The meaning of the Swedish note

Author: | Published: 1 Oct 2009

The European Commission's proposal for a Directive on Alternative Investment Fund Managers (on April 30) has attracted intense criticism from all sides. Private equity charged that it would impose onerous and inappropriate regulations designed for hedge funds; the hedge fund industry argued that it would be overly burdensome and unworkable; and both complained that it would discriminate against third-country funds. Some politicians claimed that it did not go far enough.

The proposal launched a summer of intense activity. Although the next official step in the EU's co-decision legislative procedure will be the Parliament's first reading based on a report to be prepared by its Economic and Monetary Affairs Committee (Econ), the Swedish Presidency of the Council has so far taken the lead, organising a series of working group meetings with member state representatives, and, on September 2, publishing an issues note discussing major concerns and some of the ways in...