Overview

The legislative process on the Alternative Investment Fund Managers Directive (as with any instrument of this kind) is deeply political and is now potentially fast moving. The picture could change often and very quickly in the first half of this year. It is more than unfortunate that a piece of legislation with such significant implications for the future of Europe as a global fund centre should become such a political football. In the first part of this note we outline the legislative process and where we currently are in that process. In the second part of this note we describe the latest draft European Council compromise published by the Swedish Presidency, highlighting the key elements which have changed from the original proposal and certain material differences between the compromise text and the position currently being taken by the European Parliament.

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