A Directive in flux - the confusion persists

AIFMD News ()

This note is to provide an update on the draft Alternative Investment Fund Managers Directive ("AIFMD") about the key areas of agreement and disagreement between the various parties debating the directive, and then recommends what managers can do to prepare for the time when a final draft emerges.

We consider the European Parliament's ECON (Committee on Economic and Monetary Affairs) Rapporteur's draft report, published on 25 November 2009, (the "Parliamentary Draft") and the supplemental re-draft of the Council's compromise position (the "Swedish Compromise"), the final version of which was issued on 15 December 2009.

We summarise:

  1. The proposed process and timetable from now;
  2. The key points of differnce and agreement between the original "Commission Draft", the Swedish Compromise and the Parliamentary Draft, and some outstanding issues;
  3. Indications of the "direction of travel"; and
  4. PwC activity to help clients to prepare.

Previous issues of AIFMD News

Oct 2011 Continuing engagement remains crucial
Mar 2011 The lull before the storm
Jun 2010 Drawing the battle lines
Jun 2010 A Directive in flux - Gauzes says a solution and compromise can be achieved
Mar 2010 Time for a second reading?
Jan 2010 A Directive in flux - the confusion persists
Sep 2009 The draft AIFM Directive