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)
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.