European Parliament negotiations on AIFMD complete
27 October 2010
The AIFM Directive has finally been agreed in the European Parliament. It will now be voted in Plenary in November but the directive is not expected to face any difficulties.
ECON chairwomen Sharon Bowles (UK, ALDE) said: "The City of London should not worry. We have secured many improvements and the Liberals in the European Parliament have been the driving force behind many of the best solutions on thorny issues such as private equity and the EU passport for third country funds. In time, I am sure those who wanted to scrap the AIFMD will see that."
Representing the private equity Uli Fricke, chairwoman of the European Private Equity and Venture Capital Association, said: “Europe’s private equity and venture capital is a relatively young industry, and yet it has become an important contributor to investment into EU companies and innovation, and to corporate governance best-practice. As such, we will embrace the responsibilities and opportunities that being regulated entails. However, the AIFM Directive that will be voted on next month is an imperfect legislation. It will impose unnecessary cost for our investors and ultimately Europe’s pensioners, as well as unfair burden on companies we invest in to help them grow.”
