On 2 October 2012 the Lower House of the Dutch Parliament
adopted a bill providing for the implementation of the Alternative
Investment Fund Managers Directive (the "AIFMD") in Dutch
law.
At the same session in which the bill was adopted, the Lower
House adopted an amendment. The amendment provides for an exception
from the rules set forth in the AIFMD-bill for managers of
investment funds in which the units or shares can solely be
acquired by pension funds.
Prior to the vote on the amendment, the Minister of Finance
advised against the adoption of the amendment for three reasons:
(i) in his view, the supervision on said investment fund managers
is of added value; (ii) the exception would breach the level
playing field for alternative investment fund managers; and (iii)
the amendment is premature in that it fails to await a possible
interpretation of the European Commission in respect of the scope
of the AIFMD. According to the Minister, the European
