EUROPE - The Economic and Monetary Affairs Committee of the European Parliament (ECON) has postponed today's vote on the Alternative Investment Fund Managers directive (AIFM) to May 17, in order to give "more consideration to the opinion of the Legal Affairs Committee".
Next week's vote will represent an important step forward in the approval of the controversial directive.
After the vote at ECON level, the draft AIFM directive will be discussed by the European Council. A common position will then need to be found by the Council and ECON before the directive is voted on by the plenary assembly of the European Parliament. This vote is expected to take place in July, ECON spokesman John Schranz told GP.
Members of the EP initially tabled a record 1,669 amendments on a proposal published in November by the rapporteur for AIFM Jean-Paul Gauzès. Schranz said the number of amendments went down to a much more "manageable number, in the region of one hundred". (Global Pensions, February 24, 2010)
The development of this directive has been accompanied by wide criticism since its first draft was published in spring last year. In particular, the current version contains a much criticised rule, which would require non-EU alternative funds to gain an "EU passport" to be able to market their products to EU investors.
US Treasury secretary Timothy Geithner recently criticised the current text of the directive as potentially protectionist, in letters to both European Union commissioner for internal market and services Michel Barnier and to four European finance ministers. (Global Pensions, April 7, 2010)
Morgan Stanley Investment Management managing director Laura Bottega was recognised at the Women in Pensions Awards. She tells Stephanie Baxter what has been key to her success.
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.