EUROPE - The European Parliament and Council Presidency have been unable to agree on the final text of the Alternative Investment Fund Managers (AIFM) directive.
The Economic and Monetary Affairs Committee cancelled a press release scheduled for this afternoon after each side failed to reach an agreement.
A committee spokesman said negotiations would continue tomorrow in a bid to resolve the outstanding issues surrounding the controversial directive.
He added: "Negotiations are continuing and they have been unable to iron out all the points so they will need to continue meeting. It is difficult to say it is this point or that point, one of the issues is that it is not yet completely clear where each of the member states wants to go with this.
"The presidency will have another text tonight or early tomorrow morning through which this time hopefully they can get a good majority behind it and say ‘this is now set in stone'. At that point, MEPs would have a few hours until early afternoon tomorrow (Wednesday) to signal their position and that of their groups on the text and signal what outstanding points they still have with it.
"Based on whether those points can be solved on a political level, they could possibly have further dialogue on Thursday."
The directive's development has been accompanied by wide criticism since the 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.
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