On 12 November 2009, the Swedish Presidency of the EU Council issued a proposal for an amended draft of the Alternative Investment Fund Managers Directive.
The new draft proposes a comprehensive revamp of the text of the directive, with substantial changes in many key areas where the original draft drew significant criticism, including scope, interaction with other directives (such as MiFID), prudential requirements, depositaries, valuation, delegation, leverage, transparency, Community and third-country marketing and management, and supervision. Many of the changes are likely to be welcomed by the industry. However, the draft still fudges many important issues and also contains new, previously unanticipated provisions on remuneration of AIFM, which the industry has already started to lobby against.
For a high-level summary of the key changes, please click here For our summary on the original draft directive, please click here.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 23/11/2009.