More detail required on imminent AIFM directive

Author: | Published: 10 Sep 2010

The Alternative Investment Fund Managers (AIFM) directive looks set to be finalised in the next six weeks. But big questions about the treatment of non-EU managers and private equity companies still need to be addressed.

The Belgian Presidency draft, released at the end of August, did not address the two main concerns of many fund managers – how third-country funds might be restricted in the EU, and how disclosure requirements would affect private equity controlled companies.

But behind the scenes, the EC is thrashing out a mechanism to allow non-EU funds to operate in the EU subject to certain conditions, with national regulators assigned an as-yet undefined transition...