Presidency announced the withdrawal of its compromise Alternative Investment Fund Manager Directive (AIFM Directive) proposal following the failure ahead of the March European Council of Ministers Ecofin meeting of finance ministers to reach a sufficient level of agreement on the detailed provisions of the proposal. The Presidency stated that further discussions were “postponed until a meeting to be held at a later, still undefined, date, but will definitely take place during the six-month period of the Spanish Presidency, which finishes at the end of June.”

Meanwhile the ECON committee of the European Parliament is continuing its deliberations on the Gauzes Report proposing amendments to the European Commission’s proposed draft AIFM Directive and the amendments to the Gauzes Report’s proposals (numbering over 1,400) which have been tabled. The ECON Committee’s latest discussions on March 17 indicated that there remains a wide divergence of views on matters of principle and of detail; so the final shape of ECON’s report remains uncertain.

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