Alternative Investment Fund Managers Directive - update

In May 2009 Wragge & Co's Funds team reported on the European Commission's draft proposal for a directive on Alternative Investment Fund Managers (the Commission's Proposal). The publication of the Commission's Proposal was immediately followed by fierce criticism and intense lobbying from a wide variety of stakeholders pressing for changes.

The lobbying has been successful - to a degree. Before leaving office at the end of last year, the Swedish Presidency of the Council issued a compromise proposal (the Council's Proposal) and shortly afterwards the European Parliament (acting by Jean-Paul Gauzès, the Rapporteur) has issued a detailed report providing its view on each article of the Commission's Proposal (the Parliament's Proposal).

Wragge & Co's fund experts have prepared an analysis outlinling some of the key similarities and differences between the three different proposals and what might be expected next.