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House of Lords to debate AIFM committee report

2 Jul 2010

The UK’s House of Lords has scheduled a parliamentary debate for next week to assess a committee report on the highly contentious Alternative Investment Fund Managers directive.

The Lords EU Sub-Committee on Economic and Financial Affairs and International Trade reported on the much debated directive in February, taking the stance that it has the potential to harm the EU and UK economies unless it fits with wider global regulatory measures.

They recommended the government do not agree with the proposed directive unless it is made compatible with third country regulation, particularly that in place in the US.

The working group expressed concern that the UK may be vulnerable to any changes to the Eurozone financial services industry that would damage competitiveness, given London’s developed alternative fund market.

A looming decision by EU legislators on the directive was last week pushed back to September after decision makers failed to reach agreement on the controversial rules, offering the UK, one of the directive’s greatest opponents, some breathing space.

An accord still needs to be reached on how much information must be disclosed by private equity firms, marketing rules and on the “passports” which will allow firms to operate throughout the bloc.

The decision has been postponed until full parliament reconvenes in September.

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