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With the agreement struck by the EU Council on Tuesday, 19 October 2010, in Luxembourg, it is now highly likely that the approval process of the Alternative Investment fund Managers (AIFM) Directive will move along very quickly at the EU Parliament, which signalled its non-opposing attitude to any compromise by Member States. France and the UK, the remaining opponents, having agreed on a compromise, “regulatory fatigue” is likely to do the rest and pave the way to an early vote at the EP, after nearly a year of discussions. The AIFM can be regarded as a small revolution, as it will create a dedicated regime for non-UCITS funds. The key elements of the directive are the definition of a framework for managers of alternative funds (Compliance rules), provisions on cross-border sales and a...
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