Article by Gus Black and Jim Baird, with thanks
to Declan O'Sullivan and Martin Day
After 18 months of political turmoil and uncertainty, the
European Parliament today (11 November 2010) adopted the
controversial Alternative Investment Fund Managers Directive. We
will report more comprehensively on issues of practical importance
in the near future, but in the meantime, this update notes the
outcome on certain key issues that proved among the most
controversial. We also briefly consider the next steps in the
process.
The Parliamentary Vote
At the end of October, the European Parliament announced that it
had reached an agreement with the Council of the European Union on
key aspects of the proposed Alternative Investment Fund Managers
Directive (the "Directive"). The agreed text was voted on
and passed by the Parliament at a plenary session held today (11
Nov. 2010). Member states will have two years to implement it into
national law following publication of the
