Press Release: Financial services: Commission proposes EU framework for managers of alternative investment funds

The European Commission proposed a Directive on Alternative Investment Fund Managers (AIFM). The proposed Directive is an important part of the European Commission's response to the financial crisis, as set out in the Communication on Driving European Recovery. It aims to create a comprehensive and effective regulatory and supervisory framework for AIFM in the European Union. AIFM, which include the managers of hedge funds and private equity funds, managed around €2 trillion in assets at the end of 2008. This is the first attempt in any jurisdiction to create a comprehensive framework for the direct regulation and supervision in the alternative fund industry. The proposal now passes to the European Parliament and Council for consideration.

European Commission: MEMO/09/211: Directive on Alternative Investment Fund Managers (AIFMs) : Frequently Asked Questions http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/211&format=HTML&aged=0&language=EN&guiLanguage=en

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