It seems the European Commission has vanishingly few supporters of its proposed directive on alternative investment fund managers.
Reporting back from a Eurofi conference in Sweden, at an Efama one in Brussels, Eddy Wymeersch, chairman of Cesr, says eight of ten people on the panel discussing the issue in Sweden thought the draft needed major revision. There is particular concern about its scope. It appears sovereign wealth funds could fall within the remit of the AIFM – which would be nonsensical, according to Mr Wymeersch.
There should be different regimes for different types of funds, he says.
Will the Commission accept it has got this one wrong? Or is it determined not to back down?
When it was just the alternative investment industry complaining and threatening to leave for friendlier shores, the Commission perhaps took the view this was vested interests talking and who cared if the hedgies left for Switzerland?
With a growing chorus of dissent from investors and regulators, does the case for re-examining the proposed legislation get stronger?
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