Overview

The European Commission published its first draft of the Directive on Alternative Investment Fund Managers (AIFMs) on 30 April 2009. Since then, the Swedish Presidency of the Council of the European Union has produced three further drafts (the last dated 15 December 2009), Jean-Paul Gauzes, a French MEP, has produced a report for the European Parliament (dated 23 November 2009) and the Spanish, who assumed the Presidency of the Council of the European Union at the beginning of 2010, published the fifth draft of the Directive on 3 February 2010. Significant press and industry comment continues, and over 1,000 amendments have been tabled to the Gauzes report.

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