AIFM texts adopted by EU parliament and council
Hedge fund managers based outside the European Union (EU) may have to comply with the alternative investment fund managers (AIFM) directive in order to market products to EU member states, under proposals approved last night (May 17).
The EU parliament committee for economic and monetary affairs adopted a position on the draft directive after several sessions of debate and three delayed votes. The text adopted by the committee proposes several changes from the original EU commission document produced in April 2009.
The EU council's group of finance ministers followed suit today (May 18) by agreeing a "general approach" on its version of the directive. The approach gained approval from a qualified majority of member states
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