EU council reaches compromise agreement on AIFM
The European Council has finally reached agreement on its approach to the alternative investment fund managers (AIFM) directive, paving the way for an end to negotiations and a deal on non-EU managers.
At a meeting in Luxembourg European finance ministers agreed to the latest in a long line of compromise proposals drafted by the Belgian presidency of the council.
The document further refines a number of aspects of the directive, including reviewing the powers given to the new European Securities and Markets Authority (Esma) to supervise the alternative investment industry.
The compromise sets out requirements for managers based in and outside the European Union (EU) who want to market funds
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