Overview

The tortuous process to agree the final text of the EU's Alternative Fund Manager's Directive is far from
over, and - as European politicians get ready to head for the beach for their summer break - it now seems certain that agreement will not be reached in time for the (still technically scheduled) July vote in the European Parliament.

‘Trialogue’ discussions between the Commission, the Parliament and the Council of Ministers have broken down, leaving the divergent drafts of the directive on the table and little clarity on the final shape of the new rules. That is no great surprise – July always seemed like a hopelessly optimistic timetable, given the significant differences between the Council and the Parliament version of the directive and the firmly entrenched views of many around the negotiating table. But, unfortunately, there do not appear to be any particular signs that the delay is going to result insignificant improvements.

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